FRNT Frontier Airlines Hldgs (MM)

Frontier Enters into Letter of Agreement with VTB Leasing for the Four Aircraft DENVER, March 20 /PRNewswire-FirstCall/ -- Frontier Airlines Holdings, Inc. (NASDAQ:FRNT) today announced it entered into a Letter of Agreement with VTB Leasing to sell two of Frontier's 49 Airbus A319 aircraft and two of its 11 Airbus A318 aircraft to VTB Leasing for onwards lease to Rossiya Airlines. The sale of the aircraft was facilitated by SkyWorks Leasing. Financial terms of the transaction were not disclosed. "In January we communicated a revised capacity growth plan that was driven primarily by the unprecedented rise in the cost of fuel," said Sean Menke, Frontier President and CEO. "Part of that plan was to move forward with the delivery of the larger, 162-seat Airbus A320 aircraft while selling four of our existing aircraft, resulting in revised year-over-year growth of approximately three to five percent in Fiscal Year 2009. I am pleased to say with today's announcement we have taken another critical step in our cost-savings plan and we are on track to achieve those revised growth numbers." About Frontier Airlines Holdings, Inc. Frontier Airlines Holdings, Inc. is the parent company of Denver-based Frontier Airlines. Currently in its 14th year of operations, Frontier Airlines is the second-largest jet service carrier at Denver International Airport, employing approximately 6,000 aviation professionals. Frontier Airline's mainline operation has 62 aircraft with one of the youngest Airbus fleets in North America. Frontier Airline's mainline operations offers 24 channels of DIRECTV(R) service in every seatback along with a comfortable all coach configuration. In conjunction with its regional jet fleet, operated by Republic Airlines, and a fleet of ten Bombardier Q-400 aircraft operated by Lynx Aviation (a subsidiary of Frontier Airlines Holdings, Inc.), Frontier offers routes linking its Denver hub to 70 destinations, including 62 U.S. cities in 36 states spanning the nation from coast to coast; six cities in Mexico; one in Canada and one in Costa Rica. In November 2006, Frontier and AirTran announced a first-of-its-kind integrated marketing partnership that offers travelers the ability to reach more than 80 destinations across four countries with low fares, aboard two of the youngest fleets in the industry. For more in-depth information on Frontier Airlines, please visit its Web site at FrontierAirlines.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements contained in this press release that are not historical facts may be forward-looking statements as that item is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could result in actual results differing materially from expected results and represent the Company's expectations and beliefs concerning future events based on information available to the Company as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release. Additional information regarding risk factors that may affect future performance at the Company are contained in the Company's SEC filings, including without limitation, the Company's Form 10-K for its fiscal year ended March 31, 2007. DATASOURCE: Frontier Airlines Holdings, Inc. CONTACT: Joe Hodas of Frontier Airlines, +1-720-374-4504, Web site: http://www.frontierairlines.com/

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