Delray Beach, FL – June 6, 2011 - Pet Airways, Inc. (OTCQB: PAWS), the world’s only airline designed specifically for the comfortable and safe transportation of pets, today announced it has entered into a definitive agreement with Socius CG II, Ltd., under which Socius has agreed to purchase 2,253,470 shares of common stock and a warrant to purchase up to 20,476,707 shares of common stock at an initial exercise price of $1.02 (subject to anti-dilution adjustment), for a total purchase price of $500,000, and has committed to purchase up to an additional $5.0 million in non-convertible Series A Preferred Stock from Pet Airways over the next two years, subject to the company meeting certain conditions.
