PRESS RELEASE:

For further information, contact:

At the Company:                            Investor Relations:
Airtrax                                    The Equity Performance Group
Robert Watson - CEO                        Gary Geraci
856-232-3000                               617-723-2373
http://www.airtrax.com                     gary@equitypergp.com
                                           http://www.equityperformancegroup.com


FOR IMMEDIATE RELEASE:

           AIRTRAX ANNOUNCES NEW CEO, DIRECTOR AND MANAGEMENT CHANGES

Blackwood,  NJ: October 24, 2006 -- Airtrax,  Inc. (OTCBB: AITX), a developer of
patented, Omni-Directional technology with military and commercial applications,
announced  today that  effective  November  1, 2006,  Robert M.  Watson  will be
joining  Airtrax as the Company's  new  President,  CEO and  Director.  Nicholas
Fenelli has stepped  down as  Airtrax's  Interim  CEO,  and will remain with the
Company as its Chief Operating Officer.

Mr. Watson has extensive experience in corporate turnarounds and restructurings,
with a proven  track  record of  repositioning  companies  to realize  long term
shareholder  value.  He  has  both  public  (Fortune  50)  and  private  company
experience in the manufacturing,  construction and retail industries.  From 2001
until  October 2006,  Mr.  Watson was  President  and CEO of Hartz & Company,  a
manufacturer of tailored clothing,  with two production facilities in the United
States with sales and marketing offices in New York City. From 1996 to 2001, Mr.
Watson served as the Vice President,  CFO and COO of America's Best Contacts and
Eyeglasses,  a retail chain with 118  locations,  a full service  laboratory and
distribution center. His experience in the public arena was with Continental Can
Company,  from 1967 through  1986,  where he served as  Controller  for the food
packaging  company with 29  manufacturing  facilities  and sales in excess of $1
billion.  Mr.  Watson  received  a BS in  accounting  from  Fairleigh  Dickenson
University and an EMBA from the University of New Haven.

As previously announced,  Airtrax's Board of Directors appointed Andrew Guzzetti
as Chairman of the Board.  Following the Board's  initial  directive of hiring a
full  time,  experienced  executive  as its new CEO,  the  Company is now in the
process of making additional key management hires. The Company is continuing its
search for a Chief  Financial  Officer and  expects to fill the  position in the
near term. Mr. Fenelli,  who will remain with the Company as its Chief Operating
Officer,  will draw on his years of service  with  Airtrax to lead a  technology
team focused on identifying, developing and matching new commercial and military
industry specific applications for the Omni-Directional technology.

"Due to  mitigating  circumstances,  we believe that third  quarter sales of our
principal  product,  the  SIDEWINDER(TM),  has  declined  significantly  and the
Company's   manufacturing  and  marketing   capabilities  have  been  negatively
impacted. However, we continue to believe that Airtrax's patented technology and
the various  applications it serves will redefine the material handling business
and we are  taking  steps  now  to  fundamentally  reposition  the  Company  and
capitalize on this opportunity," stated Andrew Guzzetti, Chairman of Airtrax.

Guzzetti  continued,  "We believe that the  appointment of Bob Watson as CEO and
Director  is a  significant  step in  turning  the  corner  and  rebuilding  the
management  structure at Airtrax.  In addition,  I believe many profound changes
will take  place at  Airtrax  under Mr.  Watson's  leadership;  I believe  these


fundamental improvements may be seen in the business beginning in the first half
of 2007. I also believe we will be successful in our endeavor to streamline  and
ramp up the business, as we attempt to bring our patented technology to the mass
market."

As  previously  reported  by  the  Company  in its  periodic  filings  with  the
Securities  and  Exchange  Commission,  in  2005  the  Company  entered  into an
agreement  with  respect  to  the  proposed  acquisition  of a  German  forklift
manufacturer,  Filco GMBH. In connection with the acquisition,  Airtrax advanced
Filco  approximately  $6.5 million in partially  secured loans.  Filco filed for
bankruptcy  in  February  2006.  As of June 30,  2006,  Airtrax  had written off
approximately  $5.5  million  and  expects  to write  off the  remainder  of the
investment,  including  certain  inventory held in Filco's  plant,  in the third
quarter of 2006.  Airtrax has  developed a new  strategic  plan,  with a primary
focus on higher margin technology applications that meet the specific and unique
demands of the military and commercial markets. It is anticipated that Airtrax's
new  marketing  plan  will  emphasize  consumer  awareness,   by  educating  and
communicating  the key benefits of its patented  Omni-Directional  technology to
encourage usage and new application deployment.  Management is also committed to
pursuing  strategic  partnerships and joint ventures that will enable Airtrax to
better  capitalize on its  technologies,  improve its distribution  channels and
revenue  growth.   The  Company  will  focus  on  its  core   strengths,   while
simultaneously  continuing to outsource business functions that management deems
outside its core  competencies.  Management is also currently  pursuing  various
financing  options  to  implement  its  evolving  business  strategy,  including
marketing, product and sales development.


About Airtrax, Inc.:

A  U.S.-based  developer of  Omni-Directional  technology,  Airtrax  designs and
manufactures  Omni-Directional vehicles. The Airtrax 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)  Lift Truck and the Airtrax  COBRA(TM) aerial work platforms
(AWPs) are the first Omni-Directional vehicles using Omni-Directional technology
and  the  patented  Airtrax  wheel  to  be  commercially  produced.  The  nearly
maintenance-free drive system design reduces maintenance costs,  delivering cost
efficiencies   to  companies  both  large  and  small.   The  Airtrax   patented
Omni-Directional wheel is manufactured exclusively for Airtrax vehicles.

Airtrax  has  developed  business  partnerships,  received  orders,  and shipped
SIDEWINDER  trucks  to  California,   Wisconsin,  Arkansas,  Ohio,  New  Jersey,
Kentucky, Florida, and Pennsylvania in the United States, and internationally to
the United Kingdom, Japan, Spain, Panama, New Zealand, Canada, and South Africa.

For  more  information  and to  view a  must-see  product  demonstration,  visit
www.airtrax.com or http://www.equityperformancegroup.com/clients_airtrax.php.


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.  Customers of the  SIDEWINDER  mentioned in
this release may own shares of Airtrax's  stock or may own shares in the future.
(Then again  anyone who sees the  SIDEWINDER  is likely to want to invest in the
Company!

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