World Airways Announces Negotiations

World Airways, Inc. today announced that it plans to begin negotiations in
January 2004 for a new agreement with cockpit crew members, who are
represented by the International Brotherhood of Teamsters (IBT). The
current pilots` agreement became amendable July 1, 2003, and the parties
have exchanged opening positions. World also announced that the IBT has
requested mediation services from the National Mediation Board (NMB).

Commenting on these developments, Hollis Harris, chairman and CEO, stated
“Although World Airways did not request mediation services, we are
prepared to initiate negotiations in the January/February timeframe with
the objective of reaching a fair and equitable agreement for our pilots,
World Airways and our shareholders.”

He added, “We have built a strong relationship with our pilots over a
number of years, and they have played a key role in the turnaround of
World Airways. As a result, our pilots are now reaping the benefits of
their contributions to our renewed success with a second consecutive year
of profit- sharing payments.”

Utilizing a well-maintained fleet of international range, wide-body
aircraft, World Airways has an enviable record of safety, reliability and
customer service spanning more than 55 years. The Company is a U.S.
certificated air carrier providing customized transportation services for
major international passenger and cargo carriers, the United States
military and international leisure tour operators. Recognized for its
modern aircraft, flexibility and ability to provide superior service,
World Airways meets the needs of businesses and governments around the
globe. For more information, visit the Company`s website at
[“Safe Harbor” statement under the Private Securities Litigation Reform
Act of 1995: This release contains forward looking statements that are
subject to risks and uncertainties including, but not limited to, the
impact of competition in the market for air transportation services, the
cyclical nature of the air carrier business, reliance on key marketing
relationships, fluctuations in operating results and other risks detailed
from time to time in the Company`s periodic reports filed with the SEC
(which reports are available from the Company upon request). These various
risks and uncertainties may cause the Company`s actual results to differ
materially from those expressed in any of the forward looking statements
made by, or on behalf of the Company in this release.]