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EXHIBIT 99.3
FLIGHTSERV.COM CLOSES $2,651,000 FUNDING PLACED BY RICHMARK
CAPITAL CORPORATION
ATLANTA, GA AUGUST 31, 2000 - flightserv.com (AMEX:FSW) today announced that it
has closed a private placement of shares through RichMark Capital Corporation
providing proceeds to the company of $2,651,000 less placement fees of 7.5%. The
private placement totaled 7,070,000 shares of common stock at $0.375 per share.
The issue was oversubscribed.
The closing of the private placement represents the second in a series of
strategic transactions approved by flightserv.com's Board of Directors that will
provide a substantial cash infusion, new management leadership and acquisition
of related businesses to strengthen flightserv's operations and permit continued
development of the company's existing business.
Todd Bottorff, President of flightserv.com commented, " As reported in USA TODAY
this week (www.usatoday.com/life/travel/business/2000/ltb116.htm), charter
flights have not only become more attainable as a result of the Internet, but
more affordable as well. The infusion of $2.6 million will significantly aid in
the further development of flightserv's business as we continue to execute
refocusing of the Company's strategy."
ABOUT FLIGHTSERV.COM
flightserv.com enables passengers to book individual seats on private jets
between selected cities in the United States. Currently, the Company offers
flights between New York's Teterboro Airport (located 7 miles from downtown
Manhattan) and Atlanta's Dekalb-Peachtree Airport (located minutes from
Atlanta's business district). For more information, please visit
www.flightserv.com.
CONTACTS:
Todd Bottorff, flightserv.com
770-986-9791
[email protected]
Mark White, RichMark Corporation
972-894-9040
Statements in this news release about anticipated or expected future revenue or
growth or expressions of future goals or objectives are forward-looking
statements within the meaning of Section 21E of the Securities Act of 1934, as
amended. All forward-looking statements in this release are based upon
information available to the Company on the date of this release. Any
forward-looking statements involve risks and uncertainties, including those
risks described in the Company's filings with the Securities and Exchange
Commission, that could cause actual events or results to differ materially from
the events or results described in the forward-looking statements, whether as a
result of new information, future events or otherwise. Readers are cautioned not
to place undue reliance on these forward-looking statements.
