Pinnacle Air Services

[CFI4LIFE]

I'm getting bored with all these rumors... if there is a deal in the works then git-r-done, and lets get on to new and improved rumors!

 

[starcheckdriver]

All of a sudden all but one of our managed lr-60's are ether sold or in pre-buy.
I know that someone mentioned that PCL doesn't want any of our managed airplanes. ?????

These planes were sold or will be sold because they are all owned by the same person. That person didn't want all those planes from the get-go and have been on the market for some time. I don't think those sales have anything to do with the rumors of a buyout.

As far as the buyout is concerned, I heard from a credible source that though the buyout may appear to be dead in the water, it most certainly is not. That's all I know!

 

[JJET44]

These planes were sold or will be sold because they are all owned by the same person. That person didn't want all those planes from the get-go and have been on the market for some time. I don't think those sales have anything to do with the rumors of a buyout.

Yeah I know that. My airplane went to prebuy today. Why all of a sudden, after the planes have been up for sale for over a year, did they all go at one time? I also know that the seller lower the prices to sell them quick but why all of a sudden?

 

[JJET44]

Rumor mill churning at high speed today!!
Heard that we may hear something this evening.

If not, I'll feel stupid!

 

[JJET44]

And Here It Is

Rumor mill churning at high speed today!!
Heard that we may hear something this evening.

AirNet Systems, Inc. Announces Definitive Agreement​

to Sell Assets of Jetride, Inc. ​

CONTACT:
Gary Qualmann
AirNet Systems, Inc.
(614) 409-4832
Bob Lentz
InvestQuest, Inc.
(614) 876-1900

COLUMBUS, Ohio -- July 26, 2006 -- AirNet Systems, Inc. (AMEX: ANS) today announced that it has entered into a definitive agreement with Pinnacle Air, LLC (“Pinnacle”) to sell its passenger charter business, including the aircraft and substantially all of the aircraft-related assets of Jetride, Inc. (“Jetride”) for $41 million in cash. The transaction is subject to standard closing contingencies and the receipt of requisite assurances from the FAA with respect to the proposed ownership change, and is expected to close during the third quarter.
As a result of the transaction, AirNet expects to repay approximately $29 million of debt secured by the Jetride aircraft. Following repayment of Jetride’s debt and payment of applicable taxes and expenses related to the transaction, AirNet plans to use the remaining sale proceeds to further reduce the debt outstanding under its revolving credit facility.
Joel Biggerstaff, Chairman of the Board, Chief Executive Officer and President of AirNet Systems, Inc. stated, “The Board of Directors accepted an offer for Jetride from a company actively engaged in the passenger charter segment of the aviation market with a business plan that we believe is complementary to the one we have been implementing. Pinnacle will offer employment to all of the employees of Jetride, and AirNet will provide certain maintenance and other services to Pinnacle following completion of the transaction. For AirNet, we believe this sale immediately creates a much stronger balance sheet with significantly less debt, and affords our company the ability to focus on our core Delivery Services operations and flexibility to pursue other aviation services opportunities using our well-developed operating and service competencies.”
Bill Schwyhart, the managing partner of Pinnacle, commented, “We are excited to include the Jetride fleet and experienced personnel as part of our growing passenger charter business. This acquisition brings us a great team with which to continue to build our business, and we plan to continue to draw upon AirNet’s maintenance expertise to support our growth. This acquisition is very complementary to our business strategy and will enable us to continue expanding our national service footprint.”
Wynn Peterson, Senior Vice President of Jetride said “We believe the acquisition by Pinnacle provides Jetride and its employees with a promising future, and we anticipate significant growth in our combined charter businesses. Pinnacle shares the same commitment to customers that our Jetride team has built over the past several years. We look forward to the opportunity to build our future together with the Pinnacle team as the newest addition to their organization.”
AirNet Systems, Inc.
AirNet Systems, Inc. focuses the Company’s resources on providing value-added, time-critical aviation services to a diverse set of customers in the most service-intensive, cost-effective manner possible. AirNet operates an integrated national transportation network that provides expedited transportation services to banks and time-critical small package shippers nationwide. Jetride, Inc., a wholly-owned subsidiary, provides Passenger Charter services nationwide to individuals and businesses. The Company’s aircraft are located strategically throughout the United States . To find out more, visit AirNet's website at www.airnet.com.
Pinnacle Air, LLC
Pinnacle Air, LLC operates Pinnacle Air Executive Jet Charter and Pinnacle Air Services FBO (Fixed Base Operator). The Pinnacle Air fleet includes 9 Learjets, 2 Falcon 50s and 1 Citation VII and operates on a Federal Aviation Regulation Part 135 certificate, which was obtained in 2004. Primary aircraft operations are in Northwest Arkansas, Bridgeport, Connecticut and Las Vegas, Nevada. Pinnacle Air has received the prestigious Q-Star rating for safety, professionalism and performance.

 

[OLD DOG]

I'll drink to that.

 

[MNR]

The FAQ still dosent answer all my questions. I guess I will be making some phone calls tomorrow.

 

[starcheckdriver]

The FAQ still dosent answer all my questions. I guess I will be making some phone calls tomorrow.

If you are referring to the FAQ sent to JetRide pilots, I agree. But, in their defense, I think they did a great job being proactive and not waiting for us to bombard them after the fact. Things look good from what I see and it should be an exciting change for both companies.

 

[JJET44]

.

What do you Pinnacle guys wear for uniforms?

Black non-descript shoes, blue wool pants, white Van Husen aviator shirt (short and long sleeve), tie, epaulets, no wings, blue wool jacket for cooler temps w/ sleeve strips and wings, Peronne leather jacket for colder temps with epaulets and velcro patch. Optional sweaters. Pilots must match at all times.

OK

Just at the bar with a fellow pilot (on our days off) and talking about how much we hated wearing bars in the airlines.
My question, WOOL PAINTS? SERIOUSLY?
That must be hot in the summer not to mention, I can't wear wool, I break out. Are you sure it's wool and not something else?

Another thing. Who pays for uniforms

 

[MNR]

The current Jetride pants are Grey wool....little different than a sweater. I think I read somewhere in the thread that they pay for their own uniforms. We will see.

Everything sounds good on papar, the FAQ answered most stuff. Jetride mngt seems happy about this, they have been good to us since they came on and replaced the other crew flying the office. I will reserve final judgement however for after Aug 31st. I would also like to know more about the benifits and salery...all they said is I would be getting an "offer". .... just lots of questions to be answered at this point that I am sure will all come in time.