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Petters Group Worldwide Agrees to Purchase Sun Country Airlines; Involvement Provides Momentum for Future Growth

Posted on: Friday, 21 July 2006, 15:00 CDT

Sun Country Airlines announced today that its investors have agreed to sell the company to Petters Aviation, a subsidiary of PGW and Whitebox Advisors, for an undisclosed price. The recapitalization transaction will be finalized over the next few months and will allow the airline to continue the growth momentum which it has established.

"This sale will allow us to continue to develop our strong consumer offering, as well as provide necessary capital for future business growth," said Shaun Nugent, CEO of Sun Country Airlines. "Today our passengers and employees can share in the news of a positive future for our airline."

Sun Country Airlines, which increased first quarter revenues approximately 15 percent over the same period last year, was recently ranked #3 in Travel + Leisure's 2006 World's Best List, joining Jet Blue, Midwest Airlines and Southwest Airlines at the top of the list. Sun Country differentiates itself in the marketplace by promoting personalized service at consistently low fares. The airline recently added Washington, D.C. to its current list of more than 30 destinations.

"Sun Country is a company that has established a growth pattern built on employee commitment and unique customer satisfaction and we intend to continue in this direction," said Tom Petters, chairman and CEO of Petters Group Worldwide. "We have great confidence in the team Sun Country has in place. Sun Country adds to our portfolio of great companies and complements our business strategy. We are proud to acquire a great Minnesota company with a great heritage."

About Sun Country Airlines

Sun Country Airlines is a low cost, low fare carrier based in St. Paul, MN. Sun Country, a privately held company, is following a conservative growth plan which will increase the frequency to its popular destinations such as Phoenix, Dallas, Los Angeles, Orlando, Ft. Myers, Denver, Las Vegas and Washington, D.C. For a complete list of destinations and more information, please visit Sun Country's website at suncountry.com.

About Petters Aviation

Petters Aviation is a subsidiary of Petters Group Worldwide. PGW is a recognized leader in creating, developing and investing in companies that manufacture, procure and market merchandising solutions for key growth markets. Petters Group is a privately held company with ownership or investments in over 60 companies around the world of which 20 they actively manage.

Source: Business Wire

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