August 17, 2010 (FinancialWire) — Pet Airways, Inc. (OTCBB: AAQS), an airline for the transportation of pets, said that it has become a subsidiary of a publicly traded company through a share exchange agreement with American Antiquities, Inc.

American Antiquities, Inc. common stock is traded on the OTCBB under the symbol "AAQS."

Pet Airways said it plans to change the name of American Antiquities and apply for a stock symbol change that reflects the Pet Airways name and business.

Dan Wiesel, chief executive officer of Pet Airways, became CEO of American Antiquities.

In connection with the agreement, American Antiquities issued 25 million shares of common stock to the shareholders of Pet Airways in exchange for substantially all the outstanding common stock of Pet Airways, and Pet Airways became a consolidated subsidiary of American Antiquities.

Insiders of AAQS retired approximate 6.8 million shares of common stock. Immediately following the closing, Pet Airways Shareholders beneficially owned approximately 73% of the outstanding shares of American Antiquities.

Florida-based Pet Airways transports pets in the specially equipped main cabin of its planes, with a trained pet attendant on duty at all times.

The airline launched flight operations in 2009, and provides coast-to-coast service from Los Angeles, Phoenix, Denver, Omaha, Chicago, Baltimore, New York, Atlanta and Ft Lauderdale.

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