Chorus Aviation announces aircraft leasing transactions with Connect Airlines
A global provider of integrated regional aviation solutions
HALIFAX, NS, Aug. 4, 2021 /CNW/ – 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 Waltzing Matilda Airlines, LP (‘WMA’), doing business as Connect Airlines. CAC expects to deliver the aircraft in September and November 2021.
"We are delighted to welcome Connect Airlines to our family of lessees and look forward to building a strong partnership with this new and exciting U.S. scheduled passenger carrier," commented Steven Ridolfi, President, CAC.
"We commend the team at CAC for supporting our launch of Connect Airlines. Connect’s selection of the venerable and Canadian-built Dash 8-400 turboprop aircraft demonstrates our confidence in its passenger and operational advantages," commented John Thomas, Chief Executive Officer of WMA.
These two aircraft are the last two remaining Dash 8-400s previously operated by Flybe and repossessed by CAC in 2020. Inclusive of the previously announced transactions with Cobham and Sky Alps, CAC has now remarketed and successfully placed all the repossessed Dash 8-400 aircraft. All aircraft underwent reconfiguration and return-to-service work at Chorus’ subsidiaries, Voyageur Aviation and Jazz Technical Services.
"I’m proud of the Chorus team’s collaborative efforts in finding opportunities and delivering integrated solutions to remarket our aircraft in this challenging environment" said Joe Randell, President and Chief Executive Officer, Chorus. "Our decades of experience as a regional operator together with our expertise in providing a full suite of regional aviation services differentiate Chorus from the competition."
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 also differ materially from those expressed in this news release for a number of reasons, including 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 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; and 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’. Chorus 6.00% Senior Debentures, 5.75% Senior Unsecured Debentures, and 6.00% Convertible Senior Unsecured Debentures trade on the Toronto Stock Exchange under the trading symbols ‘CHR.DB’, ‘CHR.DB.A’, and ‘CHR.DB.B’, respectively.
About Waltzing Matilda Aviation
WMA is an affiliate of Waltzing Matilda Aviation, LLC, a Boston-based jet charter operator that began private operations in June 2008 and has operated thousands of hours of safe and reliable flying with a focus on delivering superior customer service. Waltzing Matilda will launch a new scheduled airline in Q4 2021 under the Connect Airlines brand. Connect Airlines will be based at the Billy Bishop Toronto City Airport, offering routes to points in the Northeast and Midwest U.S., using Dash 8-400 aircraft.
SOURCE Chorus Aviation Inc.