Appoints Ronald Ricciardi President And CEO

FirstFlight announced Sunday it has divested its Airborne subsidiary through a Share Exchange Agreement dated March 2, 2009 with Airborne's former owners, John and Daphne Dow.

Airborne, FirstFlight's former charter segment, will now operate independently. FirstFlight will maintain the company's fixed base (FBO) and heliport operations. Additionally, Ronald Ricciardi, Vice Chairman of FirstFlight, will assume the position of President and Chief Executive Officer, offices he had previously held. Dow, the former president and CEO and a director of FirstFlight, has resigned from all positions he held at FirstFlight in order to focus his attention on Airborne.

"FirstFlight has a solid FBO and heliport business," said Ricciardi, "and it is our intent to pursue opportunities using our business as a platform for growth. We wish John and the Airborne organization all the best in their pursuits within the charter management and related areas."

For the three months ended September 30, 2008, Airborne's operations represented $7,214,776... or 71% of FirstFlight's total revenue. It generated an operating loss of $602,123 for the same period.

Under the Share Exchange Agreement, FirstFlight exchanged the shares it owned in Airborne, which had been a wholly-owned subsidiary of FirstFlight, for 3,418,534 shares in FirstFlight and options and warrants to purchase 1,100,000 shares of FirstFlight owned by Mr. Dow and/or Mrs. Dow, representing all of FirstFlight's shares, options and warrants owned by Mr. Dow and Mrs. Dow.

Also in connection with the divestiture of Airborne, FirstFlight agreed to loan Airborne $750,000 and Airborne issued a Promissory Note in favor of FirstFlight in the amount of $750,000.

Also on March 2 FirstFlight, Airborne and Five Star Bank entered into a Loan Agreement whereby Five Star agreed to loan FirstFlight and Airborne an aggregate of up to $1,000,000 on a demand line of credit basis. This loan replaces the existing credit facility that FirstFlight has with Five Star and provides that FirstFlight and Airborne are jointly and severally responsible for the indebtedness. The line of credit will be used to fund the working capital needs of FirstFlight.

FMI: www.fflt.com