FORT LAUDERDALE, Fla., Aug. 3, 2009 (GLOBE NEWSWIRE) -- Gulfstream International Group, Inc. (the "Company") (NYSE Amex:GIA) received notice from the NYSE Amex Staff on July 30, 2009 indicating that the NYSE Amex LLC accepted the Company's Plan of Compliance (the "Plan") and granted an extension until November 12, 2010 for the Company to regain compliance with the continued listing standards. The Company will continue its listing during the extension period, during which time the Company will be subject to periodic review by NYSE Amex Staff. Failure to make progress consistent with the Plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company's shares being delisted from the NYSE Amex LLC.
The Company was previously notified on May 12, 2009 by the NYSE Amex Staff that the Company is below the minimum stockholders' equity requirements for continued listing on the NYSE Amex as set forth in Section 1003(a) of the NYSE Amex Company Guide. The Company is not in compliance with Section 1003(a)(i) of the Company Guide, because stockholders' equity is less than $2,000,000 and the Company reported losses from continuing operations and net losses in its two most recent fiscal years. The notification on May 12, 2009 had no current effect on the listing of the Company's shares on the exchange. The Company was afforded the opportunity to submit a specific plan to achieve and sustain compliance with all of the NYSE Amex's listing requirements, and on June 12, 2009 presented its Plan to the Exchange.
About Gulfstream International Group, Inc.
Gulfstream is a premium air carrier based in Fort Lauderdale, Florida, operating for 20 years. The Company specializes in providing premium travelers with access to niche locations not typically covered by major carriers.
Gulfstream International Group, Inc. operates more than 150 scheduled flights per day, serving nine destinations in Florida, ten destinations in the Bahamas, five destinations from Continental Airline's Cleveland hub under the Department of Transportation's Essential Air Service Program and service to Cuba. For more information on the company, visit the company's website at http://www.gulfstreamair.com.
Special Note Regarding Forward-Looking Statements
In addition to historical information, this release contains forward-looking statements. Gulfstream may, from time-to-time, make written or oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things: its business strategy; its value proposition; the market opportunity for its services, including expected demand for its services; information regarding the replacement, deployment, acquisition and financing of certain numbers and types of aircraft, and projected expenses associated therewith; costs of compliance with FAA regulations, Department of Homeland Security regulations and other rules and acts of Congress; the ability to pass taxes, fuel costs, inflation, and various expenses to its customers; certain projected financial obligations; estimates regarding capital requirements; and any other plans, objectives, expectations and intentions contained in this release that are not historical facts.
These statements, in addition to statements made in conjunction with the words "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate" and similar expressions, are forward-looking statements. These statements relate to future events or future financial performance and only reflect management's expectations and estimates. All forward-looking statements included in this release are made as of the date hereof and are based on information available to Gulfstream as of such date. The following is a list of factors, among others, that could cause actual results to differ materially from the forward-looking statements: changes to external competitive, business, budgeting, fuel cost or supply, weather or economic conditions; changes in its relationships with employees or code share partners; availability and cost of funds for financing new aircraft and the ability to profitably manage its existing fleet; adverse reaction and publicity that might result from any accidents; the impact of current or future laws and government investigations and regulations affecting the airline industry and its operations; additional terrorist attacks; and consumer unwillingness to incur greater costs for flights.
Gulfstream assumes no obligation to update any forward-looking statement. Risk factors, cautionary statements and other conditions which could cause actual results to differ from management's current expectations are contained in Gulfstream's filings with the Securities and Exchange Commission, including Part I, Item 1A, "Risk Factors," of its Annual Report on Form 10-K for the Year Ended December 31, 2008.