HALIFAX, Nov. 17, 2016 /CNW/ - Today, Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced the delivery of the first of four Bombardier CRJ1000 regional jets to Air Nostrum, Lineas Aereas Del Mediterraneo, S.A. ('Air Nostrum'), officially launching its regional aircraft leasing transaction with the European carrier.
"Our revenue diversification strategy is taking another meaningful step forward today," said Joe Randell, President and Chief Executive Officer, Chorus. "This initial transaction lays the foundation for a strong source of incremental aircraft leasing revenue over and above our CPA with Air Canada."
On November 9, 2016, Chorus announced a plan to purchase and lease four new CRJ1000 regional jets to Air Nostrum. The remaining three aircraft are scheduled to be delivered in December 2016, and in July and October 2017, respectively.
Founded in 1994, and headquartered in Valencia, Spain, Air Nostrum is a leading European regional airline carrying over 4 million passengers annually. With a fleet of 42 modern CRJ and ATR aircraft, Air Nostrum operates over 75,000 flights annually to 54 domestic and international destinations. Since 1997, Air Nostrum has been a franchise partner of Iberia®, Spain's leading national and international carrier, and is an affiliate of the oneworld® airline alliance.
This news release may contain 'forward-looking information' as defined under applicable Canadian securities legislation. Forward-looking information typically contains words such as "anticipate", "believe", "could", "should", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar words 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 related to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and other uncertain events. Forward-looking information, by its nature, is based on assumptions, including those described below, and is subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to differ materially from those expressed in the forward-looking statements. Factors that may cause results to differ materially from expectations in this news release include, without limitation, that: Chorus is unable to reach agreement with Air Nostrum in relation to the terms and conditions of the leases for the Bombardier CRJ1000 aircraft currently anticipated to be delivered in December 2016, July 2017 and October 2017 (collectively, the "Additional Aircraft"); any consents or approvals of third parties required to give effect to the financing and leasing of the Additional Aircraft are not obtained; the conditions precedent to the leases for the Additional Aircraft or the advance of funding under the loan facility from Export Development Canada for the acquisition of the Additional Aircraft are not fulfilled by any one or more of the parties to the transactions; or the delivery of the Additional Aircraft by the manufacturer is delayed or cancelled. For a further discussion of risks, please refer to Section 18 – Risk Factors in the third quarter 2016 MD&A. Any statements containing forward-looking information in this news release represent Chorus' expectations as of this 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.
Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010. Chorus is a holding company that 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. 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
Iberia® is a registered trade-mark of Iberia Lineas Aereas De Espana Sociedad Anonima Operadora
oneworld® is a registered trademark of oneworld Alliance LLC
Note to Editors
A photo of the CRJ1000 aircraft is posted on the Chorus Aviation website at this link.
SOURCE Chorus Aviation Inc.