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Air T, Inc. Announces Exchange Offer for up to 138,000 Common Shares in Exchange for Shares of Air T Funding 8.0% Alpha Income Trust Preferred Securities (TruPs)

Company to Conduct "Modified Dutch Auction" for up to 138,000 Common Shares in Exchange for TruPs; Offer Price Between 1.05 and 1.4 TruPs Per Share Represents a Premium of 13% to 51% Over Current Market