Chorus Aviation announces expansion of leasing arrangement with Ethiopian Airlines
Dec 19, 2018
Delivering regional aviation to the world
HALIFAX, Dec. 19, 2018 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced today that Chorus Aviation Capital ('CAC') will lease an additional Bombardier Q400 aircraft to Ethiopian Airlines Group ('Ethiopian Airlines'). In December of 2017, CAC leased two new Q400 aircraft to Ethiopian Airlines. This additional lease agreement, as announced today, is for a third new Q400 aircraft which is scheduled to be delivered to Ethiopian Airlines this month.
"We are very pleased to build upon our relationship with Ethiopian Airlines as they grow their portfolio of leased aircraft with Chorus Aviation Capital," said, Steve Ridolfi, President of Chorus Aviation Capital. "Recently awarded Company of the Year by All African Business Leaders Award, Ethiopian Airlines is one of the fastest growing and storied airlines in Africa. We look forward to continuing to work with this award-winning airline and their impressive team."
Chorus Aviation Capital now includes 13 lessees in 13 countries, two of which are based in Africa. With this latest transaction completed, Chorus will have a total of 81 aircraft on lease throughout the world.1
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
About Ethiopian Airlines
Ethiopian Airlines is the fastest growing airline in Africa. In its 70 plus years of operation, Ethiopian Airlines has become one of the continent's leading carriers, unrivalled in efficiency and operational success. Ethiopian commands the lion's share of the pan-African passenger and cargo network operating the youngest and most modern fleet to more than 117 international passenger and cargo destinations across five continents. The Ethiopian fleet includes ultra-modern and environmentally friendly aircraft such as Airbus A350, Boeing 787-8, Boeing 787-9, Boeing 777-300ER, Boeing 777-200LR, Boeing 777-200 Freighter, Bombardier Q-400 double cabin with an average fleet age of five years. In fact, Ethiopian is the first airline in Africa to own and operate these aircraft. Ethiopian is currently implementing a 15-year strategic plan called Vision 2025 that will see it become the leading aviation group in Africa with six business centres: Ethiopian International Services; Ethiopian Cargo & Logistics Services; Ethiopian MRO Services; Ethiopian Aviation Academy; Ethiopian ADD Hub Ground Services and Ethiopian Airports Services. Ethiopian is a multi-award winning airline registering an average growth of 25% in the past seven years.
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.
1 Figures in this paragraph include aircraft in respect of which Chorus earns leasing revenue under the capacity purchase agreement between its subsidiary, Jazz Aviation LP, and Air Canada.
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