Item 7.01. Regulation FD Disclosure

On September 22, 2008, Gulfstream International Group, Inc. ("Gulfstream") issued a press release announcing that it had received the funds, closed the transactions, and issued the debentures and warrants in accordance with the agreements with Shelter Island Opportunity Fund, LLC and Gulfstream Funding, LLC (the "Agreements") described in Item 1.01 of Gulfstream's Form 8-K filed on September 18, 2008. The press release also announced the addition of service between Cleveland, Ohio and each of Jamestown, New York and Bradford, Pennsylvania and certain other operational developments. A copy of this press release is furnished with this report as Exhibit 99.1 and incorporated by reference herein.

The information in this Item 7.01 and Exhibit 99.1 attached hereto shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information or exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933 or Exchange Act, except as shall be expressly set forth by specific reference in such a filing.