Alas Aviation Corp. Signs Term Sheet for Required $18 Million Cygnus Financing Arranged by New York Investment Banking Firm

Alas Aviation Corp. Signs Term Sheet for Required $18 Million Cygnus Financing 
Arranged by New York Investment Banking Firm Wellington
SNELLVILLE, GA -- (Marketwired) -- 10/16/13 --  Alas Aviation Corp.,
(OTCQB: ALAS) (the "Company" or "Alas"), a niche operator of air
cargo and related ground service operators through its operating
subsidiary Corporacion Ygnus Air, S.A. ("Cygnus"), today announced it
has secured a Term Sheet for an $18 million financing arranged by New
York City investment banking firm Wellington Shields on Monday,
October 14, 2013. The executed term sheet provides for the required
refinancing of two Boeing 757-200PCF cargo jets and other Cygnus
debts. Completion of the funding is subject to final due diligence
review of the company's aircraft assets and financial information. 
The $18 million financing with an aviation industry focused financing
firm, arranged by Wellington Shields of New York City, satisfies a
key refinancing requirement related to Alas' acquisition of Cygnus
and will allow Alas to move forward with its business plan. Madrid,
Spain subsidiary Corporacion Ygnus Air, S.A. ("Cygnus") operates two
Boeing 757-200PCF cargo jets in support of Iberia Airlines and TNT
Express. Wellington Shields provides investment banking, financing
and capital market services to Alas. 
Wellington Shields' head of investment banking, Edward Cabrera, said,
"We are pleased to arrange the financing for the Cygnus-ALAS
transaction which will allow Mr. Leonora and his ALAS team to proceed
with the implementation of their business plan with Cygnus and other
companies around the world."  
CEO Arnold Leonora stated, "This financing will allow us to move
forward with the next steps in our business plan which include both
the organic growth of Cygnus and acquisition of our next opportunity,
the midwest air charter and shuttle services company. Wellington has
been instrumental along the way in this transaction and we are happy
to conclude this financing process."  
About ALAS Aviation Corporation 
 Alas Aviation Corp. is a niche
operator of air cargo and related ground service operators through
its sole operating subsidiary Corporacion Ygnus Air, S.A. ("Cygnus")
and is pursuing other acquisition opportunities in air passenger and
cargo transport, MRO (M
aintenance & Repair Organization), and ground
handling services in Europe and the US. Cygnus operates two Boeing
757-200 cargo jets under Wet Lease (Aircraft Crew Maintenance
Insurance or "ACMI") contracts with Iberia Airlines and TNT Express
out of Madrid, Spain and Liege, Belgium. Alas seeks to maximize
shareholder value through organic growth and strategic acquisitions
both regionally and globally.  
Safe Harbor Forward-Looking Statements
 This press release contains
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and such forward-looking statements
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. You are cautioned that such
statements are subject to a multitude of risks and uncertainties that
could cause future circumstances, events or results to differ
materially from those projected in the forward-looking statements as
a result of various factors and other risks, including those set
forth in the Company's current reports filed with the Securities and
Exchange Commission. You should consider these factors in evaluating
the forward-looking statements included herein, and not place undue
reliance on such statements. The forward-looking statements in this
release are made as of the date hereof and the Company undertakes no
obligation to update such statements. 
Contact Information
Investor Relations:
Scott Gordon
CorProminence LLC
377 Oak Street
Concourse 2
Garden City, NY 11530
631 703 4900 (Mobile)
516 222 2560 (Office)  
Alas Aviation Corporation
4002 Highway 78
Suite 530-324 
Snellville, GA 30039
telephone: +1 (404) 891-1118
E-mail Alas: 
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