SOURCE: Alas Aviation Corp.

September 24, 2013 09:32 ET

Alas Aviation Corp. Appoints Franklin Darrell Richardson as Chief Operating Officer

SNELLVILLE, GA--(Marketwired - Sep 24, 2013) -  Alas Aviation Corp. (OTCQB: ALAS), a niche operator of airlines, air cargo, Maintenance Repair Organizations (MRO) and related ground service operators through its operating subsidiary Corporación Ygnus Air, S.A. ("Cygnus"), today announced the appointment of Darrell Richardson as Chief Operating Officer of Alas Aviation Corp., by the Company's Board of Directors on September 19, 2013.

Darrell Richardson, 67, is a seasoned professional with over forty years of experience in the transportation and aviation industries where he has served in senior executive positions at Piedmont Airlines. Continental Express ("CEX"), Phoenix Airline Services (PAS), Mesaba Airlines, Piedmont Hawthorne Aviation ("PHA"), InterIsland Aviation Services Group (IISG), Victory Park Capital and Silver Airways. Mr. Richardson also served on the Board of Directors of Silver Airways and the Regional Airline Association. He is a past member of the President's Council of the Regional Airline Association and past board member of the National Air Carrier Association, Pace Airlines and Associated Air Center. He received his undergraduate degree in engineering (BSEE) and a MBA in International Business & Finance from the University of Miami at Coral Gables, Florida.

The Company sees the appointment of Mr. Richardson as a key component to the execution of Alas' business plan, adding management expertise, focus and depth to its operations. Alas also intends to appoint Mr. Richardson to serve as the Chief Executive Officer of the Company's next acquired regional commuter airline.

"We are very pleased to move ahead with Darrell in the key role of Chief Operating Officer and we look forward to benefitting from his considerable expertise in the aviation operations arena," said Arnold Leonora, CEO of Alas Aviation Corp. "He is a great addition to our experienced team of industry veterans," he continued.

Mr. Richardson said, "I am excited to be on board with Arnold and working with a team that has such dedication and focus. My goals are to work on accretive acquisitions to assist in expanding the Company's route coverage, global footprint and business lines."

About ALAS Aviation Corporation
ALAS Aviation Corp. (ALAS) is a niche operator of airlines, air cargo, MRO,and related ground service operators through its sole operating subsidiary Corporación Ygnus Air, S.A. ("Cygnus"). Cygnus operates two Boeing 757-200 cargo jets under Wet Lease (Aircraft Crew Maintenance Insurance or "ACMI") contracts with Iberia Airlines and TNT Express out of Madrid, Spain and Liege, Belgium. ALAS seeks to maximize shareholder value through organic growth and strategic acquisitions both regionally and globally.

Safe Harbor Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements as a result of various factors and other risks, including those set forth in the Company's current reports filed with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and the Company undertakes no obligation to update such statements.

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