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Mon, Feb 14, 2005

Viva Completes Final Phase Acquisition

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."

FMI: www.caribbean-on-line.com/airlines

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