CLEARWATER, Fla., July 1, 2008 (PRIME NEWSWIRE) -- Avantair Inc. (OTCBB:AAIR) (OTCBB:AAIRU) (OTCBB:AAIRW) ("Avantair"), the only publicly traded stand-alone fractional operator and the sole provider of fractional shares in the Avanti P.180 aircraft, today announced that it has entered into a purchase agreement with Executive AirShare Corporation ("Executive AirShare"), pursuant to which Executive AirShare will purchase 18 of Avantair's 20 Embraer Phenom 100 aircraft for cash proceeds of approximately $3.2 million.
The 18 Embraer Phenom 100 aircraft will join Executive AirShare's existing order of 10 Phenom 100's, augmenting the Company's strong presence in the Central U.S. region in the Very Light Jet (VLJ) category, with minimal associated repositioning costs. Under the terms of the agreement, Executive AirShare has the option to purchase the remaining two Embraer Phenom 100 aircraft.
Steven Santo, Chief Executive Officer of Avantair commented, "We are very excited about this opportunity to recognize the enormous value of selling the 18 Embraer aircraft to Executive AirShare's fleet of VLJs. We are very pleased with the agreement, as it allows us to further strengthen our balance sheet and streamline our efforts to focus on the continued sales growth of our existing market, while demonstrating our dedication to pursuing the leadership position in the Light Jet category. This agreement is mutually beneficial to all parties by allowing Avantair to continue to offer the greatest efficiency and value to its customers, while affording Embraer the opportunity to partner with an experienced company such as Executive AirShare, that can fully leverage the capabilities of the Phenom 100."
Robert D. Taylor, Chief Executive Officer of Executive AirShare stated, "We feel the Embraer Phenom 100 is the most capable of all the VLJ offerings and we look forward to adding 18 more of this remarkable aircraft to our fleet. Our investment in these additional aircraft will allow us to keep pace with the strong regional demand for the Phenom 100 and our unique concept of fractional aircraft ownership in the VLJ category."
About Avantair
Avantair, with operations in 5 states and approximately 300 employees, offers private travel solutions for individuals and companies at a fraction of the cost of whole aircraft ownership. Headquartered in Clearwater, FL, the Company is the sole North American provider of fractional aircraft shares in the Piaggio Avanti P.180 aircraft. Avantair is the fifth largest company in the North American fractional aircraft industry and the only stand-alone fractional operator. 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.
About Executive AirShare Corporation
Founded in 2001, Executive AirShare operates a fleet of late-model jet and turboprop aircraft serving owners throughout the Central United States. As one of the nation's largest regional fractional aircraft ownership companies, Executive AirShare offers businesses and individuals the benefits of corporate aircraft without the expense and hassle of managing their own flight operations. Executive AirShare's regional fractional program is unique in that its owners are provided with use of the aircraft for an entire day. The pilots and aircraft are based in the same cities as the shareowners so they are able to fly in their aircraft the majority of the time and know the pilots that fly them. Executive AirShare is based in Kansas City, Mo., and also operates out of Wichita, Kan., Tulsa, Okla., Dallas and Fort Worth, Texas. The company currently operates a fleet of 15 aircraft -- four Beechjet 400As, five King Air 350s, five King Air C90Bs and a Beech Baron. For more information about the company and its services, please visit: www.execairshare.com.