Partner Jet Corp. Announces Change of Control and Management
June 08 2010 - 11:01AM
Marketwired Canada
Partner Jet Corp. (TSX VENTURE:PJT) (the "Company") is pleased to announce that
FSS Financial Services Inc., has acquired an aggregate of 4,123,760 common
shares (the "Common Shares") of the Company, representing approximately 45% of
the issued and outstanding voting shares of the Company, by way of private
agreement, of which the Company is not a party to. In connection with the change
of control of the Company, Lee Heitman and Robert Fenn have resigned as officers
and directors of the Company and Bruce Reilly has resigned as a director but
will continue in his role as Chief Financial Officer of the Company. In
addition, Lee Heitman will continue his existing employment with the Company in
a non-executive capacity. Kevin Heitman remains the Chief Executive Officer and
a director of the Company. Richard Gage, Richard Cooper, Ian McDougall and Tom
Johnson have been appointed as directors of the Company to replace the exiting
directors. The new board of directors expects to appoint additional officers of
the Company in the near future.
Brief biographies of the new directors are as follows:
Richard Gage - Mr. Gage has been involved in the aviation industry for over
forty years. He is the former senior operating officer of Execaire Inc., past
Chairman and later Chief Executive Officer of the Canadian Business Aircraft
Association, current member of the board of directors of NAV Canada and the
Canadian Air & Space Museum. Rich is a multi-rated pilot.
Richard Cooper - Mr. Cooper is the President & Chief Executive Officer of ICCI,
Director & Chief Designer of Global Sensor Systems, Director & CEO of Northrup
Development Corporation & Chairman of the Board of Cardinal Couriers, Ltd. He is
the former President & Director of the Toronto International Air Show, a member
of the board of directors of the Canadian Air & Space Museum. Richard is a
multi-rated fixed wing and helicopter pilot and Warbirds collector.
Tom Johnson - Professor Johnson is the director of the Osgoode Schulich J.D./MBA
Program at York University and member of the full-time faculty of Osgoode Hall
Law School specializing in business law and project finance. Professor Johnson
is a member of the Law Society of Upper Canada and has extensive business
experience throughout the world, including central Asia, Europe, Australasia and
the Caribbean.
Ian McDougall - Mr. McDougall has over twenty five years experience in the
aviation industry. He is the Chairman of Flight Solutions & Services (FSS) Inc.
and a multi-rated fixed wing and helicopter pilot. Mr. McDougall is the former
Chief Executive Officer of Learjet Canada Inc. and a member of the Law Society
of Upper Canada.
The Common Shares were acquired by FSS Financial Services Inc., which may
increase or decrease its ownership position in the future. FSS Financial
Services Inc. is an Alberta company controlled by Rimgate Holdings Ltd., a
corporation governed by the laws of Canada, which is controlled by Ian
McDougall.
The appointment of the new board appointees is subject to acceptance by the
TSXV. The shareholders of the Company will confirm the incoming directors at the
next annual meeting of shareholders of the Company.
About Partner Jet Corp.
Partner Jet Corp. has specialized in executive private travel for more than a
decade and it has earned a reputation for reliable service, excellent customer
service and satisfaction as well as being known as a professional domestic and
international commercial air carrier. Partner Jet's fleet of five jet aircraft
has the versatility to meet a wide variety of public and corporate needs,
offering security, convenience, and timely travel in and throughout North
America, the Caribbean and Europe.
Partner Jet Corp., through its wholly-owned subsidiary, PJet Maintenance Ltd.
("PJet") is an Approved Maintenance Organization (AMO) under Transport Canada
regulations. Partner Jet's AMO facility at the Lester B. Pearson International
Airport is operational 24 hours a day and it provides AMO services to a wide
variety of jet and turbo prop aircraft.
Shares Outstanding: 9,078,774
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