Jazz Air Income Fund announces May distribution
HALIFAX, May 19 /CNW/ – Jazz Air Income Fund (TSX: JAZ.UN ) announced today that its May cash distribution of $0.05 per Fund unit covering the period from May 1, 2010 to May 31, 2010 will be paid on June 15, 2010 to unitholders of record at the close of business on May 31, 2010.
Jazz is the second largest airline in Canada based on fleet size and the only airline serving all 10 provinces and three territories. Jazz operates more flights and flies to more Canadian destinations than any other Canadian carrier. Jazz forms an integral part of Air Canada's domestic and transborder market presence and strategy.
Jazz is not a typical airline. The airline has a commercial agreement with Air Canada that is the core of its business. Under the Capacity Purchase Agreement (CPA), Air Canada currently purchases substantially all of Jazz's fleet capacity based on predetermined rates. The CPA provides commercial flexibility, low trip costs and connecting network traffic to Air Canada. Also, the CPA significantly reduces Jazz's financial and business risks, and provides a stable foundation for day-to-day operations and future growth.