CLEARWATER, Fla. – July 1, 2009 -- Avantair, Inc. (OTCBB: AAIR), the only publicly traded stand-alone private aircraft operator and the sole North American provider of fractional shares and flight hour time cards in the Piaggio Avanti aircraft, today announced that it closed an initial tranche of a PIPE (Private Investment in a Public Entity) financing on Tuesday, June 30th for gross proceeds of approximately $1.4 million. Avantair intends to use the net proceeds from this financing transaction for working capital and general corporate purposes.