copied and pasted from AINOnline
Southeast Regional Fractional Program Launched
AeroShares, a new company based at St. Johns County Airport in St. Augustine, Fla., last month launched a regional fractional-ownership program to serve business travelers who fly extensively throughout the Southeast. The company intends to use three pre-owned King Air B200s to fly its owners to and from destinations within a 700-mile radius of St. Augustine. AeroShares has already started operating one B200 for three shareowners. Under a five-year contract, a one-eighth share in the turboprop twin costs $250,000 and provides 75 flight hours annually at an hourly rate of $750. The monthly management fee is $3,950. According to AeroShares president Michael Slingluff, at the end of the contract the company will buy back an owner’s share at “fair market value.” He said that focusing flights within a 700-mile radius takes advantage of the B200’s most economic range and, therefore, provides owners with a cost saving up to 40 percent over national fractional programs. Also, limiting the operation to three aircraft and an owner group of no more than about 24, Slingluff believes AeroShares can provide the personal touch between crew and passengers that a larger operation can’t. AeroShares is affiliated with AeroSport, an FBO and aircraft-management company also based in St. Augustine.