ST. GEORGE, UT, August 1, 2019 /CNW/ - Aero Engines LLC., the Joint Venture between SkyWest, Inc. ("SkyWest") and Regional One, Inc. ("Regional One"), a subsidiary of Exchange Income Corporation, has entered into an agreement to lease its current portfolio of 14 CF34 engines for a 10-year term. The engines are being paired up with CRJ700 airframes owned by Regional One and will be leased for 10 years to a US operator. These assets are expected to enter lease in phases between now and June 2020, with the first commencing this month.
"The execution of this initial transaction demonstrates the value of this venture to the industry and to our leasing business," said Wade Steel, SkyWest Chief Commercial Officer and Manager of Aero Engines LLC. "We look forward to continuing to develop these opportunities within our operational scope under this partnership."
"We are very pleased with this first Joint Venture transaction, which has also enabled Regional One to generate long-term revenue streams for its CRJ700 airframes," said Hank Gibson, Regional One's President. "This transaction successfully achieves our entity's strategic objective: to combine our market expertise with SkyWest's depth of knowledge and experience as the largest operator of CRJ aircraft."
About SkyWest, Inc.
SkyWest, Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines has a fleet of nearly 500 aircraft connecting millions of passengers each month to over 250 destinations and provides commercial air service in cities throughout North America with nearly 2,500 daily flights. SkyWest Airlines operates through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines to carry more than 38 million passengers annually. Based in St. George, Utah, SkyWest continues to set the standard for excellence across the regional industry with exceptional value for customers, shareholders and its more than 13,000 employees.
About Regional One and Exchange Income Corporation
Regional One, a division of companies within Exchange Income Corporation, that purchases, leases out, and sells aircraft, aircraft parts, engines and engine parts, offering worldwide support to regional and commuter aircraft operations. Regional One has a broad base of customers and daily demand from airlines, lessors, maintenance facilities and government agencies in many countries around the world. The division offers a wide range of product and support services to a variety of aircraft platforms. Regional One, Inc. is based out of Miami, Florida and other divisional locations include Jacksonville, Florida, Winnipeg, Manitoba and Dublin, Ireland.
Exchange Income Corporation is a diversified acquisition-oriented company, focused in two sectors: aerospace & aviation services and equipment, and manufacturing. The Corporation uses a disciplined acquisition strategy to identify already profitable, well-established companies that have strong management teams, generate steady cash flow, operate in niche markets and have opportunities for organic growth. For more information on the Corporation, please visit www.ExchangeIncomeCorp.ca.
SOURCE Regional One, Inc.
For further information: For media inquiries, please contact: Hank Gibson, President of Regional One, at [email protected]