Chorus Aviation delivers third CRJ1000 aircraft to Air Nostrum
Jun 22, 2017
HALIFAX, June 22, 2017 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) today announced the delivery of a third new Bombardier CRJ1000 regional jet to Air Nostrum, Lineas Aereas Del Mediterraneo, S.A. ('Air Nostrum').
Commenting on the delivery, Chorus Aviation Capital's President, Steven Ridolfi, said "We are building Chorus Aviation Capital into a leading global aircraft lessor, focused on new and mid-life regional aircraft placed with high-quality lessees. We are delighted to place a third CRJ1000 with Air Nostrum and look forward to the fourth delivery before the end of this year."
On November 9, 2016, Chorus announced plans to purchase and lease four new CRJ1000 regional jets to Air Nostrum. The fourth aircraft is scheduled to be delivered in September 2017.
Founded in 1994, and headquartered in Valencia, Spain, Air Nostrum is a leading European regional airline carrying over 4 million passengers annually. Since 1997, Air Nostrum has been a franchise partner of Iberia®, Spain's leading national and international carrier, and is an affiliate of the oneworld® airline alliance.
Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010. Chorus' vision is to deliver regional aviation to the world. Chorus 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 has been leasing its owned regional aircraft into Jazz's Air Canada Express operation since 2009, and in 2017 established Chorus Aviation Capital to become a leading, global provider of regional aircraft leases and support services.
Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. For more information about Chorus and its subsidiaries, see www.chorusaviation.ca.
This news release contains '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", "project", "will", "would", and similar terms and phrases, including references to assumptions. Forward-looking information, by its nature, is based on assumptions and is subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, amongst other things, external events, changing market conditions and general uncertainties of the business. Such statements involve 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 materially from expectations in this news release include, without limitation, that: Chorus and its subsidiaries are unable to reach agreement with Air Nostrum in relation to the terms and conditions of the lease for the Bombardier CRJ1000 aircraft currently anticipated to be delivered in September 2017 (the "Additional Aircraft"); any consents or approvals of third parties required to give effect to the financing and leasing of the Additional Aircraft are not obtained; the conditions precedent to the lease for the Additional Aircraft or the advance of funding under the loan facility for the acquisition of the Additional Aircraft are not fulfilled by any one or more of the parties to the transactions; or the delivery of the Additional Aircraft by the manufacturer is delayed or cancelled. For a further discussion of risks, please refer to 2016 Annual Information Form dated February 15, 2017.
The statements containing forward-looking information in this news release represent Chorus' expectations as of June 22, 2017, and are subject to change after such date. However, Chorus disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Iberia® is a registered trade-mark of Iberia Lineas Aereas De Espana Sociedad Anonima Operadora
oneworld® is a registered trademark of oneworld Alliance LLC
SOURCE Chorus Aviation Inc.
For further information: Chorus Media Contacts: Manon Stuart, Halifax, Nova Scotia, (902) 873-5054, firstname.lastname@example.org; Debra Williams, Toronto, Ontario, (905) 671-7769, email@example.com; Analyst Contact: Nathalie Megann, Halifax, Nova Scotia, (902) 873-5094, firstname.lastname@example.org