CLEARWATER, Fla., Apr 14, 2008 - Avantair, Inc. (OTCBB:AAIR) (OTCBB:AAIRU) (OTCBB:AAIRW) ("Avantair"), the only publicly traded stand-alone fractional aircraft operator, announced today that it has promoted Richard Pytak to the position of Chief Financial Officer, effective April 11, 2008. John Waters, Avantair's former Chief Financial Officer, has departed the Company, and resigned his position as a director of the Company, effective April 11, 2008.

Mr. Pytak joined the Company earlier this year as Vice President of Finance. In his new role, he will lead the Company's Accounting and Finance department. He will also serve in a strategic capacity, working closely with other members of senior management to grow the Company. Prior to joining Avantair, Mr. Pytak held the positions of Group Controller and Treasurer at Gibraltar Industries, Inc., a leading manufacturer, processor, and distributor of products for the building, industrial, and vehicular markets, with annual sales in 2007 of over $1 billion dollars. Prior to that, Mr. Pytak held the position of Senior Manager at PricewaterhouseCoopers. A Certified Public Accountant, Mr. Pytak earned a Bachelor of Science degree in Accounting from Canisius College.

"I am confident we have the right team in place to bring our financial growth to the next level" said Avantair Chief Executive Officer Steven Santo. "With Richard's commitment, knowledge and abilities, we will continue to strengthen our position in the marketplace."

Pytak said, "I am pleased to serve Avantair, its shareholders and its customers as Chief Financial Officer. As a team, we will continue to execute a strategic plan that fosters sustained growth and enhanced shareholder value."

ABOUT AVANTAIR

Avantair, with operations in 5 states and approximately 300 employees, offers private travel solutions for individuals and companies at a fraction of the cost of whole aircraft ownership. Headquartered in Clearwater, FL, the Company is the sole 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 stand-alone fractional operator. The Company currently manages a fleet of 42 fractional aircraft plus 7 core planes, with another 63 Piaggio Avanti IIs on order through 2012. For more information about Avantair, please visit: http://www.avantair.com.

Add Comment