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): July 14, 1997
WORLDCORP, INC.
(Exact name of registrant as specified in charter)
Delaware 0-26582 94-1358276
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
13873 Park Center Road, Suite 490, Herndon, Virginia 20171
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(703) 834-9200
<PAGE>
ITEM 5. OTHER EVENTS
On July 14, 1997, World Airways, Inc. (the "Company")
announced that it had resolved open contractual issues with its
customer, Philippine Airlines, Inc. The Company also announced
the initiation of a new agreement with Viacao Aerea Sao Paulo,
a Brazilian airline. A copy of each of the press releases is
attached hereto as Exhibits 99.1 and 99.2.
ITEM 7. EXHIBITS
(c) Exhibits
Exhibit 99.1 Press Release dated July 14, 1997.
Exhibit 99.2 Press Release dated July 14, 1997.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Act of 1934,
the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
WORLDCORP, INC.
/s/ Mark S. Lynch
Name: Mark S. Lynch
Title: Chief Financial Officer
Date: July 14, 1997
<PAGE>
INDEX TO EXHIBITS
99.1 Press Release, dated July 14, 1997.
99.2 Press Release, dated July 14, 1997.
Exhibit 99.1
FOR IMMEDIATE RELEASE CONTACT:
July 14, 1997 Mark Lynch
Chief Financial
Officer
(703) 834-9215
or
Doug Poretz
(703) 506-1778
World Airways Successfully Resolves Contractual
Issues With Philippine Airlines
WASHINGTON DULLES INTERNATIONAL AIRPORT -- July 14, 1997 --
World Airways, Inc. (NASDAQ:WLDA) today announced that it has
successfully resolved open contractual issues with its customer,
Philippine Airlines (PAL).
World agreed to shift two MD-11s currently operating for PAL
to another World customer later in the third quarter. Agreements
to place the two aircraft with that customer have already
been concluded. PAL reconfirmed its commitment to operate
two other MD-11s currently in its fleet until February 1998 and
to bring current all amounts owed to World within the next
several days. World received a substantial payment from PAL on
July 11, 1997.
"We expect no material changes in World's financial results
because of these developments and we are pleased to be able to
assist our valued customer PAL in its strategic and financial
restructuring." commented Coleman Andrews, World's Chairman.
World Airways provides worldwide passenger and cargo air
transportation under contracts with major international airlines,
the U.S. Air Force and International tour operators with a fleet
of MD-11 and DC10-30 aircraft. The carrier is owned 62% by
WorldCorp (NYSE:WOA), 18% by MHS Berhad (KLSE:MHS), a Malaysian
strategic investor, and 20% by public investors.
"Safe Harbor" statement under the Private Securities
Litigation Reform Act of 1995: This release contains forward
looking statements that are subject to risks and uncertainties,
including, but not limited to, the impact of competitive
services, services demand and market acceptance risks, reliance
on key strategic alliances, fluctuations in operating results and
other risks detailed from time to time in the Company's periodic
reports filed with the SEC (which reports are available from the
Company upon request). These various risks and uncertainties may
cause the Company's actual results to differ materially from
those expressed in any of the forward looking statements made by,
or on behalf of, the Company in this release.
Exhibit 99.2
FOR IMMEDIATE RELEASE CONTACT:
July 14, 1997 Mark Lynch
Chief Financial
Officer
(703) 834-9215
or
Doug Poretz
(703) 506-1778
World Airways Launches Major New Relationship with VASP of
Brazil
WASHINGTON DULLES INTERNATIONAL AIRPORT -- July 14, 1997 --
World Airways, Inc. (NASDAQ:WLDA) today announced the initiation
of a major new relationship with one of the largest and most
rapidly growing airlines in Latin America, VASP of Brazil.
The World-VASP relationship includes both cargo and
passenger ACMI leases. World recently began flying 1 DC10-30
freighter for VASP on routes between Latin America and the
United States. Later in the third quarter, World will begin
operating 2 MD-11 passenger aircraft for VASP.
Commenting on the new relationship, Ahmad Khatib, World's
EVP of Sales and Marketing said: "VASP has built a large and
successful franchise in one of the fastest growing economies in
the Americas. Our work with VASP represents an important
milestone for World: the first major penetration of the
substantial Latin American airline community. The Pacific Rim
and Latin America represent two areas of rapid growth, hence,
our selling efforts continue to be targeted there."
"Safe Harbor" statement under the Private Securities
Litigation Reform Act of 1995: This release contains forward
looking statements that are subject to risks and uncertainties,
including, but not limited to, the impact of competitive
services, services demand and market acceptance risks, reliance
on key strategic alliances, fluctuations in operating results and
other risks detailed from time to time in the Company's periodic
reports filed with the SEC (which reports are available from the
Company upon request). These various risks and uncertainties may
cause the Company's actual results to differ materially from
those expressed in any of the forward looking statements made by,
or on behalf of, the Company in this release
