Pet Airways revenue soars

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DELRAY BEACH, Fla. – Pet Airways, Inc., the world’s first airline designed specifically for the comfortable, efficient and safe transportation of pets, reported results for its third quarter and nine-months ended September 30, 2010.

Dan Wiesel, Chairman and CEO of Pet Airways, said, “Our revenues in the first nine months of 2010 illustrate the growth we are seeing in our business. We have flown over 3,000 pets so far this year and ended the quarter with record bookings.

We believe that our recently initiated public relations campaign, which has resulted in high profile media coverage and other positive exposure, along with our recent launch of a special pet breeders program at the AKC Breeders show, one of the largest breeder shows in the nation, will strengthen our brand awareness. We are also very excited about our new strategic business and marketing alliance with PetMate, the originator of airline approved carriers. We continue to explore non-traditional ways of increasing our brand awareness, such as our inclusion as the highlighted new company for an educational DVD supplement to a business school textbook by Wiley & Sons.”

Mr. Wiesel concluded, “As we near the completion of the year, we continue to seek new opportunities to increase our brand awareness and strengthen our business.”

Third Quarter Financial Results

Revenue for the third quarter of 2010 was $356,000, compared to $188,000 in the third quarter of 2009. Net loss for the third quarter 2010 was $2,170,746 or $(0.06) per share, compared to net loss of $(685,000), or $(0.03) per diluted share in the third quarter 2009. Net loss for the third quarter 2010 included $885,000 of non cash stock based compensation expense to a non employee.

Nine Months Ended September 30, 2010 Financial Results

For the first nine months of 2010, revenue was $873,000, compared to $247,000 for the first nine months of 2009. Net loss for the first nine months of 2010 was $(2,637,000) or $(0.08) per diluted share, compared to net loss of $(787,000), or $(0.03) per share in the first nine months of 2009. Net loss for the first nine months of 2010 included $885,000 of non cash stock based compensation expense to a non employee.

Wiesel continued “The additional financing will allow us to invest in the business and execute our plans to expand the PetAirways franchise and further solidify our position as a leader in the market”