New York, NY, June 17, 2010 - Arcadia Aviation has signed a binding letter of intent to acquire certain of the assets and operations of Wayfarer Aviation subject to the execution of a definitive asset purchase agreement by both parties.

Ending speculation about the future of Wayfarer, on Friday, June 11, Arcadia Aviation provided bridge financing to Wayfarer to ensure the continuation of uninterrupted service in advance of the signing of the purchase agreement. Existing clients have been contacted and informed that Wayfarer’s industry leading operations team remains in place and that the new company seeks to preserve and enhance that operation through the combination of the two ARG/US Platinum and IS-BAO registered companies.

“We have closely followed the Wayfarer operation for years harkening back to its TAG Aviation roots,” said Robert Garrett, Jr., President of Arcadia Aviation. “Many of our employees have worked side by side with the Wayfarer team in previous jobs. We view the acquisition as an extraordinary opportunity both for our company to grow but more importantly to preserve one of the industry’s great companies that over the years has come to define the standard of operational excellence and a commitment to safety beyond all else.”

The combined company will be headquartered in New York City, with an operations center in Weymouth, MA, FBO operations outside of New York and Washington DC, and a sales force in New York, Washington DC, Philadelphia, Chicago and Los Angeles. Its fleet of light to ultra long-range aircraft and 24/7 operating platform provide its managed aircraft owners and charter clients with worldwide operational capabilities.