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Interactive Flight Technologies commences offer to lower the exercise price of its class B warrants to $7.50 per share through December 24, 1996.

PHOENIX--(BUSINESS WIRE)--Nov. 22, 1996--Interactive Flight Technologies Inc. (Nasdaq: FLYT, FLYTZ) today announced the commencement of its exercise offer to holders of its outstanding class B warrants.

Under the terms of the exercise offer, the company will reduce the exercise price of the class B warrants to an exercise price of $7.50 per share, from $9.75 per share, until the expiration of the offer.

The exercise offer will remain open until Tuesday, Dec. 24, 1996 at 5:00 p.m. New York City time, subject to extension by the company. Upon termination of the exercise offer, holders of class B warrants will continue to be able to exercise their class B warrants at the higher regular exercise price of $9.75 through Jan. 16, 1997, at 5:00 p.m. New York City time. On Jan. 17, 1997 any remaining unexercised class B warrants will be redeemed by the company for $0.05 each. A written exercise offer / Prospectus will be mailed to each holder of a class B warrant.

"We are pleased to commence this offering and plan to add the proceeds to the company's working capital to implement our expansion plans," said Michail Itkis, chief executive officer of Interactive Flight Technologies. "These funds will greatly assist us to implement IFT's global expansion."

Assuming that 50%, 75% and 100% of the outstanding class B warrants are exercised in the exercise offer, the company will receive net proceeds of approximately $37,776,151, $56,614,227 and $75,512,303, respectively.

D.H. Blair Investment Banking Corp. will act as solicitation agent for the company in connection with the exercise offer.

The warrant agent for the exercise offer is American Stock Transfer & Trust Co., Recognition Department, 40 Wall Street, 46th Floor, New York, NY 10005, (800) 937-5449.

Interactive Flight Technologies is a pioneer of digital inflight entertainment, including casino-style gaming, video on demand, video games and interactive shopping. IFT's proprietary system offers more than 20 digitized movies per flight -- which can be started, paused and stopped at any time. This 100% interactive system responds to the passengers' touch while a 9.5" color screen, the largest on any airline, provides high-quality digitized movies. IFT's system is currently available on Alitalia Airlines and the company has agreements to install its system with SwissAir and Debonair Airlines.

CONTACT: Rubenstein Investor Relations

Media Contact: Adam Mazur, 212/843-8073

Investor Contact: Richard Hulnick, 212/843-8009
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Publication:Business Wire
Date:Nov 22, 1996
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