Porter Aviation Holdings Inc. files preliminary prospectus

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TORONTO, April 16 /CNW/ - Porter Aviation Holdings Inc. (Porter) today filed a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories of Canada in connection with a proposed initial public offering of its shares. No existing Porter shareholders will sell shares in the initial public offering.

The underwriting syndicate is led by RBC Capital Markets Inc. and also includes National Bank Financial Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., TD Securities Inc., GMP Securities L.P., Credit Suisse Securities (Canada) Inc., Raymond James Ltd. and Versant Partners Inc.

A copy of the preliminary prospectus has been filed on SEDAR and is available for review at www.sedar.com.

Porter intends to use the net proceeds of the proposed offering for working capital and other general corporate purposes, including potential acquisition of aircraft. Porter began operations in October 2006 with two aircraft. The current fleet consists of 18 aircraft, with two further deliveries scheduled for April 2010.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any other jurisdiction. The securities to be offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States or to United States persons absent registration or absent an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. There shall be no sale of the securities in any jurisdiction in which an offer to sell a solicitation of an offer to buy or a sale would be unlawful.

About Porter Airlines

Porter Airlines is Canada's third largest scheduled carrier, based at Billy Bishop Toronto City Airport. Porter is committed to offering speed, convenience and service as part of a premium travel experience. A refined journey begins on the ground with comfortable airport lounges and service-oriented team members. The experience continues seamlessly in the air with spacious interiors and well-appointed crew. Passengers enjoy complimentary services, including free in-flight wine, beer and premium snacks, all aboard modern aircraft.

In 2009, Porter achieved an industry-leading break-even load factor of 49.3 per cent relative to other North American publicly traded airline companies. The airline was also noted in 2009 as part of Ipsos' independent Canadian Business Travel Study with 93 per cent of customers being at least very satisfied with Porter. Of this number, 54% were extremely satisfied.

The airline currently serves Toronto, Ottawa, Montreal, Quebec City, Halifax, St. John's, Thunder Bay, Sudbury, New York (Newark), Chicago (Midway), Boston (Logan), and has seasonal flights to Mt. Tremblant, Que. and Myrtle Beach, SC. Moncton service begins June 25.

Certain statements in this press release may contain "forward-looking statements" within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, stated intentions, level of activity, performance or achievements of Porter to be materially different from those expressed or implied by such forward looking statements, including but not limited to assumptions discussed in Business of the Corporation section and Risk Factors section of Porter's preliminary prospectus dated April 16, 2010, relating to the offering announced in this press release.

Porter does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.

SOURCE Porter Airlines Inc.

For further information: For further information: Media contact: Brad Cicero, Porter Airlines, (416) 619-8593


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