HOUSTON, Sept. 5 /PRNewswire-FirstCall/ -- ExpressJet announced today that it filed a definitive proxy statement with the Securities and Exchange Commission pursuant to Section 14(a) of the Securities Exchange Act of 1934 requesting shareholder approval for a 1:10 reverse stock split for its common shares. The reverse stock split, as previously announced, is part of ExpressJet's continuing efforts toward improving liquidity for its stockholders. ExpressJet will hold a special stockholder meeting in Houston, Texas on Wednesday, October 1 at 10:00 AM Central to seek approval for the transaction.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080221/NYFNSN01LOGO)

As a result of the reverse stock split, every 10 shares of ExpressJet common stock will be combined into one share of ExpressJet common stock and be traded under a new CUSIP. The reverse stock split affects all shares of common stock and stock options of ExpressJet outstanding immediately prior to the effective time of the reverse stock split. ExpressJet will pay cash in lieu of fractional shares, as required.

Successful completion of the transaction will allow ExpressJet to immediately return to trading on all NYSE Group platforms and return to compliance with the continued listing standards of the New York Stock Exchange once the six month cure period expires on January 18, 2009. The transaction will also allow ExpressJet to focus on completing negotiations regarding wage and benefit concessions with its unionized work groups.

After completing the transaction, ExpressJet expects to have 21,691,018 shares outstanding and approximately $68.5 million in debt remaining outstanding, primarily related to its 11.25% 2023 convertible notes.

Important Additional Information Regarding the Reverse Stock Split Has Been Filed with the SEC

In connection with the reverse stock split, the company has filed a definitive proxy statement with the Securities and Exchange Commission (the 'SEC'). INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE REVERSE STOCK SPLIT. Investors and security holders may obtain a free copy of the definitive proxy statement and other relevant documents filed with the SEC from the SEC's website at http://www.sec.gov.