FirstFlight, Inc. (OTC BB: FFLT) announced today that it has signed a
definitive purchase agreement to acquire charter operator, New World Jet
Corporation. The combined operations are expected to significantly
expand FirstFlight’s fleet of aircraft under
management as well as increase its management and charter capabilities.
Commented John Dow, Chief Executive Officer of FirstFlight, "This
acquisition is a tremendous opportunity for FirstFlight, our clients,
employees, and shareholders. New World Jet has a long tradition as a
successful FAA Part 135 operator of charter flights, our fleets are
compatible and we share a client-oriented approach to business. We
expect that this acquisition will boost our revenue and enhance our
profitability. Moreover by combining our resources, we believe we will
benefit from economies of scale and increase our presence throughout the
U.S. and internationally. We have recently announced the addition of a
number of industry professionals to our team to prepare for an increase
in our fleet size and to ensure that we continue to provide the best
service available."
The closing of FirstFlight’s acquisition of
New World Jet is expected to occur as soon as practicable.
About FirstFlight, Inc.
FirstFlight is an aviation services company. FirstFlight’s
operations are conducted in three core segments: aircraft charter
management activities; fixed based operations; and aircraft maintenance.
FirstFlight’s charter management segment
provides on-call passenger air transportation. FirstFlight’s
fixed base operation segment is the primary provider of services such as
fueling and hangaring of private/general aviation aircraft operators.
FirstFlight’s aircraft maintenance business is
conducted at FirstFlight’s FAA-certificated
facilities. FirstFlight maintains a website located at www.FFLT.com.
Forward-Looking Statements
This release may include projections of future results and other “forward-looking
statements”, as that term is defined in
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Forward-looking
statements can be identified by words such as “expect”,
“intend”, “believe”,
“plan”, “anticipate”
and similar words and phrases. All statements that are included in this
release, other than statements of historical fact, are forward-looking
statements. Although the management of FirstFlight believes that the
expectations reflected in these forward-looking statements are
reasonable, there are no assurances that such expectations will prove to
have been correct. FirstFlight disclaims any obligation to update any of
its forward-looking statements, except as required by law.
FirstFlight, Inc.
Ron Ricciardi, 570-457-3400
or
Investor
Relations:
Porter, LeVay & Rose, Inc.
Linda Decker, VP –
Investor Relations
Jeffrey Myhre, VP –
Editorial
212-564-4700
