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FIC ACQUISITION CORPORATION ANNOUNCES COMPLETION OF FLORIDA WEST ACQUISITION

 MIAMI, July 12 /PRNewswire/ -- FIC Acquisition Corporation today announced that it has completed the acquisition of the assets of Florida West Airlines, Inc., a Miami-based cargo airline and maintenance facility which had been operating under Chapter 11 of the U.S. Bankruptcy Code since 1992.
 Payment of the purchase price of $2.8 million was made possible by virtue of the company's concurrent completion of private placements of equity securities of approximately $3.5 million.
 In conjunction with the acquisition, the company has changed its name to "Florida West Airlines, Inc." Its trading symbol on the OTC Electronic Bulletin Board will be "FWST." Also in conjunction with the acquisition, the company has announced its intention to file a Registration Statement with the Securities and Exchange Commission during the third quarter for the purpose of attempting the registration of its shares on the NASDAQ quotation system and for the purpose of registering for resale, among others, certain of the shares sold in the recently completed private placements.
 FIC has appointed three new members to the five-member board of directors -- Mr. Joseph, who has been named chairman of the board of directors, Mr. Beni, who in addition to serving on the board has been named president of Florida West, and James Heldenbrand, who in addition to serving on the board has been named executive vice president and secretary of Florida West.
 Joseph is a veteran of the cargo and freight forwarding business, and also served as the court-appointed liquidator for Northeastern Airlines. Beni has extensive experience in airline maintenance, having owned Professional Modification Services in Miami, a large maintenance facility which Beni sold to his employees in 1989. Heldenbrand also has extensive experience in the airline industry, most recently having served as president of Performance Aero Aviation Services in Ft. Lauderdale, Fla. According to Beni, "This company has big potential in cargo and maintenance. Even during bankruptcy the company was generating income. Now that the airline has emerged from bankruptcy, we have ambitious plans to expand operations and revenues on both the cargo and maintenance side."
 Florida West has historically derived approximately 90 percent of its revenues from cargo operations and 10 percent from aircraft maintenance, but the company plans to expand the maintenance side to equalize the two divisions, according to Beni. On the cargo side, the company employs approximately 60 people and operates five Boeing 707 jets, serving Latin and Central America. On the maintenance side, the company employs approximately 140 people in its Miami hangar.
 /delval/
 -0- 7/12/93
 /CONTACT: Mark Craemer, 305-441-5979, or Richard Cooper, 212-826-9622, both of Florida West Airlines/


CO: FIC Acquisition Corporation; Florida West Airlines, Inc. ST: Florida IN: AIR SU: TNM

JM-MK -- PH010 -- 0336 07/12/93 10:35 EDT
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Publication:PR Newswire
Date:Jul 12, 1993
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