Partner Jet Corp. Announces Aircraft Management and Services Agreements
June 10 2010 - 7:47AM
Marketwired
Partner Jet Corp. (the "Company") (TSX VENTURE: PJT) announces that
it has entered into a comprehensive Services & Support
Agreement with Flight Solutions and Services (FSS) Inc. ("FSS"), an
operators' consortium headquartered in Toronto serving the needs of
operators throughout North America. FSS is a full spectrum aviation
services provider supplying technical support, lease financing,
factoring, venture capital support, turnkey audit and consulting
services as well as fuel, training, insurance and flight logistics.
FSS customers include operators, financial institutions and
individual aircraft owners.
FSS services will augment Partner Jet's existing customer
services and support as well as adding to their technical
capabilities to facilitate an increase in demand for Partner Jet's
aviation management, maintenance and support services.
Partner Jet and FSS have likewise entered into a joint services
agreement with Uniform Yankee Juliet Air Inc. ("UYJ"), another well
established Toronto based 704 Charter /Management company with
offices and hangars at the Toronto International Airport, which is
a current FSS subscriber. Partner Jet and UYJ, as two independent
companies, operate 9 aircraft covering a broad range including
large, mid & small cabin turbofan aircraft and are developing
executive helicopter capability. The coordinated charter market
potential of high quality aircraft from both fleets is significant
and will benefit both companies. Likewise, the combined services
and support volumes of the two companies along with those of other
operators and owners presently being served by FSS's comprehensive
array of support capabilities will produce significant
volume-related economies.
Partner Jet's CEO Kevin Heitman, in announcing the new
initiatives said: "the agreement to join the FSS consortium
provides Partner Jet with immediate cost savings and access to
services which permit us to rapidly respond to a range of growth
opportunities. Our cost structures have now improved, most goods
and services we need now reflect volume discounts through FSS that
make us far more cost-effective; which translates into savings for
our customers, strengthens our competitive edge and improves the
bottom line."
"With FSS support, Partner Jet now has a network of
relationships with operators like UYJ and others where we can lever
off each other's strengths, consolidate our purchasing power and
share capabilities during periods of peak demand. Three days a week
operators like us compete with each other, but four days in the
same week we gain more from cooperating. Going back and forth
between these roles is difficult sometimes; FSS involvement now
provides a platform to consolidate our buying power, and reduce our
costs. Lower costs are one area where we all agree - selective
cooperation that gives us a competitive edge over the biggest
management companies, is hard to argue against."
Partner Jet is experiencing significant growth which is expected
to continue in the months ahead. The company is preparing to add a
Bombardier 605 large cabin aircraft to its Aircraft Operating
Certificate (AOC) and to extend services and logistics support to
aircraft in the fleets of several third party aircraft operators.
In this regard, PJET Maintenance Ltd., a subsidiary of Partner Jet
Inc., has been supplying technical support for 3 turbo-prop
aircraft and 3 additional Jet aircraft from its maintenance
facility at the Landmark Hangar in Toronto. The additional
technical support contracts will produce a significant expansion of
the PJET Maintenance Ltd. revenue base supported by FSS-MxAerospace
Inc., the Toronto-based full cycle technical services subsidiary of
FSS Inc.
About Partner Jet Corp.
Partner Jet Corp. is a professional domestic and international
air carrier and has been a leading provider of private executive
travel for more than a decade. It enjoys a well-earned reputation
for reliability, excellent service standards and the highest levels
of customer satisfaction. The company coordinates a fleet of nine
jet aircraft covering the full range of capabilities required for
personal and corporate travel. It can provide the highest level of
secure travel throughout North America, the Caribbean, Europe and
the rest of the world.
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 provides AMO services to a wide
variety of jet and turbo prop aircraft.
Securities regulators encourage companies to disclose
forward-looking information to help investors understand a
company's future prospects. This press release contains statements
about our future business and planned activities. These are
"forward-looking" because we have used what we know and expect
today to make a statement about the future. Forward-looking
statements usually include words such as may, intend, plan, expect,
anticipate, believe or other similar words. We believe the
expectations reflected in these forward-looking statements are
reasonable. However, actual events and results could be
substantially different because of the risks and uncertainties
associated with our business or events that happen after the date
of this press release. You should not place undue reliance on
forward-looking statements. As a general policy, we do not update
forward-looking statements except as required by securities laws
and regulations.
Shares Outstanding: 9,078,774
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Partner Jet Corp. Mr. Kevin Heitman Chief Executive
Officer (905) 676-0092 x224 905-676-0192 (FAX) info@partnerjet.com
www.partnerjet.com
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