CLEARWATER, Fla., Feb. 5, 2008 (PRIME NEWSWIRE) -- Avantair, Inc. (OTCBB:AAIR) (OTCBB:AAIRU) (OTCBB:AAIRW) ("Avantair"), the only publicly traded stand-alone fractional operator, today announced that they have appointed Richard Pytak to the position of Vice President of Finance. In this role, he will be responsible for the Company's financial operations, including accounting and financial reporting.
Pytak most recently was the Group Controller at Gibraltar Industries/CMI, responsible for financial accounting and reporting, computer system operations and establishing financial goals and objectives. Prior to that, he held the positions of Treasurer and Senior Manager at Gibraltar and PricewaterhouseCoopers, respectively. A Certified Public Accountant, Pytak holds a Bachelor of Science degree in Accounting from Canisius College.
John Waters, Chief Financial Officer, commented, "We are pleased to have Richard on board. His skill set and knowledge will make him an extraordinary asset to our company. We are currently revamping our entire electronic data processing environment and we believe with his background he will be able to provide valuable leadership and expertise to this endeavor."
"I am delighted to be joining Avantair during such an exciting time in its growth," said Pytak. "I look forward to assisting the Company with its continued growth and strategic financial planning."
About Avantair
Headquartered in Clearwater, FL, Avantair Inc. is the exclusive North American provider of fractional aircraft shares in the Piaggio Avanti P.180 aircraft. Avantair is the fifth-largest company in the North American fractional aircraft industry and the only publicly traded stand-alone fractional operator. Today, the company managed a fleet of 46 aircraft with an additional 48 Piaggio Avanti IIs on order. It also recently announced an order of 20 Embraer Phenom 100s. Avantair, with operations in five states and over 300 employees, offers private travel solutions for individuals and companies at a fraction of the cost of whole aircraft ownership.
FORWARD-LOOKING STATEMENTS
This press release, and other statements that Avantair contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to Avantair's future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" and similar expressions. Avantair cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and Avantair assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.
In addition to factors previously disclosed in Avantair's filings with the Securities and Exchange Commission (SEC) and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: general economic and business conditions in the U.S. and abroad, changing interpretations of generally accepted accounting principles, changes in market acceptance of the company's products, inquiries and investigations and related litigation, fluctuations in customer demand, management of rapid growth, intensity of competition as well as other relevant risks detailed in Avantair's filings with the Securities and Exchange Commission, including its report on Form 10-QSB for the period ended September 30, 2006, its Definitive Proxy Statement on Schedule 14A, as filed on February 1, 2007 and its Form 8-K filed on March 13, 2007. The information set forth herein should be read in light of such risks. Avantair does not assume any obligation to update the information contained in this press release.
Avantair's filings with the SEC, accessible on the SEC's website at http://www.sec.gov, discuss these factors in more detail and identify additional factors that can affect forward-looking statements.