SARASOTA, Fla., Oct. 1, 2003 (PRIMEZONE) -- Elite Flight Solutions, Inc. (OTCBB:EFLT) announced today that is has initiated full operations on its Yukon-Kushkokwin air ambulance contract in Alaska. Flights began on Monday of this week. Elite is now operating all phases of the contract including flights, aircraft maintenance and logistic operations.
Elite has established a fleet of four jet aircraft in Alaska to service the contract, a Lear 25-D, two Lear 35-A aircraft and a Cessna Citation II.
Yukin-Koshkokwin is a tribal consortium of 58 federally recognized tribes that contract with the federal government pursuant to the Indian Self-Determination and Education Association Act to provide health care and related services to Alaska natives. Elite's contract is for five years beginning September 2003 and ending August 2008 and is renewable annually thereafter.
Elite anticipates revenues under the contract to be approximately $4,000,000 annually for the five-year term to total $20,000,000 during the life of the initial contract. These numbers are based on the contract guarantee of 200 hours monthly. The actual hours and revenues could be closer to $6,000,000 annually.
About Elite Flight Solutions
Elite Flight Solutions has an extensive network of charter jets. It will provide a one-stop-shop for client air charter needs. Additionally, service agents are on call 24 hours a day to handle any request, from booking a last minute flight to full concierge service. Elite Flight Solutions charter service is not only available to major commercial airports, but in excess of over 5,000 airports nationwide. Elite Flight Solutions fills a niche that still has plenty of room for growth. Clients no longer have to deal with congestion, lines, flight delays, or security worries. Finally, clients may pay for one trip at a time and have the ability to tailor services to their specific travel needs.
For further information now on Elite Flight Solutions Inc. go to http://www.eliteflightsolutions.biz.
Forward-Looking Statements:
Statements about the company's future expectations, including revenues and earnings and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Capital Securities Act of 1933, section 21E of the Securities Exchange act of 1934, and as the term defined in the Private Litigation Reform Act of 1995. The Company's actual results could differ materially from expected results. The company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release, the company will appropriately inform the public.
For investor relations please contact Elite Flight Solutions at 866-FLY-JETS.