Shuttle America Files Preliminary Restructuring Plan

New financing, aircraft and ownership prepare for emergence from Chapter 11

Hartford, CT - (Aug. 30, 2001) Shuttle America, the Connecticut based
regional airline, yesterday filed with the Federal Court in Hartford for
approval of preliminary agreements leading to emergence from Chapter 11
protection. The agreements provide for new financing, the acquisition of
additional aircraft and the outline for completing its Chapter 11
restructuring.

The additional aircraft will complete the first phase of its fleet
replacement and ensure continuation of service in its successful and
profitable route network between Boston's Hanscom Field, Trenton/Mercer
Airport serving Philadelphia and central New Jersey, and Buffalo/Niagara
Falls.

CEO David Hackett said, "We are very pleased to be in a position to complete
our restructuring so quickly, and it is great news for our customers, the
communities we serve and our fantastic employees. Today's filings represent
the key step in providing new financial strength, increased stability and
new service in our markets."

The company's financing is led by Wexford Capital, LLC a Connecticut-based
investment firm with a successful track record in the airline industry.
Wexford has a number of funds in various investments with over $900 million
in assets. The financing and new aircraft agreements are being submitted for
approval by the Bankruptcy Court later this week, and will provide the
foundation for submitting the company's final plan of reorganization, which
is expected to be completed within 90 days. Both the preliminary and final
documents will be subject to approval of the court and the Company's
creditors. The plan of reorganization will provide for Wexford Capital to
acquire all of the stock of Shuttle America.

Shuttle America will continue to operate its flights between Boston/Hanscom,
Trenton/Mercer Airport and Buffalo. Fares and schedules will be unaffected.
The airline plans to begin acquiring additional Dash 8 aircraft in
mid-September, with the initial aircraft to be used on current routes and
expansion of service planned for later this year. Shuttle America plans to
restore service between Boston/Hanscom and New York's LaGuardia airport as
part of its expansion.

Mark Cestari, Shuttle America's VP of Marketing, said, "Shuttle America is
currently selling seats for all flights through April, 2002. We thank our
loyal customers, travel agency partners and airport communities for their
support and continued business as we fly into our bright new future".
Reservations may be made by calling 888.999.3273(FARE) and additional
information is available at www.shuttleamerica.com.