AeroCentury Corp. Announces Sale of Aircraft
November 18 2019 - 8:00PM
AeroCentury Corp. (NYSE American: ACY) (the “Company”), an
independent aircraft leasing company, today announced that it has
sold one Bombardier CRJ900 to Aeronautical Support International
LLC (“ASI Aero”), an aircraft and aircraft engine components
supplier based in Boynton Beach, Florida, through its affiliate,
Cloud Investment Partners.
“The CRJ900 that we sold to ASI Aero is one of
the four aircraft we repossessed from Adria Airways, the Slovenian
flag carrier, shortly before it entered insolvency proceedings,”
explained Michael Magnusson, President of AeroCentury Corp.
“As it became apparent that Adria Airways was having financial
difficulties, we commenced remarketing efforts for those CRJ
aircraft,” Magnusson continued. “This allowed us to
expeditiously close this sale in little over a month after the
aircraft’s return. We believe that the market for CRJ900s is
healthy at the moment and are already exploring several lease and
sale opportunities for the other three aircraft returned to us from
Adria Airways.”
“The acquisition of a CRJ900 with CF34-8C
engines provides ASI Aero with an expanded green-time engine lease
portfolio, which in addition to acquiring aircraft for part-out was
a significant part of our 2019 plan,” stated Dean Morgan, President
of ASI. “We will disassemble the aircraft in support of our used
material distribution business, giving ASI Aero a further
diversified offering and allowing us to expand our airline customer
base.”
About ASI Aero: ASI Aero
provides quick, reliable service and is a source for a variety of
aircraft and aircraft engine components. ASI Aero has been
delivering quality materials and excellent service for over 30
years to all segments of the aviation industry. ASI Aero is
an affiliate of Cloud Investment Partners in Boynton Beach,
Florida. Cloud Investment Partners is global strategic
investment firm with special focus in the capital markets within
the aerospace industry. For more information please visit:
www.asiaero.net and www.cloudlllp.com
About AeroCentury: AeroCentury
is an independent global aircraft operating lessor and finance
company specializing in leasing regional jet and turboprop aircraft
and related engines. The Company's aircraft and engines are leased
to regional airlines and commercial users worldwide.
Toni PerazzoChief Financial Officer(650) 340-1888
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