Jazz Air Income Fund announces changes to its Board
Dec 14, 2007
HALIFAX, Dec. 14 /CNW/ - Today, Jazz Air Income Fund, Jazz Air Trust, and Jazz Air Holding GP Inc. announced changes to their Boards of Trustees and Directors. Effective January 1, 2008, Bernard Attali, Pierre Marc Johnson and David Richardson will leave the Board of Directors, and Robert Brown and Marvin Yontef will leave the Board of Trustees. Jazz is pleased to announce the appointment of Mr. Sydney John Isaacs to the Board of Directors. Mr. Isaacs has experience in the aviation industry and was previously a partner in a national law firm dealing with corporate and commercial matters. Mr. Isaacs is currently Senior Vice President, Corporate Development and Chief Legal Officer with ACE Aviation Holdings Inc. "On behalf of all of us at Jazz, I sincerely thank these individuals for their contributions, support and guidance," said Joseph Randell, President and Chief Executive Officer, Jazz. "It has been a pleasure and an honour to work with these gentlemen. We are also very pleased to welcome Syd Isaacs to our Board of Directors." As had been previously disclosed, Robert Milton will be stepping down as Chairman and retiring from the Board of Jazz effective January 1, 2008. Richard H. McCoy who is currently a Trustee of the Jazz Air Income Fund and Chairman of the Audit Committee will succeed Mr. Milton as Chairman of the Board. Mr. McCoy has over 35 years in the investment industry and currently serves on the board of a number of Canadian public companies. Theses changes to the composition of the Boards of Directors and Trustees of Jazz result from ACE Aviation Holdings Inc.'s previously announced intention to divest its remaining interest in Jazz Air Income Fund in the near future. About Jazz Jazz is the second largest airline in Canada based on fleet size and the number of routes operated. 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.
For further information:
For further information: Media Contacts: Manon Stuart, Halifax, Nova Scotia, (902) 873-5054; Debra Williams, London, Ontario, (519) 659-5696; www.flyjazz.ca