SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 5,1997
VANGUARD AIRLINES, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-27034 48-1149290
State or other Commission I.R.S.
jurisdiction of File Number Employer
incorporation Identification Number
30 N.W. Rome Circle, Mezzanine Level,
Kansas City International Airport,
Kansas City, Missouri 64153
Address of principal executive offices including zip code
Registrant's telephone number, including area code 816 243-2100
<PAGE>
ITEM 5. OTHER EVENTS.
On June 5, 1997, Robert J. McAdoo resigned from his position as a board member
of Vanguard Airlines, Inc. THE COMPANY. The Board of Directors will consider
whether to fill the vacancy on the Board created by Mr. McAdoo's resignation.
This item is reported under Item 5 of this Form 8-K rather than Item 6 because
Mr. McAdoo's resignation was not the result of a disagreement with the
Company's operations, policies or practices.
The Company issued a press release on June 11, 1997, announcing the
resignation of Robert J. McAdoo as a board member, a copy of which is attached
hereto as Exhibit A.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized, in the City of Kansas City, State
of Missouri, on June 12, 1997.
VANGUARD AIRLINES, INC.
/s/John P. Tague
John P. Tague
Chairman of the Board, President and Chief
Executive Officer
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EXHIBIT A
NEWS RELEASE
30 NW Rome Circle
June 11, 1997
Kansas City International Airport
Kansas City, MO 64153
(816) 243-2100
FOR IMMEDIATE RELEASE Contact: Randy Smith
(816) 243-2113
ROBERT J. MCADOO RESIGNS FROM VANGUARD AIRLINES' BOARD OF DIRECTORS
Kansas City, MO -- Vanguard Airlines, Inc. OTC: VNGD announced today that
board member Robert J. McAdoo resigned as of June 4, 1997 from its Board of
Directors. <PAGE> Mr. McAdoo has accepted an airline consulting position,
which he has indicated will require a substantial time commitment. The Board
of Directors will consider whether to fill the vacancy on the Board.
Robert J. McAdoo said, "I am lucky to have been a part of the Vanguard team
and will continue to take great interest in the future of Vanguard."
John P. Tague, Chairman, Chief Executive Officer, and President of Vanguard
Airlines, said, "Everyone involved in Vanguard Airlines, including the Board,
owes Bob McAdoo a great deal of gratitude. He had the vision and perseverance
to found Vanguard Airlines and has been an active member of our Board since
the Company's inception."
Other individuals currently serving on Vanguard's Board of Directors are:
Richard D. Pearson, Denis T. Rice, Edmund H. Shea, Jr., Robert J. Spane and
John P. Tague.
Vanguard Airlines, which began service in December 1994 <PAGE>
and is headquartered in Kansas City, is a low-price, passenger airline
providing convenient, scheduled jet service. Vanguard serves the following
13 cities: Atlanta, Chicago-Midway, Dallas/Ft. Worth, Denver, Des Moines,
Kansas City, Las Vegas, Los Angeles, Minneapolis/St. Paul, Orlando, San
Francisco, Tampa/St. Petersburg and Wichita. Vanguard will discontinue
service to Wichita on June 23, 1997. The Company employs approximately 500
people and currently operates a fleet of seven aircraft consisting of six
Boeing 737-200s and one Boeing 737-300. In the first half of June, the Company
will take delivery of a hush-kitted Boeing 737-200, which will replace a Boeing
737-300 that the Company returned to its lessor on May 15, 1997. The Company
will return its remaining Boeing 737-300 aircraft in mid-July 1997. The Company
is currently evaluating opportunities to replace this aircraft.
This press release contains forward-looking statements that involve risks and
uncertainties. The actual results may differ significantly from those
currently anticipated. Factors that may cause such differences include, but
are not limited to, general economic conditions, cost of jet fuel, the
occurrence of events involving other low-cost carriers, potential changes in
government regulation of airlines or aircraft, and actions taken by other
airlines, particularly <PAGE> with respect to scheduling and pricing in the
Company's current or future routes.
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