AirNet Systems Inc. was founded in 1974 by Jerry Mercer. Mr. Mercer started the company, then called PDQ Air Service Inc., with $50 and a pilot's license. He served as the president until 1999 and the chairman until his retirement in 2001.
Based in Pontiac, Michigan, AirNet Systems transported canceled checks on a point-to-point basis for its customer base of large banking institutions.
In 1980, the company established its primary hub in Columbus, Ohio. The geographical location of Columbus would serve as an ideal central point for its national air transportation network. Operations became so centralized in Columbus, that the corporate headquarters were moved there in 1988.
In 1984, AirNet Systems leveraged its airline to provide delivery of other time-critical documents and small packages. They acquired the assets of Wright International Express, a primary sector competitor in the canceled check transportation business, in 1988. The next year another major competitor, Air Continental Inc., was acquired. Other than AirNet Systems, the only national provider of air transportation services to the U.S. banking industry is the Federal Reserve's Check Relay Network.
On May 31, 1996, AirNet Systems successfully completed its initial public offering. The company debuted on the NASDAQ market. Less than a year after its arrival on the NASDAQ market, AirNet Systems moved to the New York Stock Exchange to provide a higher profile venue. The NYSE assigned the symbol ANS to AirNet Systems, and the company began trading on June 3, 1997.
Over the years, AirNet Systems completed acquisitions that expanded its air and ground delivery network significantly.
They include:
- Data Air Courier, based in Chicago, IL.
- Express Convenience Center, Inc., based in Southfield, MI.
- Mercury Business Services, Inc., based in Boston, MA.
- Midway Aviation, based in Dallas, TX.
- Pacific Air Charter, based in San Diego, CA.
