FirstFlight Awarded Concession Agreement for Downtown Manhattan Heliport

Oct 21, 2008 11:26 AM

FirstFlight, Inc. (OTC BB: FFLT) was awarded a concession agreement for the operation of the Downtown Manhattan Heliport. The heliport, which is located at Pier 6 on the East River in Lower Manhattan, is a primary source of helicopter service for corporate and tourism traffic while also offering scheduled service to John F. Kennedy International Airport and Newark Liberty International Airport. FirstFlight will assume operational control of the heliport effective on November 1, 2008.

"We are pleased to take this new and exciting step for the company,” said John Dow, Chief Executive Officer of FirstFlight. “The operation of the Downtown Manhattan Heliport makes sense for FirstFlight as an expansion to our brand presence and to support the needs of the New York City metropolitan area’s business and tourism marketplace – a market that we already service through our jet aircraft charter services and fixed base operations in New York, Pennsylvania and Kansas.”

As part of the 10-year concession agreement, FirstFlight will guarantee the New York City Economic Development Corporation, the agency that oversees the heliport on behalf of the City of New York, a minimum annual amount of $1.2 million in the first year of operation, increasing to approximately $1.7 million in the final year of operation. FirstFlight will also make certain capital improvements and upgrades to the heliport during the term of the agreement.

About FirstFlight, Inc.
FirstFlight is an aviation services company. FirstFlight’s operations are conducted in three core segments: aircraft charter management activities, fixed based operations and aircraft maintenance. FirstFlight’s charter management segment provides on-call passenger air transportation. Its fixed base operation segment is the primary provider of services such as fueling and hangaring of private/general aviation aircraft operators. FirstFlight’s aircraft maintenance business is conducted at FirstFlight’s FAA-certificated facilities. Visit its website located at www.FFLT.com.

Forward-Looking Statements
This release may include projections of future results and other “forward-looking statements," as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as “expect," “intend," “believe," “plan," “anticipate” and similar words and phrases. All statements that are included in this release, other than statements of historical fact, are forward-looking statements. Although the management of FirstFlight believes that the expectations reflected in these forward-looking statements are reasonable, there are no assurances that such expectations will prove to have been correct. FirstFlight disclaims any obligation to update any of its forward-looking statements, except as required by law.

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