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FLORIDA AIR SIGNS LETTER OF INTENT TO MERGE WITH A PUBLIC COMPANY

 FLORIDA AIR SIGNS LETTER OF INTENT TO MERGE WITH A PUBLIC COMPANY
 NEW YORK, June 16 /PRNewswire/ -- Professional Ventures, Inc. ("PVI"), today announced that it had executed a letter of intent to acquire Florida Air, Inc., a regional airline based in Fort Lauderdale, Fla. In the proposed tax-free exchange of stock, the owners of the airline would acquire control of the public company, whose name would be changed to "Florida Air, Inc." PVI completed its initial public offering in 1991 and its common stock and warrants are listed in the over-the-counter "pink sheets," where they will continue to be listed pending completion of the transaction and Florida Air's subsequent NASDAQ application,
 According to Daniel E. Carpenter, chairman of Florida Air, "This merger will give Florida Air access to the public capital markets, will allow the airline to expand its routes throughout Florida, the Bahamas, and other destinations along the East Coast."
 Carpenter said that Florida Air has recently executed an agreement with Beech Aircraft Corporation to acquire three C-99 Beechcraft airliners, with an option to acquire an additional five aircraft within the next 60 days. Florida Air plans to use these newly acquired aircraft to serve such Florida markets as Tampa, Fort Lauderdale, Jacksonville, Tallahassee, Miami, Key West, Orlando and Nassau in the Bahamas.
 Jack E. Robinson, Florida Air's president and formerly president of the commuter division of Eastern Airlines and Bar Harbor Airlines, as well as the author of a new book on the demise of Eastern entitled "Freefall," says that the transaction will allow Florida Air to be an aggressive and active player in the growing regional/commuter segment of the airline industry.
 "As the major airline players consolidate, that will leave many profitable markets for a regional carrier to serve. That is what we intend to do at Florida Air now that we will be a public company."
 Following the transaction, which is expected to close in July, Florida Air will seek to effectuate a multi-million dollar secondary offering "sometime in the third quarter of this year," according to Carpenter, the proceeds of which will be used to expand Florida Air's operations with jet service from major East Coast cities to Florida. According to Robinson, "By early 1993, we plan to offer convenient and inexpensive jet service from major areas such as New York, Westchester County, Boston, Hartford and other Northeastern locations to Florida."
 -0- 6/16/92
 /CONTACT: Daniel E. Carpenter of Florida Air, 212-557-6500, or Robert Dorskind, president of Professional Ventures, 516-365-7418/ CO: Florida Air Inc.; Professional Ventures Inc. ST: Florida IN: AIR SU: TNM


TQ-TS -- NY030 -- 0630 06/16/92 11:30 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
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