Navtech, Inc. Reports Fiscal 2003 Third Quarter Results And Highlights.

Business Editors/High-Tech Writers

WATERLOO, Ontario--(BUSINESS WIRE)--Sept. 15, 2003

Navtech, Inc. (OTCBB: NAVH), a leading international provider of aviation services and software solutions, announced the quarterly operating results for the third quarter ended July 31, 2003.

Financial Highlights
--------------------------------------------------------------------
                             Nine Months Ended    Three Months Ended
                                       July 31,              July 31,
                              2003        2002       2003       2002
--------------------------------------------------------------------
Revenue                  5,099,677   4,564,527  1,842,358  1,465,167
--------------------------------------------------------------------
Operating expenses       4,760,418   4,230,067  1,802,120  1,380,014
--------------------------------------------------------------------
EBITDA                     464,043     463,298     83,560    128,591
--------------------------------------------------------------------
Net earnings               343,691     256,270     53,046     84,550
--------------------------------------------------------------------
EPS - basic                   0.08        0.06       0.01       0.02
--------------------------------------------------------------------

Financial Summary

Irrespective of the weakness in the airline industry, total revenue increased approximately 12% or $535,000 to $5,100,000 during the nine months ended July 31, 2003. Revenue from service fees increased approximately 16% or $698,000 to $5,037,000 during the nine months ended July 31, 2003, including an increase of 26% or $377,000 to $1,842,000 during the third quarter. This increase was due predominantly to the revenue associated with new customers signed in the past several months.

Navtech reported net earnings of approximately $344,000 in the nine months ending July 31, 2003, an increase of approximately $88,000 compared with net earnings of approximately $256,000 in the nine months ended July 31, 2002. Navtech continues to be committed to its research and development of new product offerings, represented by an increase in R&D expenses of approximately $210,000 for the nine months ended July 31, 2003. Continued weakness of the US Dollar against the Canadian Dollar and Pound Sterling has increased the cost of foreign-based expenditures by approximately $250,000 for the nine months ended July 31, 2003. Interest expenses decreased during fiscal 2003 as a result of improving financial condition and maturing debt.

Navtech's financial position continued to improve in the third quarter of fiscal 2003. Stockholder's equity increased to $274,350 and the working capital deficiency was reduced to $146,974 down from $464,083 at October 31, 2002 and $673,206 at July 31, 2002.

"We are very pleased with our third quarter results," said Mr. David Strucke, Navtech's President and CEO. "Our financial position continues to improve with seven consecutive quarters of profitability, and we are seeing tangible results from our R&D activities and strategic initiatives."

Quarter Highlights

Navtech completed strategic sales of its core dispatch solutions to two European airlines, including Air Atlanta, significantly bolstering its presence in this key market. To support its European growth, Navtech announced the appointment of industry veterans Bjorn Olsson, formerly of SAS Flight Support, to Sales Manager and Mike Hawkey, formerly of Channel Express (Air Services) Limited, as Operations Manager at its London facility.

Aloha Airlines and Navtech reached an agreement for the full implementation of Navtech's industry leading CLASS(TM) preferential bidding system (PBS) for the creation of unique, crew-member specific schedules.

Navtech and Parallel Integrated Application Systems (PIAS), a Virginia company, completed a source code licensing agreement for PIAS' line of optimizers, including crew pairing and bidline construction, designed to greatly improve airline crew planning efficiency. This product will be integrated with our industry leading CLASS(TM) PBS product.

Spirit Airlines, FL, and Navtech entered into a partnership for the development of key tools designed to improve airline efficiency and cost in the daily management of its aircrew resources through full automation of daily crew trip and monthly roster requests.

Year to date Navtech has secured long-term contract renewals with nine of its largest customers resulting in 18 of the largest 20 customers being under long-term contracts.

About Navtech:

Navtech is committed to providing the advanced technology and vital solutions required to run an accurate, efficient, and integrated airline operation. These dynamic systems are designed to assist commercial passenger and cargo air carriers in the areas of dispatch systems, crew management, scheduling and operations control, and ground operations.

Navtech continues to make investments in its full suite of dispatch and operations solutions by providing customized products and services to meet the integration requirements of its customers. With 125 customers spanning over 26 countries, Navtech understands the importance of creating solid relations between the company and its customers. Navtech has offices in the United States (Monterey), Canada (Waterloo) and the United Kingdom (Gatwick).

RELEASE DISCLAIMER: This release may include forward-looking statements concerning the Company's intent, belief or current expectations with respect to, among other things, trends affecting its financial condition or results of operations and its business and growth strategies. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from those projected, expressed or implied. The Company does not undertake any obligation to update or revise any forward-looking statements. All forward-looking statements are subject to the risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. The Company makes reference to EBITDA, a non-GAAP measure of performance. EBITDA is calculated as the earnings for the period before non-operating or non-cash items, specifically interest, taxes, depreciation and amortization. The Company believes that EBITDA is a relevant indicator of operating and cash flow performance.