DELRAY BEACH, Fla., Aug. 16 /PRNewswire-FirstCall/ -- Pet Airways, Inc. (OTC Bulletin Board: AAQS), the first airline specifically designed for the transportation of pets, today announced that it has become a subsidiary of a publicly traded company through a Share Exchange Agreement with American Antiquities, Inc. American Antiquities, Inc. common stock is traded on the OTC Bulletin Board under the symbol "AAQS".
Pet Airways intends to change the name of American Antiquities and apply for a stock symbol change that reflects the Pet Airways name and business. Dan Wiesel, Chief Executive Officer of Pet Airways, became Chief Executive Officer of American Antiquities.
Pet Airways is the first pet-only airline, where pets fly in the main cabin, not in cargo. Our mission is to be the leader in the safe, comfortable and efficient transportation of pets. The airline launched in 2009, and now serves 9 destinations across the United States.
Dan Wiesel, CEO of American Antiquities commented "We are delighted to complete this transaction allowing Pet Airways to access public trading markets, and believe this event represents a significant step in implementing our business plan and continuing our expansion. We expect to add an additional five cities to our routes in the near term, with the longer term objective of locating a Pet Airways lounge within a two-hour driving radius of the majority of the US pet population."
Dan Wiesel concluded, "Pet parents clearly have a keen desire for a safer and more comfortable alternative for pet travel, and obviously understand our value proposition."
In connection with the Agreement, American Antiquities issued 25,000,000 shares of common stock to the shareholders of Pet Airways in exchange for substantially all the outstanding common stock of Pet Airways, and Pet Airways became a consolidated subsidiary of American Antiquities. Insiders of AAQS retired approximate 6.8 million shares of common stock. Immediately following the closing, Pet Airways Shareholders beneficially owned approximately 73% of the outstanding shares of American Antiquities.
About Pet Airways, Inc.
Pet Airways is a wholly owned subsidiary of American Antiquities, Inc. Pet Airways is the first airline specifically designed for the comfortable, efficient transportation of pets. Pet Airways' "pawsengers" travel in the specially equipped main cabin of its planes - fully-lit, climate-controlled and pressurized - with a trained pet attendant on duty at all times. With Pet Airways, pet parents can be assured their animals will be treated with tender, loving care throughout the journey. The airline launched flight operations in 2009, and provides coast-to-coast service from Los Angeles, Phoenix, Denver, Omaha, Chicago, Baltimore, New York, Atlanta and Ft Lauderdale.
For more information on Pet Airways please go to our website www.petairways.com.
Forward Looking Statements
Forward-Looking Statements: A number of statements contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements, including, without limitation, risks associated with our market expansion and financing transactions. Many of such risks, uncertainties and other factors form part of our underlying assumptions, and include, among other things, financial risks that would affect our operations such as our available working capital and cash flows and whether and for how long available funds will be sufficient to fund our operations and our ability to raise additional capital as and when needed; our need for substantial additional funding to conduct our operations; our ability to establish, and our dependence upon, relationships with strategic alliance partners; technological changes that impact our operations; our ability to retain, and our reliance upon, third party suppliers; our ability to attract and retain qualified personnel; our ability to effectively and efficiently manage the planned growth of our operations; our ability to obtain, and the timing of, necessary regulatory approvals; our ability to profitably sell our services; competition including competition from others with significantly more resources; market acceptance of our services and the size of our markets; changes in business strategy or development plans; changes in, or the failure to comply with, governmental regulations; fluctuations in interest rates; and seasonality, general economic and business conditions where we operate. These risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements.
SOURCE Pet Airways, Inc.