Exhibit 99.1

AVANTAIR, INC. REPORTS FISCAL 2012 AND FOURTH QUARTER

FINANCIAL RESULTS

CLEARWATER, Fla. – September 28, 2012 — Avantair, Inc. (OTCBB: AAIR), the industry leader of fractional aircraft ownership in the light jet cabin category and the only publicly traded stand-alone private aircraft operator, today announced financial results for its fiscal 2012 full year and fourth quarter, which ended June 30, 2012.

Fourth Quarter Fiscal 2012 Performance:

Full Year Fiscal 2012 Performance:

Steven Santo, Chief Executive Officer of Avantair said, “During fiscal 2012, we undertook a series of cost saving initiatives, which together with higher revenue, helped to reduce our net loss by 46% from the prior year. We realize there is still much work to do and we are focused on reducing our costs without impacting safety and customer service, the company’s highest priorities.”

Stephen Wagman, President of Avantair said, “Today’s filing of our Form 10-K includes the restated financials for fiscal year 2011 and the quarters in fiscal years 2011 and 2012. I am confident the measures taken to address the underlying causes of the restatements in our earlier financial statements were completed prior to today’s filing. Our Adjusted EBITDA for Q4 2012 and fiscal 2012 includes a one-time charge of $1.0 million for a change in estimate related to the treatment of pilot training costs. This charge is not an add-back to our Adjusted EBITDA.”

Conference Call

Chief Executive Officer Steven Santo, President Stephen Wagman and Chief Financial Officer Carla Stucky will hold a conference call with the financial community on Monday, October 1, 2012 at 5 p.m. ET to review the company’s financial results and provide an update on business developments.

Interested parties may participate in the conference call by dialing: 1-800-447-0521 U.S. Toll Free or 1-847-413-3238 U.S. Toll. For international callers, dial 1-847-413-3238. When prompted, give Confirmation Number: 33421257 or ask for “Avantair’s Fiscal 2012 and Fourth Quarter Financial Results Conference Call.” The live conference call will also be webcast on the company’s website at www.avantair.com under the Investors section.

A telephonic replay of the conference call may be accessed approximately two hours after the call through October 19, 2012, by dialing 1-888-843-7419 U.S. Toll Free or 1-630-652-3042 US Toll. For international callers, dial 1-630-652-3042. When prompted key in the Passcode: 33421257#.

Use of Non-GAAP Measure of Performance

The following table reflects the reconciliation of net loss, prepared in conformity with GAAP to the non-GAAP financial measure of Adjusted EBITDA (in thousands):

The company believes that the non-GAAP financial measure of Adjusted EBITDA is useful to investors as it excludes other income and expense items that do not directly reflect the underlying performance of the company’s business operations. This measure is a supplement to accounting principles generally accepted in the U.S. used to prepare the company’s financial statements and should not be viewed as a substitute for GAAP measures. In addition, the company’s non-GAAP measure may not be comparable to non-GAAP measures of other companies.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to Avantair’s future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions. Avantair cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and Avantair assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. In addition to factors previously disclosed in Avantair’s filings with the Securities and Exchange Commission (“SEC”) and those as may be identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: general economic and business conditions in the U.S. and abroad, changing interpretations of accounting principles, generally accepted in the U.S., changes in market acceptance of the company’s products, inquiries and investigations and related litigation, fluctuations in customer demand, management of rapid growth, intensity of competition. The information set forth herein should be read in light of such risks. Avantair does not assume any obligation to update the information contained in this press release.

Avantair’s filings with the SEC, accessible on the SEC’s website at http://www.sec.gov, discuss these factors in more detail and identify additional factors that can affect forward-looking statements.

About Avantair

Avantair, the sole North American provider of fractional shares, leases and flight hour cards in the Piaggio Avanti aircraft, and the only publicly traded stand-alone private aircraft operator, is headquartered in Clearwater, FL, with more than 500 employees. The company offers private travel solutions for individuals and businesses traveling within its service area, which includes the continental U.S., parts of Canada, the Caribbean and Mexico, at a fraction of the cost of whole aircraft ownership. The company currently manages a fleet of 57 aircraft. For more information about Avantair, please visit: www.avantair.com.

Company Contacts:

Avantair, Inc.

Stephen Wagman, President

727-538-7909

swagman@avantair.com

Avantair, Inc.

Carla Stucky, Chief Financial Officer

727-538-7976

cstucky@avantair.com

AVANTAIR, INC. AND SUBSIDIARIES

Consolidated Balance Sheets (In Thousands, Except Share Data)

AVANTAIR, INC. AND SUBSIDIARIES

Consolidated Statements of Operations (In Thousands, Except Share Data)