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World Airways Announces New Wet Lease Agreement

WASHINGTON, Nov. 25 /PRNewswire/ -- World Airways, Inc. (Nasdaq: WLDA) today announced a new wet lease agreement valued at $18 million. The agreement calls for World to operate an MD-11 aircraft on behalf of a European carrier to points in the U.S. with minimum aircraft utilization of 400 block hours per month. World will supply the aircraft, cockpit crews, maintenance and insurance for a term running from June 1997 through February 1998. World did not disclose the name of the European carrier.

"We are pleased to add a new contract with attractive utilization and pricing to our existing backlog of wet lease contracts," said Charles W. Pollard, president and CEO.

World Airways provides worldwide passenger and cargo air transportation under contracts with major international airlines, the U.S. Air Force and international tour operators. Operating a fleet of MD-11 and DC 10-30 aircraft, World is owned 61% by WorldCorp (NYSE: WOA), 18% by MHS Berhad (KLSE: MHS), a Malaysian strategic investor, and 21% by public investors.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive services, services demand and market acceptance risks, reliance on key strategic alliances, fluctuations in operating results and other risks detailed from time to time in the Company's periodic reports filed with the SEC (which reports are available from the Company upon request). These various risks and uncertainties may cause the Company's actual results in 1996 and beyond to differ materially from those expressed in any of the forward looking statements made by, or on behalf of, the Company in this release.

SOURCE World Airways, Inc.
 -0- 11/25/96

/CONTACT: Charles W. Pollard, President and CEO of World Airways, 703-834-9209, or Doug Poretz, Investor Relations, 703-506-1778, for World Airways/


CO: World Airways, Inc. ST: District of Columbia IN: AIR SU: CON

KW -- DCM006 -- 3561 11/25/96 09:32 EST
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Publication:PR Newswire
Date:Nov 25, 1996
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