Chorus Aviation announces leasing transaction with Ethiopian Airlines
Nov 29, 2017
Delivering regional aviation to the world
HALIFAX, Nov. 29, 2017 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced today agreements to purchase two new Bombardier Q400 aircraft and lease them to Ethiopian Airlines Group ('Ethiopian Airlines'). The aircraft will be purchased new from Bombardier by a subsidiary of Chorus Aviation Capital and are expected to be delivered and placed on lease to Ethiopian Airlines in December 2017.
"Ethiopian Airlines is a premier, award-winning international airline with a terrific history of innovation, growth and economic success. We are absolutely delighted to welcome them as a customer of Chorus Aviation Capital and look forward to building this important relationship," commented Steve Ridolfi, President Chorus Aviation Capital. "Ethiopian is one of the largest and most profitable airlines in Africa, a member of the Star Alliance airline network, and the winner of numerous awards for airline management and customer service. We are honoured to add them to our growing portfolio of regional aircraft lessees and very pleased to extend our global reach to our sixth continent: Africa," he added.
"I am very pleased with the progress we have made in growing Chorus Aviation Capital's market position in regional aircraft leasing," stated Joe Randell, President and Chief Executive Officer of Chorus. "Upon completion of previously announced transactions, we'll have a leased aircraft fleet of 62 aircraft worth approximately CDN $1.2 Billion. We are building significant momentum in this business and look forward to additional future growth."
About Ethiopian Airlines
Ethiopian Airlines is the fastest growing airline in Africa. In its seventy plus years of operation, Ethiopian Airlines has become one of the continent's leading carriers, unrivalled in efficiency and operational success. Ethiopian Airlines commands the lion's share of the pan-African passenger and cargo network operating the youngest and most modern fleet to more than 100 international passenger and cargo destinations across five continents. Ethiopian Airlines' fleet of 95 aircraft includes ultra-modern and environmentally friendly aircraft such as Airbus A350, Boeing 787, Boeing 777-300ER, Boeing 777-200LR, Boeing 777-200 Freighter, Bombardier Q-400 double cabin with an average fleet age of five years.
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 Corp. 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'. 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. Such information may involve but is not limited to comments with respect to strategies, expectations, planned operations or future actions.
Forward-looking information involves 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 the delivery of the aircraft by the manufacturer is delayed or cancelled, or that other conditions precedent to the commencement of the leases are not fulfilled by one or more of the parties thereto. For a further discussion of risks that could cause actual results to differ from those expressed in forward-looking information, please see Chorus' Annual Information Form dated February 15, 2017 and Management's Discussion and Analysis of Results of Operations and Financial Condition dated November 7, 2017. The statements containing forward-looking information in this discussion represent Chorus' expectations as of November 29, 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.
SOURCE Chorus Aviation Inc.
For further information: Chorus Media Contacts: Manon Stuart, Halifax, Nova Scotia, (902) 873-5054, mst[email protected]; Debra Williams, Toronto, Ontario, (905) 671-7769, [email protected]; Analyst Contact: Nathalie Megann, Halifax, Nova Scotia, (902) 873-5094, [email protected]