Exhibit 99.1

EXPRESSJET REPORTS FOURTH QUARTER AND FULL YEAR 2008 RESULTS

            HOUSTON, February 18, 2009 – ExpressJet Holdings, Inc. (NYSE: XJT) today reported a fourth quarter loss, excluding special charges, of $5.7 million or $0.30 per share versus $27.1 million or $5.14 per share for the same period in 2007.  These results represent a $21.4 million net income improvement.  Including special items related to suspended flying operations and tax adjustments related to Section 382 of the Internal Revenue Code, ExpressJet reported a fourth quarter loss of $30.2 million versus a fourth quarter 2007 reported loss of $31.7 million.

            For the twelve months ended December 31, 2008, ExpressJet reported a loss, excluding special charges, of $54.7 million compared to a loss of $65.6 million for the same period in 2007.  Including the special items mentioned above, ExpressJet’s loss totaled $88.2 million for the twelve months ended December 2008 versus $70.2 million for the prior year.

            “This quarter we focused on executing under our amended capacity purchase agreement with Continental, implementing additional cost savings measures and expanding our charter customer base,” said ExpressJet President and Chief Executive Officer, Jim Ream.  “Our continued discipline and near perfect service allowed ExpressJet to produce positive cash flows from operations during the last two months of 2008,” added Ream.

Operational Overview

Scheduled Flying

            The fourth quarter represented ExpressJet’s first, full quarter of operations with 214 aircraft under its amended capacity purchase agreement with Continental Airlines, Inc. that became effective on July 1, 2008.  Under this agreement, ExpressJet flew 157,101 block hours during the quarter.  The block hours flown for Continental during the fourth quarter declined by 8.6% compared to third quarter 2008, and resulted in an average utilization of approximately 8 hours per day.  This decline was in-line with expectations due to previously announced capacity reductions at Continental.  Given the current economic slow down, ExpressJet expects to continue operating at reduced utilization levels during the first quarter 2009, but anticipates utilization increasing during the peak summer travel months.

            For the full year 2008, ExpressJet operated 705,557 block hours.  ExpressJet flew these hours under its agreements with Continental and Delta Air Lines, Inc.  ExpressJet used 205 aircraft for the first six months of the year under its original capacity purchase agreement with Continental.  An additional nine aircraft were flown under the amended agreement during the second-half of 2008 for a total of 214 aircraft operating for Continental at year end.  Under the capacity purchase agreement with Delta, ExpressJet operated 10 aircraft through September 2, 2008 at which time flying operations were suspended due to record-breaking fuel prices.

            In fourth quarter 2008 contract flying, ExpressJet generated 1.8 billion revenue passenger miles on 2.4 billion available seat miles producing a load factor of 75.9% for the quarter.  For the full year 2008, ExpressJet flew 8.1 billion revenue passenger miles on capacity of 10.5 billion available seat miles equaling a load factor of 77.4%.

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The following information was filed by Expressjet Holdings Inc on Wednesday, February 18, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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