As filed, via EDGAR, with the Securities and Exchange Commission on October 20,
1998. 
                                                               File No.:________
                                                              ICA No.: _________

                                  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
[X] Definitive Additional Materials 
[ ] 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.,
       ------------------------------------------------------------------
                           and BANNER AEROSPACE, INC.
                           --------------------------
    (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) 493-6952


                      BARINGTON CAPITAL GROUP. L.P. SETTLES
             INTERACTIVE FLIGHT TECHNOLOGIES, INC. DERIVATIVE SUITS;
                       MERCURY SHAREHOLDER ASSOCIATES LLC
                          WITHDRAWS PROXY SOLICITATION


NEW YORK, NEW YORK,  October 22, 1998 -- Barington Capital Group, L.P. announced
today that it has settled the  derivative  stockholders  lawsuits it  instituted
against the officers and  directors of  Interactive  Flight  Technologies,  Inc.
(NASDAQ/NMS:  FLYT) and Ocean Castle  Partners,  LLC. As part of the settlement,
Mercury  Shareholder  Associates LLC, a company  affiliated with Barington,  has
agreed to withdraw its proxy  solicitation  which opposed the Company's slate of
directors.

The settlement was reached after the Company  accepted  Barington's  proposal to
increase the Company's stock buyback  program and agreed to retain  Barington as
its  investment  banker  in  connection  with  its  financial  plan  to  enhance
stockholder value.

As part of the  settlement,  Barington  has  agreed  to  support  the  Company's
nominees  for the Board of  Directors  and the Company has engaged  Barington to
conduct the repurchase of up to 2,000,000 shares of Class A Common Stock for the
Company's  account.  Barington has entered into an agreement to be the Company's
exclusive  provider of certain investment banking services for an initial period
of 12 months.  For these services,  the Company has paid Barington a retainer of
$250,000,  with a fee of  $30,000  per month  payable  upon the  signing  of the
settlement  agreement and additional fees payable based on consummated  actions.
In addition,  the Company has agreed to pay $150,000 to Mercury and Barington in
partial  reimbursement for their solicitation and litigation  expenses and Ocean
Castle or its designee  (which may be the Company)  will  purchase for $1.50 per
share 298,000  shares of Class A Common Stock from  affiliates of Mercury (which
may include customer accounts maintained by Barington but which will not include
Barington or any of its officers).

Barington is a full service investment banking firm focused on providing capital
and advisory services to small and emerging growth companies.