Chorus Aviation Capital reaches
milestone
HALIFAX, Jan. 4, 2018 /CNW/ - Chorus Aviation Inc.
("Chorus") (TSX: CHR) announced that a subsidiary of Chorus
Aviation Capital completed the delivery of two new Bombardier Q400
aircraft placed on long-term lease to Ethiopian Airlines Group
('Ethiopian Airlines'). This transaction was previously announced
on November 29, 2017.
One year ago today, Chorus established a new regional aircraft
leasing subsidiary, Chorus Aviation Capital. The objective was to
build Chorus Aviation Capital into a global aircraft lessor with a
diverse customer base and fleet of regional jet and turboprop
aircraft in the 70- to 135-seat range.
"We have built and grown Chorus Aviation Capital into a
significant global business with a strong customer base, attractive
aircraft assets and long-term contracted leases," commented
Steven Ridolfi, President, Chorus
Aviation Capital. "We are gaining momentum in this growing and
dynamic market, and look forward to the continued success of this
new and exciting business," he added.
In its first year of existence, Chorus Aviation Capital
completed the acquisition of 21 aircraft with an average age of
less than three years, and long-term leases with strong, brand-name
regional airlines located in eight countries and six continents. It
manages a diversified fleet of five of the best regional aircraft
types (CRJ1000s, E190s, E195s, Q400s and ATR 72s) manufactured by
ATR, Bombardier, and Embraer.
"In a short period of time, we have established a strong market
position in the regional aircraft leasing sector," stated
Joe Randell, President and Chief
Executive Officer, Chorus. "Together with the 41 regional aircraft
under lease in the CPA, Chorus has grown its portfolio of leased
aircraft to 62 airplanes worth approximately CDN $1.2 billion. We are transforming our
organization into a global leader in the field of regional
aviation, delivering a complete suite of regional aviation services
to the world."
About Chorus
Headquartered in Halifax, Nova
Scotia, Chorus was incorporated on September 27, 2010. Chorus' vision is to deliver
regional aviation to the world. Chorus owns Jazz Aviation and
Voyageur Aviation – companies that have long histories of
safe and solid operations that deliver excellent customer service
in the areas of contract flying operations, engineering, fleet
management, and maintenance, repair and overhaul. Chorus has
been leasing its owned regional aircraft into Jazz's Air Canada
Express operation since 2009, and recently established Chorus
Aviation Capital to become a leading, global provider of regional
aircraft leases and support services. Chorus Class A Variable
Voting Shares and Class B Voting Shares trade on the Toronto Stock
Exchange under the trading symbol 'CHR'.
www.chorusaviation.ca
Forward-Looking Information
This news release contains 'forward-looking information' as
defined under applicable Canadian securities legislation.
Forward-looking information is identified by the use of terms and
phrases such as "anticipate", "believe", "could", "estimate",
"expect", "intend", "may", "plan", "predict", "potential",
"project", "will", "would", and similar terms and phrases,
including references to assumptions. Such information may involve
but is not limited to comments with respect to strategies,
expectations, planned operations or future actions.
Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to differ materially from those
expressed in the forward-looking information. Results indicated in
forward-looking information may differ materially from actual
results for a number of reasons, including those described in
Chorus's Annual Information Form dated February 15, 2017 and Management's Discussion and
Analysis of Results of Operations and Financial Condition dated
November 7, 2017. The statements
containing forward-looking information in this discussion represent
Chorus' expectations as of January 4,
2018, and are subject to change after such date. However,
Chorus disclaims any intention or obligation to update or revise
any forward-looking information whether as a result of new
information, future events or otherwise, except as required under
applicable securities laws.
SOURCE Chorus Aviation Inc.