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Tue, Mar 18, 2008

Air Taxi Upstart Postpones Public Stock Offering

IPO Is A No-Go For POGO

Blame it on the market. Given Monday's announcement of a bargain-basement bailout of investment firm Bear Stearns by JPMorgan Chase, and continued unrest within the world's financial markets stemming from fiscal crises in the United States... now's probably not the best time for air taxi provider POGO Jet to try to seek public investment capital.

"POGO Jet, Inc. announced today that it has postponed the initial public offering of common shares of the company due to current market conditions," said the company in a release to ANN Monday.

POGO is in the development stages towards launching service as a private jet operator. The company hopes to launch air taxi and charter service in the second quarter of 2009, utilizing a fleet of Eclipse 500 VLJs.

Led by former AMR Corp. Chairman and CEO Robert Crandall, POGO recently added two industry heavyweights to its board of directors: former Federal Express president Theodore L. Weise, and Carol B. Hallett, former head of the Air Transport Association.

"Ted and Carol are respected leaders and international authorities on matters of air transport, logistics, trade and security," Crandall said upon their appointments in February. "They are ideal additions to our board, and their industry knowledge and business insight will be invaluable as we accelerate toward the launch of air service in 2009."

FMI: www.flypogo.com

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