As filed,  via EDGAR,  with the  Securities  and Exchange  Commission on
October 20, 1998.

                                  SCHEDULE 14A
                                 (Rule 14a-101)

                     INFORMATION REQUIRED IN PROXY STATEMENT

                            SCHEDULE 14A INFORMATION
                Proxy Statement Pursuant to Section 14(a) of the
                         Securities Exchange Act of 1934

      Filed by the registrant  [_]
      Filed by a party other than the registrant [X]

      Check the appropriate box:

     [_]  Preliminary proxy statement
      
     [_]  Confidential,  for Use of the  Commission  Only (as  permitted by Rule
          14a-6(e)(2)

     [_]  Definitive proxy statement

     [_]  Definitive additional materials

     [X]  Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12


                      INTERACTIVE FLIGHT TECHNOLOGIES, INC.
                (Name of Registrant as Specified in Its Charter)

       MERCURY SHAREHOLDER ASSOCIATES LLC, BARINGTON CAPITAL GROUP, L.P.,
                    BANNER AEROSPACE, INC., and DONALD MILLER
    (Name of Person(s) Filing Proxy Statement, if other than the Registrant)


Payment of filing fee (Check the appropriate box):

     
     [X]  No fee required.

     [_]  Fee  computed on table below per Exchange  Act Rules  14a-6(i)(1)  and
          0-11.

          (1)  Title of each class of securities to which transaction applies:
           
          (2)  Aggregate number of securities to which transaction applies:
          
          (3)  Per unit price or other underlying value of transaction  computed
               pursuant to Exchange Act Rule 0-11:
           
          (4)  Proposed  maximum  aggregate value of transaction:  (5) Total fee
               paid:

     [_]  Fee paid previously with preliminary materials.

     [_]  Check box if any part of the fee is offset as provided by Exchange Act
          Rule  0-11(a)(2)  and identify the filing for which the offsetting fee
          was paid  previously.  Identify  the previous  filing by  registration
          statement number, or the form or schedule and the date of its filing.

          (1)  Amount previously paid:
          
          (2)  Form, schedule or registration statement no.: 

          (3)  Filing party:
          
          (4)  Date filed:




FOR IMMEDIATE RELEASE                                     CONTACT:
                                                          John Cornwell
                                                          D.F. King & Co., Inc.
                                                          (212) 269-5550

                       MERCURY SHAREHOLDER ASSOCIATES LLC
                        FILES DEFINITIVE PROXY MATERIALS
                          FOR ELECTION OF DIRECTORS OF
                      INTERACTIVE FLIGHT TECHNOLOGIES, INC.


         NEW YORK, NEW YORK, October 19, 1998 -- Mercury Shareholder  Associates
LLC announced that it filed definitive proxy materials today with the Securities
and Exchange Commission for its solicitation of proxies to elect its nominees as
directors s of Interactive Flight Technologies,  Inc. (NASDAQ/NMS: FLYT), and to
oppose  management's  proposal to create a  staggered  Board,  at the  Company's
upcoming annual meeting scheduled for October 30, 1998. Mercury's Board nominees
include  Michael  McManus,  Joseph  Wright,  Richard  Daniel,  Donald Miller and
Seymour  Holtzman.  Mercury  expects to mail  definitive  proxy materials to the
Company's shareholders promptly.


         Mercury is  affiliated  with  Barington  Capital  Group,  L.P.,  a full
service  investment  banking  firm  focused on  providing  capital and  advisory
services to small and emerging growth companies.


                   CERTAIN INFORMATION CONCERNING PARTICIPANTS


         The  following  is a list of the names and  stockholdings,  if any,  of
persons who may be deemed to be  "participants"  in Mercury's  solicitation with
respect to the Company's  annual meeting:  Barington  (298,626 shares of Class A
Common  Stock);  Banner  Aerospace,  Inc.,  an 82%  subsidiary  of The Fairchild
Corporation (4,000 shares of Class A Common Stock, 112,500 Class C Warrants, and
112,500 Class D Warrants);  and Messrs.  McManus (5,000 shares of Class A Common
Stock), Wright, Daniel, Miller (20,500 shares of Class A




Common Stock), and Holtzman. In addition, James Mitarotonda,  Chairman and Chief
Executive  Officer of Barington owns 46,000 shares of Class A Common Stock,  and
Marc Cooper,  Vice Chairman of  Barington,  owns 16,000 shares of Class A Common
Stock.  Barington,  in the  course  of  its  broker-dealer  business,  maintains
accounts on behalf of its customers,  certain of which hold additional shares of
Class A Common  Stock.  Barington  does not have or share  the  right to vote or
dispose of such shares. If Mercury's proxy solicitation is successful, Barington
may in the future provide investment banking services to the Company.

         On March 6, 1998,  Barington  filed a derivative  action in the Supreme
Court of the State of New York against the former  directors and officers of the
Company alleging  various breaches of fiduciary duty.  Barington filed a similar
action on September 9, 1998 in the Superior  Court of the State of Arizona.  The
Arizona  action  added as a  defendant  Ocean  Castle  Partners,  LLC, an entity
controlled by Irwin Gross, the Company's Chief Executive Officer and Chairman of
its Board of Directors.  Among other things, the complaint in the Arizona action
seeks a  declaration  that the  shares  of Class B Common  Stock  whose  vote is
controlled by Ocean Partners have been converted into Class A Common Stock. Each
share of Class A Common  Stock has one vote per share and each  share of Class B
Common Stock has six votes per share.  On September  25, 1998,  the court in the
Arizona  action  issued a  preliminary  injunction,  the  effect  of which is to
provide that the Class B Common Stock whose vote is controlled by Ocean Partners
is  converted  into  Class A Common  Stock,  having  one vote per  share.  Ocean
Partners has appealed the issuance of the  preliminary  injunction and a hearing
on the appeal has been  scheduled for October 27, 1998.  In connection  with the
appeal,  the  Company  accepted  the  Court's  suggestion  to adjourn the annual
meeting to October  30,  1998.  On  October  19,  1998,  Mercury  and  Barington
commenced  an  action  in the  Supreme  Court  of the  State of New York to stay
uninstructed voting of shares held of




record in broker or street name for electon of directors at the annual  meeting.
Mercury and  Barington  commenced  this action to prevent  such votes from being
cast before  Mercury  distributed  its proxy  materials.  Under  relevant  stock
exchange  rules,  brokers  are not  permitted  to vote  without  instruction  in
contested election contests.