8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 23, 2003

AIRNET SYSTEMS, INC.

(Exact name of registrant as specified in its charter)

Ohio	1-13025	31-1458309
(State or other	(Commission File	(IRS Employer
jurisdiction of	Number)	Identification No.)
incorporation)

3939 International Gateway, Columbus, Ohio 43219

(Address of principal executive offices) (Zip Code)

(614) 237-9777

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address,

if changed since last report.)

Item 5.Other Events and Regulation FD Disclosure.

On May 23, 2003, AirNet Systems, Inc. (the “Company”) announced that it would sell its Mercury Business Services unit to Andrew T. Cooke, Peter G. Salisbury and Christopher F. Valente.  The Company acquired its Mercury Business Services unit from Messrs. Cooke and Salisbury on August 10, 1998.

A copy of the new release issued by the Company on May 23, 2003 announcing the proposed transaction is included as Exhibit 99.

Item 7.           Financial Statements and Exhibits.

(a)           and (b) Not applicable.

(c)           Exhibits:

The following exhibit is included pursuant to Item 5. Other Events and Regulation FD Disclosure of Form 8-K:

99            News Release issued by AirNet Systems, Inc. on May 23, 2003

[Remainder of page intentionally left blank;

signature on following page.]

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		AIRNET SYSTEMS, INC.
Dated:  May 27, 2003	By:	/s/ Joel E. Biggerstaff
		Joel E. Biggerstaff
		Chairman of the Board, President and Chief Executive Officer

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INDEX TO EXHIBITS

Current Report on Form 8-K

Dated May 27, 2003

AirNet Systems, Inc.

Exhibit No.	Description
99	News Release issued by AirNet Systems, Inc. on May 23, 2003

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EX-99

EXHIBIT 99

FOR IMMEDIATE RELEASE

For Additional Information Contact:

AirNet Systems Inc.	InvestQuest Inc.
Greg Gualtieri	Robert Lentz
(614) 237-2057	(614) 876-1900

AirNet Systems to sell Mercury Business Services unit

COLUMBUS, Ohio – May 23, 2003 -- AirNet Systems Inc. (NYSE: ANS), a leading provider of premium aviation services including time-sensitive deliveries and private passenger charter, announced today that it will sell its Mercury Business Services unit back to a management group that includes the original owners.

AirNet acquired Mercury Business Services, which focuses on customers with next-day transportation needs, in 1998, at a time when the company intended to grow AirNet Express through acquisitions of courier companies.  Since the purchase, Mercury has maintained its primary focus on next-day business while AirNet has devoted resources toward providing time-critical transportation services, which command a premium that is seven or eight times that of Mercury’s typical next-day shipments.  Since these two successful, but divergent business models serve different customers with distinctly different transportation needs, AirNet will divest Mercury and apply the resources toward better serving the expedited transportation needs of its AirNet Express customers.

Joe Biggerstaff, president, chairman and CEO of AirNet stated, “While the Mercury unit has contributed to AirNet revenues, its business model does not match our long-term strategy for leveraging the unique same day delivery solutions AirNet provides to customers in truly time-critical situations.”

Peter Salisbury, the founder of Mercury Business Services stated, “We look forward to continuing to provide our customers with our unique blend of services and value combined with unparalleled customer support for express delivery solutions.  We will continue to rely on AirNet

to fulfill the expedited transportation needs of our Boston, Chicago and New York City customers.”

Wynn Peterson, vice president corporate development commented, “Rather than continue to run Mercury Business Services from within AirNet, we will focus our financial and management resources on building our expedited delivery and passenger charter businesses.  Mercury has a sound business model, solid leadership and dedicated employees.  We look forward to serving Mercury’s ongoing needs for expedited services.”

Upon closing the Asset Purchase Agreement, scheduled for completion in June, Mercury will immediately hire all AirNet employees currently working for the Mercury business unit.

About AirNet Systems Inc.

AirNet Systems Inc. is a premiere provider of aviation services including time-critical delivery and private passenger charter.  AirNet operates AirNet Express, an integrated national air transportation network providing expedited air transportation to banks, medical customers and other time-critical small package shippers in more than 100 cities nationwide.  AirNet is committed to safety, security and customer service ¾ these are the hallmarks of AirNet’s success over the last 28 years.  The AirNet airline operates more than 120 aircraft, including 36 Learjets, located strategically throughout the United States, flying over half a million miles per week.  AirNet’s fleet departs most cities several hours after other major package delivery companies.  To find out more, visit AirNet’s Web site at www.airnet.com.

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AirNet Systems Inc. and AirNet Express are trademarks of AirNet Management Inc.