Chorus Aviation announces multi-aircraft leasing transaction with the Lion Air Group
Delivering regional aviation to the world
HALIFAX, Oct. 25, 2018 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) announced today an agreement to lease four new ATR72-600’s to the Lion Air Group.
The first of these aircraft is scheduled for delivery in the fourth quarter of 2018, with the remaining three scheduled for delivery in the first and second quarters of 2019. It is anticipated that the aircraft will be operated by members of the Lion Air Group in Indonesia and Malaysia.
This transaction marks the second multi-aircraft leasing transaction in the fast-growing Southeast Asia region, expanding Chorus’ leasing business to 12 lessees in 12 countries and a total of 78 aircraft.
"We are very pleased to add Lion Air to our portfolio, expanding our global network of customers in line with Chorus’ vision to deliver regional aviation to the world," said Steve Ridolfi, President, Chorus Aviation Capital. "We are proud to have earned the trust of exceptional customers and continue to evaluate multiple opportunities as we expand our leasing business."
Edward Sirait, Chief Executive Officer, Lion Air Group said, "We are delighted to start this new relationship with Chorus, as a lessor."
Upon completing the transaction contemplated by this announcement, Chorus Aviation Capital’s customers will comprise: Aeromexico Connect; Air Nostrum; Azul Airlines; CityJet; Ethiopian Airlines; Flybe; Falcon Aviation Services; KLM Cityhopper; Lion Air Group; Philippine Airlines; Virgin Australia; and its Chorus affiliate, Jazz Aviation.
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
About Lion Air
The Lion Air Group comprises PT Lion Mentari Airlines (known more commonly as "Lion Air"), Wings Air, Batik Air, Lion Bizjet, Malindo Air (based in Malaysia) and Thai Lion Air (based in Thailand). Headquartered in Jakarta, Lion Air began operations in June of 2000 with only two Boeing 737-200 and a motto of ""We Make People Fly". Since then, the group expanded to a total fleet size of 304 aircraft as of 30 September 2018, flying to more than 225 domestic and 153 international destinations and averaging 1,628 flights per day. The fleet includes ultra-modern and environmentally friendly aircraft such as Airbus A330, Boeing 737-900, Boeing 737-800, ATR72-500 and ATR72-600 with an average fleet age of less than five years. All five airlines are IOSA certified.
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 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. Factors that may cause results to differ from those indicated in this news release include the failure by either party to satisfy all conditions precedent to the completion of the transactions contemplated by the lease agreements. Results indicated in forward-looking information may also 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.
SOURCE Chorus Aviation Inc.