Second Quarter 2009 Revenues Reach Record of  $35.4 million; Positive EBITDA for the Quarter of $690,360

CLEARWATER, Fla. -- February 12, 2009  -- Avantair, Inc. (OTCBB: AAIR) (OTCBB: AAIRU) (OTCBB: AAIRW), the only publicly traded stand-alone fractional operator and the sole North American provider of fractional shares in the Piaggio Avanti aircraft, today announced financial results for its fiscal second quarter ended December 31, 2008.

    * Total record revenues of $35.4 million, up 23.7% year-over-year;
    * Loss from operations of $0.6 million, down 86.9% year-over-year;
    * EBITDA (profitable results from operations before depreciation and amortization) of $690,360, up 118.1% year-over-year;
    * Charter card sales up 96% quarter-over-quarter, to 53 from 27;
    * Reported delivery of 50th Piaggio Avanti;
    * Announced new hybrid flight program – ‘Axis Club – designed to bridge the gap between the financial commitment of a fractional share and charter cards.

“We are pleased to report an excellent second quarter with record high revenues of $35.4 million, a significant decrease in our loss from operations and our first quarter of positive EBITDA of $690,360,” stated Steven Santo, Chief Executive Officer of Avantair. “These results demonstrate the leverage in our business model, and were driven by the consistent growth in our sales pipeline, recent fleet utilization improvements and a disciplined focus on reducing costs. Furthermore, the current market environment serves to highlight our position as the lowest-cost and most fuel-efficient provider in the Light Jet market, attracting an increasing number of customers from competing fractional programs, as they continue to seek a more affordable alternative."

Mr. Santo continued, “Charter card sales also reached a record high, increasing 96% quarter-over-quarter, which is a testament to our continued ability to attract those customers focused on affordability, comfort and safety.  As a result, the majority of cards sold were to customers choosing Avantair over more expensive, competing fractional programs. Historically, we have been able to convert approximately 20% of our cardholders to fractional shareowners. We are very excited about our recently launched Axis Club program, which affords customers the opportunity to enjoy the benefits of private ownership while reducing the initial outlay of funds required when purchasing a fractional share. We believe its hybrid and low-cost approach to private travel will enable us to build our sales pipeline and capture a greater percentage of the more than 3,000 light jet fractional owners in the market today.”

Conference Call
                                            
Avantair will host a conference call to discuss financial results for its second quarter of fiscal 2009 and provide an update on business developments at 5:00 p.m. Eastern Time today. Investors may participate in the conference call by dialing 800-240-6709 (303-242-0007 for international callers).  When prompted, ask for the "Avantair Inc. Fiscal Second Quarter 2009 Earnings Conference Call."  A telephonic replay of the conference call may be accessed approximately two hours after the call through February 19, 2009, by dialing 800-405-2236 (303-590-3000 for international callers).  The replay access code is 11126182#. The conference call will be webcast simultaneously on the Avantair Inc. website at www.avantair.com under Investors.  The webcast replay will be archived for 12 months.

About Avantair

Avantair, the only publicly traded stand-alone fractional operator and the sole North American provider of fractional shares in the Piaggio Avanti aircraft, is headquartered in Clearwater, FL, with approximately 400 employees. The Company offers private travel solutions for individuals and businesses traveling within its service area, which includes the continental United States, Canada, the Caribbean and Mexico, at a fraction of the cost of whole aircraft ownership.  The Company currently manages a fleet of 52 aircraft, with another 57 Piaggio Avanti aircraft on order through 2013. For more information about Avantair, please visit: http://www.avantair.com.

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