Chorus Aviation Announces Leasing Transaction with CityJet
Delivering regional aviation to the world
HALIFAX, March 21, 2018 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) announced today the acquisition of two Bombardier CRJ900 aircraft for lease to CityJet of Dublin, Ireland. The aircraft were purchased from CityJet pursuant to a sale and leaseback transaction. These aircraft are two years old and constitute incremental additions to Chorus Aviation Capital’s growing regional aircraft fleet.
Commenting on this transaction, Chorus Aviation Capital’s President, Steven Ridolfi, said, "We are delighted to welcome CityJet as a new lessee and pleased with the addition of these CRJ900 aircraft to our leased fleet."
This latest transaction expands Chorus Aviation Capital’s business to ten lessees located in ten countries on six continents. These two CRJ900s grow Chorus’ fleet of leased aircraft to 66.1
"We remain focused on growing our leasing business through the methodical selection of desirable assets and great customers. This transaction marks yet another valued addition to our portfolio," stated Joe Randell, President and Chief Executive Officer, Chorus.
Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010. Chorus’ vision is to deliver regional aviation to the world. Chorus has been leasing its owned regional aircraft into Jazz’s Air Canada Express operation since 2009, and established Chorus Aviation Capital to become a leading, global provider of regional aircraft leases and support services. Chorus also 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 Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol ‘CHR’. www.chorusaviation.ca
CityJet is a European regional airline based in Dublin, Ireland and operating a fleet of 46 aircraft on scheduled and wet lease services across Europe. Wet leasing now accounts for over 90% of all flights operated by CityJet, with aircraft under contract with Air France, Brussels Airlines, KLM and SAS. The airline also operates scheduled services primarily between London City Airport and Dublin.
This news release may contain ‘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. 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’ Annual Information Form dated February 14, 2018 and Management’s Discussion and Analysis of Results of Operations and Financial Condition dated February 14, 2018. Statements containing forward-looking information in this news release are made as of the date of this news release and Chorus does not undertake any obligation to publicly update such statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
1 43 aircraft are operated by Jazz Aviation LP under the capacity purchase agreement with Air Canada, and 23 aircraft are operated by airlines not affiliated with Chorus.
SOURCE Chorus Aviation Inc.