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): August 11, 2003

AIRNET SYSTEMS, INC.

(Exact name of registrant as specified in its charter)

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

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 August 11, 2003, AirNet Systems, Inc. (the “Corporation”) issued a press release announcing that William R. Sumser, Chief Financial Officer, Treasurer, Secretary and Vice President — Finance of the Corporation, had resigned to pursue other interests.  The news release noted that Mr. Sumser had agreed to remain with the Corporation temporarily to assist in a smooth transition.  A copy of this news release is attached as Exhibit 99.1 and incorporated herein by reference.

On August 11, 2003, the Corporation issued a second press release announcing that Gary W. Qualmann had been appointed Chief Financial Officer, Treasurer and Secretary of the Corporation, effective September 1, 2003.  A copy of this news release is attached as Exhibit 99.2 and incorporated herein by reference.

Item 7.    Financial Statements and Exhibits.

(a) and (b) Not applicable.

(c) Exhibits:

Exhibit No.	Description
99.1	News Release issued by AirNet Systems, Inc. on August 11, 2003 announcing resignation of Chief Financial Officer
99.2	News Release issued by AirNet Systems, Inc. on August 11, 2003 announcing appointment of new Chief Financial Officer

[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:  August 12, 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 August 12, 2003

AirNet Systems, Inc.

Exhibit No.	Description
99.1	News Release issued by AirNet Systems, Inc. on August 11, 2003 announcing resignation of Chief Financial Officer
99.2	News Release issued by AirNet Systems, Inc. on August 11, 2003 announcing appointment of new Chief Financial Officer

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EX-99.1

FOR IMMEDIATE RELEASE
For Additional Information Contact:	AirNet Systems, Inc.	InvestQuest, Inc.
	Joe Biggerstaff	Robert Lentz
	(614) 237-2057	(614) 876-1900

AIRNET SYSTEMS, INC. ANNOUNCES RESIGNATION OF CHIEF FINANCIAL OFFICER

COLUMBUS, Ohio (August 11, 2003) AirNet Systems, Inc. (NYSE: ANS) today announced that William R. Sumser, Chief Financial Officer, Treasurer, Secretary and Vice President-Finance, has resigned to pursue other interests.  Mr. Sumser has agreed to remain with the company temporarily to assist in a smooth transition.

Joe Biggerstaff, Chairman, President, and Chief Executive Officer, commented, “We appreciate Bill’s contributions and devotion to building AirNet since joining the company in 1988.  During this period he has helped maintain our financial integrity and we wish him well in his new endeavors.”

AirNet Systems, Inc. is a premier provider of aviation services including time-critical small package 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.  AirNet operates more than 120 aircraft, including 40 Learjets, located strategically throughout the United States.  AirNet’s cargo fleet departs most cities several hours after other major package delivery companies.  To find out more, visit AirNet’s website at www.airnet.com.

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EX-99.2

FOR IMMEDIATE RELEASE

For Additional Information Contact:	AirNet Systems, Inc.	InvestQuest, Inc.
	Joe Biggerstaff	Robert Lentz
	(614) 237-2057	(614) 876-1900

AIRNET SYSTEMS, INC. ANNOUNCES NEW CHIEF FINANCIAL OFFICER

COLUMBUS, Ohio (August 11, 2003) AirNet Systems, Inc. (NYSE: ANS) today announced that Gary W. Qualmann has been appointed Chief Financial Officer, Treasurer and Secretary of the Company, effective September 1, 2003.

Mr. Qualmann was the Chief Financial Officer and Treasurer of Metatec, Inc., a manufacturing and supply chain solutions company, since 2001.  His responsibilities included all financial aspects of the publicly traded company with particular involvement in business planning and implementation of the company’s strategy.

From 1995 to 2001, Mr. Qualmann was Chief Financial Officer, Treasurer, Secretary and Director of MindLeaders.com, Inc., an e-learning company.  He was directly involved in raising capital for the business and managed its investor, banking and insurance relationships.  Prior to that, Mr. Qualmann was Executive Vice President, Chief Financial Officer and Treasurer of Red Roof Inns, Inc. from 1988 to 1995.  He was responsible for the company’s accounting, internal audit, tax, SEC reporting, management information systems, risk management, and related areas.  During this period, Mr. Qualmann successfully completed a significant public debt offering and refinancing with lenders.

Mr. Qualmann was a Partner at Deloitte & Touche LLP, an international accounting firm, where he worked from 1973 to 1988.  He held positions of increased responsibility in the firm’s Columbus and New York offices.  Mr. Qualmann earned a Bachelor of Science degree in accounting from Capital University.

Joe Biggerstaff, Chairman, President, and Chief Executive Officer, stated, “We are very pleased to have Gary Qualmann join AirNet’s management team.  His extensive financial experience and accomplishments are especially well suited to the transitional nature of our business.  He will be actively involved in implementation of our corporate strategy with emphasis on financing the profitable long-term growth of our Express and private passenger businesses.”

AirNet Systems, Inc. is a premier provider of aviation services including time-critical small package 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-these are the hallmarks of AirNet’s success over the last 28 years.  AirNet operates more than 120 aircraft, including 40 Learjets, located strategically throughout the United States.  AirNet’s cargo fleet departs most cities several hours after other major package delivery companies.  To find out more, visit AirNet’s website at www.airnet.com.

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