Sun, Jul 25, 2004
Buys half of TAG's
interest in the company, now owns 75 percent
TAG Aviation USA, Inc. has sold one-half of its ownership
interest in CitationShares Holding, L.L.C. to Cessna Aircraft
Company, a subsidiary of Textron Inc. As a result, Cessna will
assume 75 percent ownership of CitationShares, with TAG retaining a
25 percent stake. Previously, CitationShares was equally owned by
Cessna and TAG.
The ownership change enables CitationShares to obtain the
necessary air carrier certificate required by the FAA in
preparation for the recently launched Vector JetCard program. Terms
of the sale agreement were not disclosed.
"Cessna and TAG are
great owners and terrific business partners, and we look forward to
continuing our relationship with both of them under this new
corporate structure," said Steve O'Neill, CitationShares chief
executive officer. "Cessna's superb aircraft and product support,
combined with TAG's client-driven aviation services expertise,
gives us an unparalleled presence in our industry."
The Vector JetCard program enables individuals and companies to
pre-pay for 25 hours of private flight time on
CitationShares-operated aircraft. The program is innovative and
simple - a two-page contract; payment by credit card, check or wire
transfer; and one upfront, all-inclusive fee. No international
fees, fuel surcharges or landing fees apply. In addition, pricing
for the program is among the most competitive in the industry,
starting at $84,995.
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