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No person has been authorized to give any information or data or to make any representations, other than those contained in this Prospectus, in connection with the offer contained herein and such information or representations, if given or made, must not be relied upon as having been authorized. This Prospectus does not constitute an offer to sell Capital Stock by the Underwriter to any person in any State to whom such offer may not lawfully be made. TABLE OF CONTENTS Registration Statement ... Page 2 Commercial Potential of Helicopter Transportation ... Page 3 Application of Proceeds ... Page 5 Capitalization ... Page 5 Operating Results ... Page 5 History and Business ... Page 6 General ... Page 6 Franchise ... Page 6 Map ... Page 7 Competition ... Page 8 Landing Permits ... Page 8 Regulation ... Page 9 Rates ... Page 9 Operations ... Page 10 Employee Relations ... Page 11 Insurance ... Page 11 Property and Facilities ... Page 12 Management ... Page 12 Stock Options ... Page 14 Pre-Operating Transactions ... Page 15 Holdings of Equity Securities ... Page 18 Description of Capital Stock ... Page 18 Terms of Offering and Selling Arrangements ... Page 19 Experts ... Page 19 Legal Opinions ... Page 19 Opinion of Independent Certified Public Accountants ... Page 20 Index to Financial Statements ... Page 20 Financial Statements ... Page 21 IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE CAPITAL STOCK AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. SMITH, BARNEY & CO., MAY BE THE ONLY DEALER MAKING A MARKET IN SUCH STOCK. REGISTRATION STATEMENT New York Airways, Inc. (herein sometimes called the Corporation) has filed a Registration Statement with the Securities and Exchange Commission, Washington, D.C., under the Securities Act of 1933, as amended, relating to the Capital Stock offered hereby. For further information with respect to said Capital Stock and the Corporation, reference is made to the Registration Statement and the exhibits annexed thereto. 2