Wynnefield Capital Nominates Independent Director
                        For First Aviation Services Board

New York,  New York,  June 6,  2003 -  Wynnefield  Capital,  Inc.  (WCI),  today
announced that it will nominate Nelson Obus,  WCI's  president,  for election to
the board of directors of First Aviation Services,  Inc. Mr. Obus will appear at
First Aviation's annual meeting of shareholders in Memphis,  Tennessee,  on June
10,  2003,  at 9:30  a.m.  CDT.  WCI has  filed a proxy  to  elect  Mr.  Obus in
opposition  to  management's  nominees for one of two open seats on the board of
directors.

"We believe it is time for outside shareholders to have a new voice on the First
Aviation  board," said Obus.  "WCI,  as a holder of 30 percent of the  company's
common stock,  has asked for board  representation  since 1999.  Management  has
denied  our  request,  leaving  us no other  option  but to  nominate a director
candidate  in  opposition  to  management.  This is a company that has failed to
develop and execute a consistently  profitable  business plan over the three and
one-half years since they sold National Airmotive Corporation (NAC) and has lost
$6,512,000  over the last three years.  As of the end of the last  quarter,  the
stock  traded at 66 percent  of book  value and 73  percent  of net/net  working
capital.  We need different  outside  representation to either quickly develop a
profitable business plan or create a value-releasing transaction for ALL outside
holders."

Obus  continued,  "Although we recognize  that the events of September 11, 2001,
have no doubt affected aviation-related businesses, a competitor of the company,
Aviall,  Inc., made over $25 million in 2002 and recently announced net earnings
for the first  quarter  of 2003 of $7.2  million  versus  net  earnings  of $4.5
million, or a 58% increase, over the comparable 2002 period. After dropping to a
low of $4.64  following  September 11, 2001, the Aviall stock rebounded to $9.85
on May 15, 2003 (a 112 percent  increase over the post-9/11  low). We think this
shows that  companies  in First  Aviation's  industry can succeed in the current
environment by executing the proper strategy."

Obus also noted, "Over the last three years, First Aviation paid over $1 million
in  retainer  fees to First  Equity  Group,  a company  owned  entirely by First
Aviation's  chairman Aaron Hollander and chief executive officer Michael Culver,
for  'investment  and  financial   advisory   services   relating  to  potential
acquisitions  and other  financial  transactions'."  WCI  questions  whether the
Company  has  received an  adequate  return for these fees.  "For these fees and
'advice,'   First  Aviation  has  undertaken  a  failed   business-to-businesses
e-commerce initiative and made one minor parts-distribution related acquisition,
of which almost 50 percent of the  purchase  price was written off at the end of
last fiscal  year.  WCI  believes a new outside  board  member with a 30 percent
stake in the company could hardly  negatively  impact the quality of advice that
First Aviation has been receiving."

Obus  observed  that  the  situation  at  First  Aviation  is  unfortunately  an
increasingly  common one in smaller  publicly held  companies.  "While WCI would
prefer to see companies fulfill the promise that created its desire to invest in
the first place through  quality  execution of a business  plan,  companies that
consistently  fail to generate  profits  (leading to low valuations and withered
trading volumes), must consider going private or merging. The Sarbanes-Oxley Act



and increasingly strict regulatory requirements have made it much more expensive
for smaller companies to remain standalone public entities."

Obus concluded with the observation that outside  shareholders are only rewarded
through the  success of a company's  equity.  "We  receive no  consulting  fees,
salaries, or other benefits. A company such as First Aviation that has failed to
execute  its  original  business  plan  or  develop  a  consistently  profitable
alternative, should either quickly develop such a plan or should not remain as a
standalone public entity.  Our desire for representation on the board is to move
these initiatives forward without further delay. Three years is enough."

Wynnefield  Capital,  Inc. is a value  investor  specializing  in U.S. small cap
companies. For more information, contact Nelson Obus at (212) 760-0134.