Thu, Nov 06, 2008
Linear Air Also Launches Aircraft Management Program
Bucking current economic trends, air
taxi provider Linear Air announced this week the close of $1.3
million in financing, which includes new capital and debt.
"This new financing was pivotal for us to maintain market
leadership during the current economic environment," said President
and CEO, William Herp. "While conditions for fundraising at this
time are not ideal, we have a group of investors whose commitment
to our success hasn't waivered and remains strong."
With the new financing, Linear Air is poised to launch its
aircraft management program designed to assist those who have very
light jet aircraft in the Northeast and Mid-Atlantic regions, with
future potential for national service. The company's new VLJ
Aircraft Management Program will assist those with VLJ aircraft who
desire access to aircraft maintenance, pilot training and the
potential for higher charter revenues.
The company says the program is most beneficial for Eclipse 500
VLJ aircraft owners... though it applies to a broad base of VLJ
owners and aircraft types.
"Linear Air is ideally positioned for an Aircraft Management
Program within the VLJ space due to our relationships with aircraft
manufacturers and our in-house training program," says Herp. "Our
ability to ease the pain for others who operate similar aircraft is
increasing, especially as uncertainty continues to surround the
Eclipse 500 manufacturer, Eclipse Aviation Corporation."
Under Linear Air's VLJ Aircraft Management Program, owners
receive 85% of charter revenue, cover all related costs and pay a
$2,500 monthly management fee to cover overhead. Linear Air offers
owners higher aircraft utilization and higher cost offset through
the company's large database of customers without the hassle of
handling the transactions.
Based in Concord, MA, Linear Air provides point-to-point air
taxi service with Eclipse 500 VLJs, and Cessna Grand Caravan
turboprops.
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