Mesa Air Group Announces Successful Bid

12th Dec 2003

Mesa Air Group, Inc. announced today that the court accepted its $9.15
million bid to purchase the assets of Midway Airlines, Inc. (“Midway”)
through Midway`s Chapter 7 bankruptcy proceeding. The assets include
Midway`s operating certificate, six leased CRJ aircraft including Midway`s
right to three additional leased aircraft and two owned CRJ aircraft, all
of Midway`s CRJ spare parts and support equipment, all aircraft landing
and/or takeoff slots at New York LaGuardia and Washington National
airports, and all related acquisition materials associated with the
operation of Midway`s CRJ operations. The deal is subject to a final order
to be entered by the United States Bankruptcy Court approving the sale.

“The assets of Midway Airlines will be placed into service under long-term
revenue-guarantee contracts with our airline partners, significantly
enhancing our growth in 2004. With our competitive, low cost structure and
our tremendous employees, these assets will provide excellent service to
our airline partners and are anticipated to earn meaningful returns for
our shareholders,” said Jonathan Ornstein, Mesa`s Chairman and Chief
Executive Officer.
This press release contains various forward-looking statements that are
based on management`s beliefs, as well as assumptions made by and
information currently available to management. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable; it can give no assurance that such expectations
will prove to have been correct. Such statements are subject to certain
risks, uncertainties and assumptions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those anticipated,
estimated, projected or expected. The Company does not intend to update
these forward-looking statements prior to its next filing with the
Securities and Exchange Commission.
Mesa currently operates 151 aircraft with 984 daily system departures to
159 cities, 39 states, the District of Columbia, Canada, Mexico and the
Bahamas. It operates in the West and Midwest as America West Express; the
Midwest and East as US Airways Express; in Denver as Frontier Jet Express
and United Express; in Kansas City with Midwest Express and in New Mexico
and Texas as Mesa Airlines. The Company, which was founded in New Mexico
in 1982, has approximately 4,000 employees. Mesa is a member of the
Regional Airline Association and Regional Aviation Partners.

Mesa Air Group editorial, based on news release distributed by PR Newswire



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