Chorus Aviation Announces Purchase of Two New Bombardier Q400s and Agreement to Lease to Jambojet
Nov 5, 2018
Delivering regional aviation to the world
HALIFAX, Nov. 5, 2018 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced today agreements to purchase two new Bombardier Q400 turboprop aircraft and lease them to Jambojet Limited, a subsidiary of Kenya Airways PLC. Both aircraft are scheduled to be delivered and enter service in the second half of 2019.
Steve Ridolfi, President of Chorus Aviation Capital, stated, "We are excited about the growth prospects for regional aviation in Africa and are particularly pleased to be working with Jambojet, a regional low-cost carrier based in Kenya, through this transaction."
Willem Hondius, Chief Executive Officer of Jambojet, stated, "This agreement comes at a pivotal time in Jambojet's journey as we expand our footprint into the East Africa region and increase our frequencies to meet the high demand of affordable and quality air travel. We are looking forward to forging a strong relationship with Chorus for mutual growth."
Upon the completion of this transaction, Chorus Aviation Capital will have 13 lessees in 13 countries, two of which are based in Africa. In total, Chorus will have 80 aircraft on lease throughout the world.
Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010. Chorus' vision is to deliver regional aviation to the world. Chorus has been leasing its owned regional aircraft into Jazz's Air Canada Express operation since 2009, and established Chorus Aviation Capital to become a leading, global provider of regional aircraft leases and support services. Chorus also 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 Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. www.chorusaviation.ca
Jambojet, a regional low-cost airline, is a subsidiary of Kenya Airways that currently flies to seven destinations including from its hub in Nairobi to – Jomo Kenyatta International Airport to Entebbe, Mombasa, Eldoret, Kisumu, Malindi and Ukunda (Diani). The airline, launched in April 2014, has revolutionized the way Kenyans travel by opening up the skies for all to fly for less. In the four years of operation, the no-frills airline has achieved undeniable business growth; with an aggressive fleet expansion comprised of five Bombardier Dash 8 Q400 NextGen aircraft, regional growth with the recently introduced flights to Entebbe and has flown over 2,500,000 passengers. This number is set to grow as more travellers appreciate the benefits of low cost flying.
This news release contains 'forward-looking information'. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "potential", "project", "will", "would", and similar terms and phrases, including references to assumptions. 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 from those indicated in this news release include the failure by either party to satisfy all conditions precedent to the completion of the transactions contemplated by the lease agreements. Results indicated in forward-looking information may also differ materially from actual results for a number of reasons, including those described in Chorus' Annual Information Form dated February 14, 2018 and Management's Discussion and Analysis of Results of Operations and Financial Condition dated February 14, 2018. Statements containing forward-looking information in this news release are made as of the date of this news release and Chorus does not undertake any obligation to publicly update such statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
SOURCE Chorus Aviation Inc.
For further information: Manon Stuart, Halifax, Nova Scotia, (902) 873-5054, firstname.lastname@example.org; Debra Williams, Toronto, Ontario, (905) 671-7769, email@example.com