Avantair, Inc. Completes Program for Early Retirement of Warrants

Clearwater, Fla., December 15, 2008 (GLOBE NEWSWIRE) - Avantair, Inc. (OTCBB: AAIR, AAIRW, AAIRU) (“the Company”), the only publicly traded stand-alone fractional operator and the sole North American provider of fractional shares in the Piaggio Avanti P.180 aircraft, today announced the completion of a warrant retirement program, which was designed to reduce the overhang of the publicly traded warrants on its common stock and to provide greater liquidity for its common stock. The program was conducted pursuant to a tender offer that expired on December 12, 2008 at 5 p.m., Eastern Standard Time.

Avantair Takes Delivery of 50th Piaggio Avanti P.180 Aircraft

CLEARWATER, Fla., Dec. 15, 2008 (GLOBE NEWSWIRE) -- Avantair, Inc. (OTCBB:AAIR) (OTCBB:AAIRU) (OTCBB:AAIRW) ("the Company"), the only publicly traded stand-alone fractional operator and the sole North American provider of fractional shares in the Piaggio Avanti P.180 aircraft, announced today that it has taken delivery of its 50th Piaggio Avanti P.180 aircraft.