Mon, Feb 14, 2005
Airline Operations to Commence
Viva International says it has executed an acquisition agreement
with Cool Tours dba San Juan Aviation), a Part 135 air carrier in
San Juan, Puerto Rico, through Eastern Caribbean Airlines
Corporation, a newly formed Puerto Rican subsidiary of Viva
International.
Established in 2001, Cool Tours operates twin-engine turbo-prop
charters throughout the Caribbean. For the past four years, the
company has created a strong presence in Puerto Rico and other
nearby island nations due to its operations. The company is now
positioned to accommodate additional larger turbo-props and other
corporate jets on its airline operating certificate, subject to the
applicable approvals from the FAA and DOT. Recently, the company
received approval to use a two-letter identifier air carrier code
(JI) by the International Airline Transportation Association
(IATA).
Under the terms of the agreement, Eastern Caribbean Air, Inc.
will purchase Cool Tours, Inc. Viva has agreed to retire existing
debt of Cool Tours and to provide the initial working capital
through Eastern Caribbean. In addition, Viva plans to arrange for
additional aviation equipment to be added to allow for expansion of
the existing operations. The company will immediately operate
certain charter tours for Viva Air Dominicana, S.A. and
expeditiously begin the certification process of additional Saab
340As for addition to the existing airline operating
certificate.
"This is a significant agreement inasmuch as it allows for
immediate public charter operations and for an ability to enhance
scheduled service for Viva Dominicana, S.A. In our opinion, this
relationship allows for a possible diversification of our aviation
business to also profit from the booming fractional
private/corporate aircraft ownership and charter market, commented
Pier Bjorklund, a Viva consultant."
"Our business has grown tremendously; however, we needed a
partner such as VIVA to capitalize on the existing opportunities,
said Ivan Figueroa, president of Cool Tours. We are excited about
this relationship and agreement and the impact we expect it will
have on our Puerto Rico and Caribbean operations."
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