St. John’s, Antigua – 10 Oct., 2006 – Jean Stewart Holder, Chairman of the LIAT (1974) Board of Directors and R. Allen Stanford, Chairman of the Board of Directors of Caribbean Star Airlines, welcomed with considerable enthusiasm, the decision of the LIAT Board, taken on Thursday 5th October 2006, to commence formal negotiations towards the merger of the two carriers.

Mr. Stanford who, until now has said very little on a subject which, in recent times, has been widely aired in all the Caribbean media, welcomed this development as a historic moment in the life of Caribbean air transportation.

He said “I am willing to work with the LIAT shareholder governments and the Board of LIAT to help to create what could eventually become the most modern and efficient airline in the Caribbean, framed within the context f the strategic economic development of the region and with all the positive consequences for the tourism based economies of the member states as they embark on the Single Market and Economy. This venture gives me yet another opportunity to demonstrate my commitment to something of value to this region, as I did recently with the Stanford 20/20 cricket tournament. I am therefore willing to work for its successful conclusion, mindful of the challenges which are always to be expected when the road to future prosperity involves significant change.”

The LIAT chairman endorses the sentiments expressed by Mr. Stanford and looks forward to the two sides getting down to work immediately.

Jean Holder expressed the view that chasms cannot be crossed by little jumps and this commitment by former fierce competitors to work together to transform the landscape of Caribbean air transportation, represents the kind of bold and creative approach needed to make a difference in the area of regional air transportation which to date has been characterized by significant failure.

“We look forward to our executive management commencing the negotiations, which we hope will be crowned with success.”