FirstFlight Assumes Operational Control November 1, 2008
Heliport Offers Tourist, Corporate Traffic and Service to Kennedy and
Newark Airports
FirstFlight, Inc. (OTC BB: FFLT) announced today that it has been
awarded a concession agreement for the operation of the Downtown
Manhattan Heliport. The heliport, which is located at Pier 6 on the East
River in Lower Manhattan, is a primary source of helicopter service for
corporate and tourism traffic while also offering scheduled service to
John F. Kennedy International Airport and Newark Liberty International
Airport. FirstFlight will assume operational control of the heliport
effective on November 1, 2008.
"We are pleased to take this new and exciting step for the company,”
stated John Dow, Chief Executive Officer of FirstFlight. “The
operation of the Downtown Manhattan Heliport makes sense for FirstFlight
as an expansion to our brand presence and to support the needs of the
New York City metropolitan area’s business and
tourism marketplace – a market that we already
service through our jet aircraft charter services and fixed base
operations in New York, Pennsylvania and Kansas.”
As part of the ten-year concession agreement, FirstFlight will guarantee
the New York City Economic Development Corporation, the agency that
oversees the heliport on behalf of the City of New York, a minimum
annual amount of $1.2 million in the first year of operation, increasing
to approximately $1.7 million in the final year of operation.
FirstFlight will also make certain capital improvements and upgrades to
the heliport during the term of the agreement.
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,
212-564-4700
VP - Investor Relations
or
Jeffrey Myhre,
212-564-4700
VP - Editorial
