Gulfstream International Group, Inc. receives delisting notice from the NYSE Amex

In its letter, the Exchange stated that it has determined that the Company has failed to comply with continued listing standards set forth in Sections 1003(a)(i) and 1003(a)(ii) of the Exchange Company Guide, respectively, which state, in relevant part, that the Exchange will normally consider suspending dealings in, or removing from the list, securities of a company which (a) has stockholders' equity of less than $2,000,000 if such company has sustained losses from continuing operations and/or net losses in two out of its three most recent fiscal years; or (b) has stockholders' equity of less than $4,000,000 if such company has sustained losses from continuing operations and/or net losses in three out of its four most recent fiscal years, respectively. In addition, the Exchange advised the Company that it is not in compliance with Section 801(h) of the Company Guide in that it does not currently maintain a board of directors comprised of at least 50% independent directors, or an audit committee comprised of at least two independent directors.

The Exchange rules provides for an appeal of the above decision by requesting a hearing in accordance with appropriate procedures as outlined by the Company Guide. The Company will not request a hearing. Accordingly, the Exchange will initiate the delisting process with respect to the Company's common stock and will suspend trading in accordance with Part 12 of the Company Guide. The Company is considering whether to take the necessary steps to have its common stock traded on the Over-the-Counter Bulletin Board.