Kansas City, MO—Vanguard Airlines, Inc. (NasdaqSC: VNGD) has received notification from the Nasdaq Stock Market that the Company’s common stock will be delisted from Nasdaq at the opening of business on December 11, 2001.

As the Company previously reported, Nasdaq notified Vanguard its stock was subject to delisting due to the Company failing to meet Nasdaq`s minimum market capitalization requirements. Vanguard requested, but was denied, a deferral of Nasdaq`s action to allow the Company time to implement a restructuring plan and seek federal loan guarantee assistance under the Air Transportation System and Stabilization Act. Vanguard is focusing all its efforts on implementing its restructuring plan and seeking federal loan guarantee assistance and, accordingly, has determined not to appeal Nasdaq`s determination.

Vanguard Airlines, Kansas City’s Hometown Airline, provides convenient all-jet service to 15 cities nationwide: Atlanta, Austin, Buffalo/Niagara Falls, Chicago-Midway, Colorado Springs (beginning Dec. 20) Dallas/Ft. Worth, Denver, Fort Lauderdale (beginning Dec. 10), Kansas City, Las Vegas, Los Angeles, New Orleans, New York-LaGuardia, Pittsburgh and San Francisco. The airline offers low fares with no advance-purchase requirements, advanced seat assignment and extra legroom on all flights with a fleet of eight Boeing 737s and five Boeing MD-80-series aircraft, which feature SkyBoxä Business Class service. For more information or to make reservations online, visit Vanguard’s Web site at www.flyvanguard.com.

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