Chorus Aviation announces agreement to acquire two additional Embraer 190 aircraft on lease to Aeromexico Connect
Jul 27, 2017
HALIFAX, July 27, 2017 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced today an agreement by a Chorus Aviation Capital subsidiary to acquire two additional Embraer 190 aircraft currently on lease to Aerolitoral, S.A. de C.V. (d.b.a. 'Aeromexico Connect'), a subsidiary of Aerovías de México, S.A. de C.V. (d.b.a. 'Aeromexico').
Commenting on the purchase, Chorus Aviation Capital's President, Steven Ridolfi, said, "These two Embraer 190s will constitute our second and third aircraft on lease to Aeromexico Connect. We look forward to building a strong relationship with this very important customer."
"Upon completing this transaction and the one announced on July 17, we will have four Embraers in our leased fleet," said Joe Randell, President and Chief Executive Officer, Chorus. "Together with our sizeable fleet of Bombardier turboprop and jet aircraft, we are doing exactly what we set out to do with our leasing business: build a diversified, high-quality fleet of regional aircraft for lease to the most reputable regional airlines around the globe."
These acquisitions are expected to close in the third quarter and are subject to customary conditions precedent to closing, including novation of the existing leases.
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 recently 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 may contain "forward-looking information" as defined under applicable Canadian securities legislation. Forward-looking information typically contains words such as "anticipate", "believe", "could", "should", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar words and phrases, including references to assumptions. Such information may involve but is not limited to comments with respect to strategies, expectations, planned operations or future actions. Forward-looking information related to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and other uncertain events. Forward looking information, by its nature, is based on assumptions, including those described below, 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, changing external events and general uncertainties of the business. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to differ materially from those expressed in the forward-looking statements. Factors that may cause results to differ materially from expectations in this news release include, without limitation, that the conditions precedent to the closing of the transactions contemplated by this news release are not fulfilled or waived by the parties. For a further discussion of risks, please refer to the section titled "Risk Factors" in Chorus' 2016 Annual Information Form. Any statements containing forward-looking information in this news release represent Chorus' expectations as of July 27, 2017. 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.
SOURCE Chorus Aviation Inc.
For further information: Chorus Media Contacts: Manon Stuart, Halifax, Nova Scotia, (902) 873-5054, email@example.com; Debra Williams, Toronto, Ontario, (905) 671-7769, firstname.lastname@example.org; Analyst Contact: Nathalie Megann, Halifax, Nova Scotia, (902) 873-5094, email@example.com