Airtrax Intends to Close on Acquisition of FiLCO in Early 2005 to Drive European Sales

- FiLCO Could Produce Up to $50 Million of Product at Year-End 2005 -

HAMMONTON, N.J., Dec. 2 -- Airtrax, Inc. (BULLETIN BOARD: AITX) , a developer of patented, omni-directional technology with military and commercial applications, announced today that Airtrax intends to close on its acquisition of FiLCO, a leading manufacturer of conventional forklifts throughout Europe and the Middle East, in early 2005. The acquisition remains subject to the completion of final due diligence and other conditions to be met by both parties. FiLCO is located in Mulheim a.d. Ruhr, Germany.

Peter Amico, Airtrax President and CEO, stated, "With the proposed acquisition of FiLCO, we expect to turn a significant corner in creating a potential new sales pipeline overseas. Leveraging FiLCO's key assets and their existing dealership network, we look forward to manufacturing and marketing our omni-directional vehicles from their facility in the near future. Based on FiLCO's current manufacturing facilities, Airtrax believes that, upon completion of the proposed acquisition, it will have the ability to produce up to $50 million of conventional FiLCO forklift product by year-end 2005. Once we commence production of our omni-directional vehicles at FiLCO, we expect to significantly raise our initial year-end revenue projections."

About Airtrax, Inc.

A U.S.-based developer of omni-directional technology, Airtrax designs and manufactures omni-directional vehicles. A patented wheel was designed and developed by Airtrax after receiving a technology transfer from the US Navy in the form of a Cooperative Research and Development Agreement (CRADA). The Sidewinder(TM) Omni-Directional Lift Truck and the MEC-Airtrax Phoenix(TM) aerial work platform (AWP) are the first omni-directional vehicles using omni- directional technology and the patented Airtrax wheel to be commercially produced. Unlike any other lift truck, the Sidewinder or the Phoenix AWP can turn 360 degrees in its own footprint, allowing warehouses to utilize 20 to 30% more of existing space. The nearly maintenance-free design also drastically reduces maintenance costs, delivering tremendous cost efficiencies to companies both large and small. The omni-directional wheel is manufactured under exclusive production rights to Airtrax. For more information and to view a must-see product demonstration, visit http://www.airtrax.com/ .

The Private Securities Litigation Reform Act of 1995 provides a "Safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involved risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.