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World Airways Receives Conditional Approval For Federal Loan Guarantee of $27 Mi


/FROM PR NEWSWIRE WASHINGTON DC 202-347-5155/
TO BUSINESS AND TRAVEL EDITORS:

World Airways Receives Conditional Approval
For Federal Loan Guarantee of $27 Million

PEACHTREE CITY, Ga., April 23 /PRNewswire-FirstCall/ -- World Airways,
Inc. (Nasdaq: WLDAC) today announced that the Air Transportation Stabilization
Board (ATSB) has granted the Company conditional approval for a $27 million
federal loan guarantee. The guaranteed amount represents 90 percent of a new
commercial loan facility. The proceeds from the facility will be used to
strengthen the Company's working capital position and support its long-term
plans.
According to Hollis Harris, World Airways chairman and CEO, "This is an
important milestone, which not only recognizes the ATSB's endorsement of our
business plan, but also the long-term importance of World to the U.S. aviation
system." Harris also noted, "We applaud the professional and comprehensive
approach employed by the ATSB staff and their business partners as they
processed our application. We remain committed to work with the ATSB to meet
the approval conditions.
"We made strong progress in reducing costs in 2002, enabling our
profitability targets to be reached," added Harris. "Although we have more
work to do, I am now even more optimistic about achieving our profitability
goals for 2003 and beyond."

Utilizing a well-maintained fleet of international range, widebody
aircraft, World Airways has an enviable record of safety, reliability and
customer service spanning more than 55 years. The Company is a U.S.
certificated air carrier providing customized transportation services for
major international passenger and cargo carriers, the United States military
and international leisure tour operators. Recognized for its modern aircraft,
flexibility and ability to provide superior service, World Airways meets the
needs of businesses and governments around the globe. For more information,
visit the Company's website at www.worldair.com.

["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
competition in the market for air transportation services, the cyclical nature
of the air carrier business, reliance on key marketing relationships,
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 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.

/CONTACT: Gil Duarte, CFO, [phone], or Randy Martinez, Exec.
VP,[phone], both of World Airways, Inc.; or for Investors: Karen
Vahounyof Qorvis Communications, [phone], for World Airways, Inc./

/Web site: http://www.worldair.com/

Apr-23-2003 19:40 GMT
Symbols:
US;WLDA
Source PRN PR Newswire
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