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Gulfstream International Group (GIA) Receives $8.5 Million of Federal Subsidies for Essential Air Service Contracts for Routes to Cleveland

Sep. 20, 2010 (Business Wire) — Gulfstream International Group, Inc. (“Gulfstream” or the “Company”) (AMEX: GIA) announced today that it will receive $8.5 million in federal subsidies as part of the Essential Air Service Program for five routes for small communities around Cleveland, OH.

As announced earlier, the U.S. Department of Transportation (“DOT”) has awarded the Company new two-year contracts as the Essential Air Service provider for the communities of Bradford, PA; DuBois, PA; Franklin/Oil City, PA; Parkersburg, WV; and Jamestown, NY. Gulfstream operates flights from all five cities to Cleveland.

The federal funds are granted under the Essential Air Service Program, which was instituted to ensure that small communities, which were previously served by certified air carriers before deregulation, maintain a minimal level of scheduled air service. The DOT currently subsidizes commuter airlines to serve approximately 140 rural communities across the country that otherwise would not receive any scheduled air service.

David Hackett, CEO of Gulfstream, said, “We believe we provide the right fit to these communities; as a niche operator with a unique aircraft size, we are able to efficiently connect these smaller markets to expanded air service. We strive to offer excellent customer service in all our markets, and will continue to seek out new markets for growth, particularly those represented by the Essential Air Service Program.”

About Gulfstream International Group, Inc.

Gulfstream currently operates 23 aircraft with over 150 daily system departures throughout Florida, the Bahamas and now with service at Cleveland, OH. Gulfstream also has codeshare relationships with several major air carriers. The Company, with its headquarters in Ft. Lauderdale, has approximately 500 employees, the bulk of which are Florida based. Gulfstream is a member of the Regional Airline Association.

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 efficiency; its value proposition; the market opportunity for its services, including expected demand for its services; 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, 2009 and subsequent Form 10-Q filings.

Monday, September 20th, 2010 Uncategorized
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