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FLORIDA AIR EXECUTES DEFINITIVE MERGER AGREEMENT AND PLANS $20 MILLION PUBLIC OFFERING

 FLORIDA AIR EXECUTES DEFINITIVE MERGER AGREEMENT
 AND PLANS $20 MILLION PUBLIC OFFERING
 NEW YORK, July 23 /PRNewswire/ -- Florida Air, Inc., based in Fort Lauderdale, Fla., today announced that it has executed a definitive agreement with Professional Ventures, Inc. ("PVI"), a public company, whereby Florida Air will become a public company. The transaction is expected to close within the next 30 days at which time PVI will change its name to Florida Air and its common stock and warrants will continue to be traded under the name Florida Air in the over-the-counter "pink sheets." Florida Air thereafter intends to apply for all of its securities to be listed on the American Stock Exchange.
 According to Daniel E. Carpenter, Florida Air's chairman, following the closing Florida Air also plans to raise $20 million in a public offering of preferred stock. The airline is presently talking with several brokerage firms which have expressed strong interest in underwriting the offering.
 Florida Air plans to use the proceeds of the $20 million offering to institute service with Boeing 737 jet aircraft in Florida linking Miami to the major Florida markets of Tampa, Orlando, Jacksonville and Tallahassee.
 Florida Air President Jack E. Robinson stated, "We plan to focus on high frequency, low cost, short-haul jet service in Florida much as Southwest Airlines has done in Texas."
 Carpenter stated further that "the opportunities for short-haul jet service in Florida are outstanding. With our planned low fares of $99 each way, unrestricted, people who now drive five hours between, say, Miami and Tampa, will be able to fly Florida Air instead in only one hour."
 -0- 7/23/92
 /CONTACT: Daniel E. Carpenter, Esq., chairman, or Jack E. Robinson, president of Florida Air, 212-557-6500; or Robert Dorskind, president of PVI, 516-365-7418/ CO: Florida Air, Inc.; Professional Ventures, Inc. ST: Florida IN: AIR SU: TNM


GK-SM -- NY041 -- 2410 07/23/92 10:42 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
Words:315
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