SAO PAULO, Nov. 23, 2012 /PRNewswire/ -- GOL Linhas Aereas Inteligentes S.A. (BM&FBovespa: GOLL4 and NYSE: GOL), (S&P: B, Fitch: B+, Moody`s: B3), the largest low-cost and low-fare airline in Latin America, hereby announces that, as of today, it will begin the process of winding up the activities of its subsidiary Webjet and the discontinuation of its brand. The first step is to extinguish flight operations. Webjet has an operational model based on a fleet that mostly consists of aging Boeing 737-300 aircraft that are advanced age, technologically out of date and consume large amounts of fuel. Given the Brazilian sector's new cost standards, this model is no longer competitive. As a result of the winding up of operations, around 850 employees, including flight and cabin crew and maintenance personnel, will be laid off. Webjet's clients and passengers will be fully served by GOL and their flights will be guaranteed. As of this date, GOL will be responsible for all air transport and associated services for these passengers. In this context, all the necessary measures are been taken. To access the document full version, visit our website at www.voegol.com.br/ir. CONTACTSINVESTOR RELATIONSEdmar Lopes – CFO Andre Brandi - Planning and IR Manager Gustavo Mendes - Investor RelationsPhone: (11) 2128-4700 E-mail: email@example.comWebsite: www.voegol.com.br/riTwitter: @GOLinvest CORPORATE COMMUNICATIONSPhone: (11) 2128-4413E-mail: firstname.lastname@example.orgTwitter: @GOLcomunicacao MEDIA RELATIONSEdelman ( USA and Europe): Meaghan Smith and Robby CorradoPhone: +1 (212) 704-8196 / 704-4484E-mail: email@example.com or firstname.lastname@example.orgABOUT GOL LINHAS AEREAS INTELIGENTES S.A. GOL Linhas Aereas Inteligentes S.A. (Bovespa: GOLL4 and NYSE: GOL), the largest low-cost and low-fare airline in Latin America, offers around 900 daily flights to 62 destinations in 9 countries in South America and the Caribbean under the GOL and VARIG brands, using a young, modern fleet of Boeing 737-700 and 737-800 Next Generation aircraft, the safest, most efficient and most economical of their type. SOURCE GOL Linhas Aereas Inteligentes S.A.