PEGASUS BLUE STAR FUND COMPLETES INVESTMENT IN SEGRAVE AVIATION 

Jun 25, 2007 

KINSTON, North Carolina (June 25, 2007) – Pegasus Blue Star Fund  is pleased to announce its investment in Segrave Aviation (“Segrave”), a comprehensive aviation services company specializing in Private Jet Charter, Aircraft Management and Aircraft Maintenance. 

Segrave is a Wyvern Wingman certified and an ARG/US Platinum rated operation.  Founded in 1993 in Kinston, NC, Segrave operates a leading private jet charter and aircraft management business. 

Mr. Jim Segrave, President of Segrave stated “I am excited to partner with Pegasus Blue Star Fund and participate in Paul Parmar’s broad vision for the domestic charter market.  With the capital and strategic vision from Pegasus Blue Star Fund, Segrave’s platform will be leveraged to build a new model for private jet charter.” 

Paul Parmar, Chairman of Pegasus Blue Star Fund, added, “Jim Segrave has built a world class operation and has beaten the best in the business with his operational strategy and embracement of technology.  Segrave is a strategic acquisition for Pegasus Blue Star Fund.  We are looking to build the next great general aviation company.”  

A key differentiator for Segrave is its proprietary charter management software, which automates sales, dispatch/scheduling and tracking.  System data and status are real time and are presented in a “control center” style, with all sales and operations groups interfacing with the information projected on large screens. 

About Pegasus Blue Star Fund 

Pegasus Blue Star Fund (www.pegasusbluestarfund.com) is a private investment firm that focuses on acquiring and managing a portfolio of small to mid-sized service oriented companies. While maintaining no rigid industry focus, Pegasus Blue Star Fund aims to invest in industries where it has a proven track record, including healthcare, aerospace and defense, media and entertainment and consumer products. Pegasus Blue Star Fund was founded by Mr. Paul Parmar. 

About Segrave Aviation 

Segrave Aviation (www.segrave.com) is a comprehensive aviation services company specializing in private jet charter, aircraft management and aircraft maintenance.  Segrave is a Wyvern Wingman certified and an ARG/US Platinum rated operation.  Segrave is headquartered in Kinston, North Carolina.

©2007 Pegasus Blue Star Fund.