Chorus Aviation announces aircraft leasing transaction with Sky Alps
HALIFAX, April 12, 2021 – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) announced today that Chorus Aviation Capital (‘CAC’) has entered into agreements to lease two Dash 8-400 aircraft to Sky Alps of Bolzano, Italy. CAC expects to deliver the aircraft (MSNs 4230 and 4237) in April and May 2021.
“We are delighted to welcome Sky Alps as a new customer and look forward to supporting their success,” commented Steven Ridolfi, President, CAC. “We have been very impressed by the entrepreneurial spirit and business vision of the Sky Alps management team, including their introduction of regional connectivity to the northeastern Italian market, and we are excited at the growth potential of this market.”
“Sky Alps is very pleased to have selected CAC as our aircraft supplier for the initial launch of services from our South Tyrol base in Bolzano with two Dash 8-400 on long-term operating leases. Throughout our engagement, CAC has demonstrated its expertise in regional aviation matters and its commitment to Sky Alps operations. The Dash 8-400 will play a key role in the development of leisure and business access to our region,” added Josef Gostner, President of Sky Alps.
“History has shown that during downturns impacting the aviation sector, the regional market is the most resilient. Sky Alps is a terrific example of an operator seizing the opportunity to start up a new service as regional air travel begins to lead the recovery in global air travel,” said Joe Randell, President and Chief Executive Officer, Chorus. “Further, the successful remarketing of these aircraft, which were repossessed by CAC in 2020 and underwent extensive reconfiguration and return-to-service work performed by Voyageur and Jazz Technical Services, is a testament to Chorus’ broad ability to find opportunities and execute on comprehensive solutions to remarket our aircraft in the midst of one of the most challenging periods in aviation history,” concluded Mr. Randell.
This news release contains ‘forward-looking information’. 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.
Forward-looking information, by its nature, is based on assumptions regarding future events and circumstances, and is therefore subject to important risks and uncertainties that may cause actual results to differ materially from those expressed in forward-looking information. Actual results may differ materially from those expressed in this news release for a number of reasons, including a failure by either of the parties to the lease agreements to satisfy the conditions precedent to delivery of the aircraft, as well as the risk factors identified in Chorus’ most recent Annual Information Form, Management’s Discussion and Analysis of Results of Operations and Financial Condition, and in Chorus’ public disclosure record available at www.sedar.com.
About Sky Alps
Sky Alps is a subsidiary company of the Fri-El Green Power S.p.A., one of the leading companies in the renewable energy field in Italy. They also hold an important position in the management and development on the future advancements of the airport in Bolzano.
Based in Bolzano, Italy, Sky Alps will begin domestic scheduled services to the Alpine region in the summer season of 2021, with a fleet of Dash 8-400 aircraft.
About Chorus Aviation Inc.
Chorus is a global provider of integrated regional aviation solutions. Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is comprised of Chorus Aviation Capital – a leading, global lessor of regional aircraft, and Jazz Aviation and Voyageur Aviation – companies that have long histories of safe operations with excellent customer service. Chorus provides a full suite of regional aviation support services that encompasses every stage of an aircraft’s lifecycle, including aircraft acquisitions and leasing; aircraft refurbishment, engineering, modification, repurposing and preparation; contract flying; aircraft and component maintenance, disassembly, and parts provisioning.
Chorus' Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol ‘CHR’. www.chorusaviation.com
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