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Thu, Nov 06, 2008

Air Taxi Company Closes New Round Of Financing

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.

FMI: www.linearair.com

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