Crystal Airways, the Tampa, FL-based new-entrant business carrier, announced the formation of a parent corporation, Crystal Airways Systems Holdings, Inc, as a privately-held, Delaware S-Corporation.

Ownership of Crystal Airways, Inc., Greenville, SC-based Eastern Jet Aerospace and the percentage ownership of Apollo Mining, Inc., have been officially transferred to Crystal Airways Systems Holdings, Inc.

Chairman Timothy L. Rivers stated, "This move allows us to focus all of our businesses, present and future, under one umbrella.  The main focus now for myself and the other members of the new Board of Directors of Crystal Airways Systems Holdings, is to collateralize our common assets and fund each of the three businesses under the parent corporation."

Crystal Airways is a Tampa-based new-entrant airline that will operate B-757-200 aircraft in a unique single-class configuration called Crystal Class™, catering specifically to business travelers with superior service, seating and amenities, at an average of 40% below full-fare coach prices.  Crystal Airways plans to begin service in late 2003.

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