PORTER AVIATION HOLDINGS INC. ANNOUNCES NEW INVESTORS IN
TCCA-BASED PORTER AIRLINES

TORONTO, June 19, 2006 – Porter Aviation Holdings Inc. (PAHI) is pleased to announce GEAM International Private Equity Fund, a private equity fund sponsored by GE Asset Management (GEAM), and Dancap Private Equity Inc. (Dancap) as new investors in PAHI and its wholly-owned subsidiary, Porter Airlines Inc. (Porter).

“We are excited to have the backing of GE Asset Management and Dancap in addition to EdgeStone Capital Partners, Borealis Infrastructure and REGCO Capital Corp,” said Robert Deluce, CEO of REGCO and Porter.  “This is an added vote of confidence in Porter’s business model and our plans to bring real service and competition to the skies.”

The addition of the new investors completes the planned syndication of the original equity financing of $125.7 M (Cdn).  “We have the capital we require to execute the business plan,” said Deluce, “and we welcome the experience and the strategic input of our new partners.”

“We are delighted to add Porter to our global portfolio of world class companies”, said Kishan Pandey, Vice President of GEAM’s International Private Equity group.  “Robert Deluce and his management team have done a terrific job of pulling this opportunity together and we look forward to a successful launch later this year.”

“We are extremely pleased to be a part of the Porter investors group,” says Aubrey Dan, President of Dancap.  “We expect this to be a great investment as well as an opportunity to boost Toronto’s economy and facilitate business and tourist travel to Toronto.”

About Porter Aviaton Holdings Inc.
Porter Aviation Holdings Inc. (PAHI) is a privately-held company whose subsidiaries include Porter Airlines Inc., a new regional passenger carrier that will launch in 2006, and Porter FBO Limited, a Toronto City Centre Airport-based provider of terminal, hangar and office space.  Porter's investors include EdgeStone Capital Partners, Borealis Infrastructure, GEAM International Private Equity Fund, Dancap Private Equity Inc. and REGCO Capital Corp.

About GE Asset Management and the GEAM International Private Equity Fund
GE Asset Management Incorporated is a global investment management firm wholly-owned by General Electric Company, a diversified technology, media and financial services company.  GEAM and its predecessor organizations have been managing investments for GE’s U.S. employee pension and benefits plans for more than 70 years.  Today, the firm manages money for hundreds of institutional clients and hundreds of thousands of individual mutual fund investors across a wide variety of strategies, with total assets under management of $192 billion.  GEAM International Private Equity Fund is a US$436 million limited partnership sponsored by GEAM to make investments in non-U.S. private equity opportunities.

About Dancap Private Equity Inc.
Dancap Private Equity Inc. (www.dancap.ca) invests its own funds in mid-market Canadian businesses from a diverse range of industries and provides Private Equity financing for growth, acquisitions and refinancing opportunities.  Aubrey Dan, the owner of Dancap is also producing musical theatre in Toronto such as the revival of “HAIR” that is now currently playing at the St. Lawrence Centre.  

Media contact:
Brad Cicero
MS&L
(416) 847-1305