CLEARWATER, Fla., Aug. 14, 2008 (PRIME NEWSWIRE) -- Avantair, Inc. (OTCBB:AAIR) (OTCBB:AAIRU) (OTCBB:AAIRW) ("the Company"), the only publicly traded stand-alone fractional operator and the sole North American provider of fractional shares in the Piaggio Avanti P.180 aircraft, today announced that effective August 1, 2008, it entered into a Lease Agreement and Operating Agreement for Fueling Service(s) with the Essex County Improvement Authority. The agreements provide the Company with a fixed base operation ("FBO") at Essex County Airport (KCDW), located in Caldwell, New Jersey.
Avantair operates the facility as a full service FBO, providing fuel, ground support, concierge, and maintenance services. The FBO features approximately 17,750 square feet of hangar, shop and office space. Avantair plans to make various improvements to the facility in the near future. Caldwell is conveniently located a short distance from general aviation hubs such as White Plains and Teterboro.
Steven Santo, Chief Executive Officer of Avantair, stated, "Avantair Elite Services is pleased to announce the opening of our new full-service FBO at the Essex County Airport, as it offers our customers a convenient and economical alternative to many of the congested airports in New York and New Jersey. Furthermore, through the offering of third party fuel services, this FBO provides us with a supplemental revenue stream. With the exciting addition of this East Coast private jet center to our existing FBO in Camarillo, California and our company headquarters in Clearwater, Florida, where we provide aircraft maintenance, concierge and other services to customers, Avantair now offers our clientele yet another exceptional facility at which they receive the outstanding service they have come to expect from Avantair."
About Avantair
Avantair, the only publicly traded stand-alone fractional operator and the sole North American provider of fractional shares in the Piaggio Avanti P.180 aircraft, is headquartered in Clearwater, FL with approximately 400 employees. The Company offers private travel solutions for individuals and businesses traveling within its service area, which includes the United States, Canada, the Caribbean and Mexico, at a fraction of the cost of whole aircraft ownership. The Company currently manages a fleet of 49 aircraft, with another 60 Piaggio Avanti IIs on order through 2013. For more information about Avantair, please visit: http://www.avantair.com.
Avantair Elite Services operates an FBO in Camarillo, California. The Company also provides aircraft maintenance, concierge and other services to customers and services to the Avantair fleet from hangars and office locations in Clearwater, Florida and Camarillo, California.
Forwarding-Looking Statements
This press release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of Avantair's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements.