CLEARWATER, Fla., Dec. 14, 2010 (GLOBE NEWSWIRE) -- Avantair, Inc. (OTCBB:AAIR), the industry leader of fractional aircraft ownership and flight hour time cards in the light jet cabin category and the only publicly traded stand-alone private aircraft operator, today announced the appointment of well known private aviation executive John Colucci as Executive Vice President. Mr. Colucci will be responsible for sales and marketing at Avantair and will report directly to Avantair's Chief Executive Officer Steven Santo.
Mr. Colucci spent 17 years at NetJets® Inc. where he was a pioneer in creating and expanding the fractional aircraft industry. As Executive Vice President, he was responsible for the NetJets sales organization.
Prior to joining NetJets, Mr. Colucci was vice president of new business development for Gulfstream Aerospace and held various sales positions with IBM. He served in the United States Marine Corps both on active duty and in Operation Desert Shield and Desert Storm in the Marine Corps Reserve.
Mr. Santo said, "John is an exciting addition to our management team and will help us build on our leadership position in the light jet category. We are fortunate to have been able to attract someone of John's extensive industry, sales and management experience. "
Mr. Colucci said, "I am excited and pleased to join Avantair and work with Steve and his management team. They have built a world-class operation with a unique product, excellent business model and a clear path to exponential growth. The business of fractional aircraft ownership is changing quickly and I believe the value proposition at Avantair will drive impressive results in this category."
About Avantair
Avantair, the sole North American provider of fractional shares, flight time cards and Axis Club Membership in the Piaggio Avanti aircraft, and the only publicly traded stand-alone private aircraft operator, is headquartered in Clearwater, FL, with approximately 450 employees. The Company offers private travel solutions for individuals and businesses traveling within its service area, which includes the continental United States, Canada, the Caribbean and Mexico, at a fraction of the cost of whole aircraft ownership. The Company currently manages a fleet of 55 aircraft, with another 52 Piaggio Avanti aircraft on order through 2013. For more information about Avantair, please visit: www.avantair.com.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to Avantair's future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" and similar expressions. Avantair cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and Avantair assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.
In addition to factors previously disclosed in Avantair's filings with the Securities and Exchange Commission (SEC) and those as may be identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: general economic and business conditions in the U.S. and abroad, changing interpretations of generally accepted accounting principles, changes in market acceptance of the company's products, inquiries and investigations and related litigation, fluctuations in customer demand, management of rapid growth, intensity of competition. The information set forth herein should be read in light of such risks. Avantair does not assume any obligation to update the information contained in this press release.
Avantair's filings with the SEC, accessible on the SEC's website at http://www.sec.gov, discuss these factors in more detail and identify additional factors that can affect forward-looking statements.