Subject: Press Release
From: "Courtney Cady" <[email-masked]>
To: "Courtney Cady" <[email-masked]>
Date: Mon, 30 Aug 2010 16:06:13 -0400

All,

Scott thought you would be interested in this press release announcing
his investment in Gulfstream International Group, Inc. through Sah-Vul
Strategic Partners, LLC.

Thanks!

Courtney

 

 

Gulfstream International Group Receives Strategic Investment Commitment

Investment will strengthen Company's financial position and enable the
Company to execute an expanded strategic plan

Scott R. Silverman, Managing Partner of Sah-Vul Strategic Partners, to
be named Vice Chairman of Gulfstream's board of directors

FT. LAUDERDALE, FL - August 30, 2010 - Gulfstream International Group,
Inc. ("Gulfstream" or the "Company") (AMEX: GIA) announced today that it
has received a commitment for an investment of up to $2.5 million from
Sah-Vul Strategic Partners, LLC ("Sah-Vul") that will enable the Company
to strengthen its financial position, and enables it to expand its
strategic plan with an increased focus on growth and maximization of
stockholder value.  The commitment includes an initial $1.5 million in
the form of a secured convertible note, and provides an option for
Sah-Vul to invest an additional $1.0 million.

Consummation of the transaction is expected to occur shortly and is
subject to certain conditions, including receipt of third party consents
and approvals.

Gulfstream International Airlines currently operates more than 150
scheduled flights per day, serving nine destinations in Florida, 10
destinations in the Bahamas, five destinations from Continental
Airline's Cleveland hub under the Department of Transportation's
Essential Air Service Program, as well as licensed daily charter flights
to Cuba.  A sixth destination from Cleveland is scheduled to start
October 1. Gulfstream has code-share and alliance agreements with
Continental Airlines, United Airlines and Copa Airlines of Panama.

With this investment, the Company will look to expand service in its
current geographic markets and open new regional markets that are
underserved by larger carriers. In addition, Sah-Vul plans to work with
the Company to refinance its fleet of aircraft from Raytheon Aircraft
Credit Corporation and lower its operating costs.

Sah-Vul Managing Partner Scott R. Silverman will assume the role of Vice
Chairman of Gulfstream's board of directors upon consummation of the
investment.  Commenting on the investment, Silverman said, "Based on our
evaluation of Gulfstream's operations and its unique model in its
geographic markets, we believe the Company presents a compelling growth
opportunity that can return significant value for Sah-Vul and all GIA
stockholders. We believe that our capital and vision can help Gulfstream
as we work to unlock its potential value." 

Silverman is currently the Chairman and CEO of PositiveID Corporation,
and has led public companies including VeriChip Corporation and Digital
Angel Corporation (formerly Applied Digital Solutions, Inc.).  Silverman
graduated from the University of Pennsylvania in 1985 and Villanova
University School of Law in 1989.

Thomas A. McFall, Chairman and Senior Executive Officer of Gulfstream,
said, "We look forward to bringing in Sah-Vul as a partner and new
investor, with its significant capital markets experience, a proven
track record of enhancing shareholder value, and its belief in the
prospects of Gulfstream.  With the continuing consolidation of larger
airlines, the Company has an unprecedented number of growth
opportunities available to it and we are excited about proceeding to
develop those, particularly as we expand our initial base in the
Northeast."

About Gulfstream International Group, Inc.

Gulfstream is a regional air carrier based in Fort Lauderdale, Florida,
operating for more than 20 years. The Company specializes in providing
travelers with access to niche locations not typically covered by major
carriers. For more information on the company, visit the company's
website at http://www.gulfstreamair.com.

 

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 value
proposition; the market opportunity for its services, including expected
demand for its services; information regarding the replacement,
deployment, acquisition and financing of certain numbers and types of
aircraft, and projected expenses associated therewith; costs of
compliance with FAA regulations, Department of Homeland Security
regulations and other rules and acts of Congress; the ability to pass
taxes, fuel costs, inflation, and various expenses to its customers;
certain projected financial obligations; estimates regarding capital
requirements; the likelihood that Gulfstream will receive any of the
committed funding; 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. 

 

 Courtney Cady
Executive Assistant
PositiveID Corporation
T:  561.805.8018

C: 561.601.3543

F:  561.805.8001     

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