LAS VEGAS, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Jet.AI Inc. (“Jet.AI” or the “Company”) (NASDAQ: JTAI), an innovative private aviation and artificial intelligence (“AI”) company, today announced it is on track to deliver four new software features of its Operator Platform, designed to add revenue for private aircraft charter operators. Each product will be demonstrated in a webcast for the investment and broader aviation communities at the time of release. The timing of each of the four webcast demos will be provided in advance by the Company.
“We’re on track to release all four software features of the Operator Platform by year end,” said Mike Winston, Founder and Executive Chair of Jet.AI. “All four have one thing in common – they each represent a way for an operator to generate new revenue. DynoFlight lets an operator earn a profit selling carbon removal credits; Reroute empowers an operator to dynamically repurpose empty legs; Flight Club enables by the seat sales; and Card Management and Billing allows operators to sell jet cards (i.e., pre-paid blocks of time).”
Jet.AI’s capital light Aviation Division features five key elements: Jet Aircraft Sales, Jet Card, On-Fleet Charter, Onboard Program, and Buyer’s Brokerage. Each of these inform Jet.AI’s advancements on the Software Solutions side of its business.
With a wide variety of available aircraft, and interchange capability, Jet.AI works to match the right asset to the right mission alongside its operating partner, Cirrus Aviation. Jet.AI sells block of flight hours upfront on the 30 Cirrus Aviation aircraft (four managed on behalf of Jet.AI), and recognizes revenue as hours are flown. Aircraft sizes range from HondaJet Elite to Gulfstream G550. The Jet.AI fleet, composed of fuel-efficient light jets, is a popular and cost-effective solution for regional ad-hoc charter missions. Customers can charter Jet.AI aircraft by the hour, while the Company collects payment and can then provide a rebate to aircraft owners.
Pending Q4 Software Solutions Webcast Presentations:
DynoFlight – September 2023
DynoFlight is expected to provide a simple and credible way to offset emissions from 250 different types of aircraft in a working capital efficient manner. It is designed to deliver certificates of high-quality offset credits to customers and to enable aviation operators to track carbon emissions and to transact carbon removal credits in small (working capital efficient) quantities.
Reroute – October 2023
Reroute is expected to transform empty flight legs into an opportunity to book a new charter by changing and dynamically allowing charter operators to reprice the legs. The feature allows an operator to work with its own empty inventory or to search for published empty legs by partner operators and to optimize which aircraft to utilize for a given city pair. Reroute is expected to increase revenue generating aircraft utilization for the more than 5,000 Part 135 charter operators in the U.S.
Flight Club – November 2023
Flight Club is expected to enable Part 135 operators to function under U.S. Department of Transportation (DOT) Part 380, allowing them to sell private jet service by the seat instead of by the whole aircraft. It automates form filing for each flight with DOT, and helps smaller operators conform to DOT escrow requirements for ticketing and movement of customer funds – along with integration of ticketing and payment collection. This software provides an additional revenue and operational option for business aircraft while also providing customers with a prospectively less expensive pathway to business jet travel.
Card Management and Billing – December 2023
Jet.AI’s white label feature is expected to help charter operators make the leap to selling jet cards with minimal friction. The feature is being designed to provide customers with a portal to view current utilization, book future flights and view invoices and to remit payments directly.
For more information on Jet.AI, the Operator Platform and CharterGPT, please visit www.jet.ai.
About Jet.AI:
Jet.AI operates in two segments, Software and Aviation, respectively. The Software segment features the B2C CharterGPT app and the B2B Jet.AI Operator platform. The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience. The Jet.AI operator platform offers a suite of stand-alone software products to enable FAA Part 135 charter providers to add revenue, maximize efficiency, and reduce environmental impact. The Aviation segment features jet aircraft fractions, jet card, on-fleet charter, management, and buyer’s brokerage. Jet.AI is an official partner of the Las Vegas Golden Knights, 2023 NHL Stanley Cup® champions. The Company was founded in 2018 and is based in Las Vegas, NV and San Francisco, CA.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the products and services offered by Jet.AI and the markets in which it operates, and Jet.AI’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Registration Statement and the amendments thereto on Form S-4 filed with the Securities and Exchange Commission (File No. 333-270848) and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and Jet.AI assumes no obligation and does not intend to update or revise these forward-looking statements, whether because of new information, future events, or otherwise.
Contacts:
Gateway Group, Inc.
949-574-3860
Jet.AI@gateway-grp.com
