Chorus Aviation Capital reaches milestone
HALIFAX, Jan. 4, 2018 /CNW/ - Chorus Aviation Inc. ("Chorus") (TSX: CHR) announced that a subsidiary of Chorus Aviation Capital completed the delivery of two new Bombardier Q400 aircraft placed on long-term lease to Ethiopian Airlines Group ('Ethiopian Airlines'). This transaction was previously announced on November 29, 2017.
One year ago today, Chorus established a new regional aircraft leasing subsidiary, Chorus Aviation Capital. The objective was to build Chorus Aviation Capital into a global aircraft lessor with a diverse customer base and fleet of regional jet and turboprop aircraft in the 70- to 135-seat range.
"We have built and grown Chorus Aviation Capital into a significant global business with a strong customer base, attractive aircraft assets and long-term contracted leases," commented Steven Ridolfi, President, Chorus Aviation Capital. "We are gaining momentum in this growing and dynamic market, and look forward to the continued success of this new and exciting business," he added.
In its first year of existence, Chorus Aviation Capital completed the acquisition of 21 aircraft with an average age of less than three years, and long-term leases with strong, brand-name regional airlines located in eight countries and six continents. It manages a diversified fleet of five of the best regional aircraft types (CRJ1000s, E190s, E195s, Q400s and ATR 72s) manufactured by ATR, Bombardier, and Embraer.
"In a short period of time, we have established a strong market position in the regional aircraft leasing sector," stated Joe Randell, President and Chief Executive Officer, Chorus. "Together with the 41 regional aircraft under lease in the CPA, Chorus has grown its portfolio of leased aircraft to 62 airplanes worth approximately CDN $1.2 billion. We are transforming our organization into a global leader in the field of regional aviation, delivering a complete suite of regional aviation services to 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 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, and recently established Chorus Aviation Capital to become a leading, global provider of regional aircraft leases and support services. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'.
This news release contains 'forward-looking information' as defined under applicable Canadian securities legislation. 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. Such information may involve but is not limited to comments with respect to strategies, expectations, planned operations or future actions.
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. Results indicated in forward-looking information may differ materially from actual results for a number of reasons, including those described in Chorus's Annual Information Form dated February 15, 2017 and Management's Discussion and Analysis of Results of Operations and Financial Condition dated November 7, 2017. The statements containing forward-looking information in this discussion represent Chorus' expectations as of January 4, 2018, and are subject to change after such 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.
SOURCE Chorus Aviation Inc.
For further information: Chorus Media Contacts: Manon Stuart, Halifax, NS, (902) 873-5054, [email protected]; Debra Williams, Toronto, ON, (905) 671-7769, [email protected]; Analyst Contact: Nathalie Megann, Halifax, NS, (902) 873-5094, [email protected]