February 13th, 2003
SOURCE: L-Air Holding, Inc.
L-Air Holding, Inc. Announces $18 million contract
TORONTO, Ontario--(BUSINESS WIRE)—February 13, 2003.
L-Air Holding, Inc, (the "Company") (OTCBB:LAIR - News)
announces it has executed a contract for the benefit of
"Belgium Universal Airlines" with the Brussels based Tour
Operator VGAA N.V., with registered offices at 400 Leopold
I, represented by Mr. H. YERISTAN.
Under the terms of this agreement, Belgium Universal
Airlines will operate a route from Brussels to Yerevan
with a stop in Lyon France then to Los Angeles (LAX)
once a week with an Airbus A340-300 in a three class
configuration for the benefit of VGAA N.V.
Belgium Universal Airlines will receive as payment for
this rotation the sum of US$360,000 per week in advance
of the rotation. This will generate a recurring annual
revenue stream of over $18,000,000 dollars for under 40
hours of flight per week. An Airbus A340-300 has the
capability of flying close to 120 hours a week. The
Company has finalized negotiations to contract with a
major aircraft manufacturer to lease five A340-300’s
for its fleet operations.
The Airline plans to begin flight operations in April
2003, or as soon as it's Air Operating Certificate will
be approved by Belgium Civil Aviation Authorities. It
will then operate two A340 Aircraft and will increase
its fleet to five Aircrafts by the end of 2003.
The anticipated network BUA will be operating for the
coming Spring/Summer season, including such destinations
as Punta Cana (Dominican Republic), Toronto, Montreal,
Delhi, as well as Yerevan Lyon and Los Angeles, all
departing from Brussels. The fall/winter will see an
addition of new destinations including Tokyo, Bangkok,
Dubai, St Marteen, and Mauritius Island.
A highly qualified team of managers all trained and
experienced from SABENA will lead this venture to re-
instate a global network from Brussels, Belgium, which
has traditionally been a major European Hub with NATO
and the European Commissions based there. There hasn't
been a major carrier based in Belgian since the closure
of the Belgian national carrier, Sabena, after the
collapse of its parent Company Swiss Air in 2001. This
has left a vacuum at this important international hub,
with major direct routes having gone under serviced.
L-Air Holding, Inc., through its acquisition of Belgian
Universal Airlines, will once again revive many of these
The Company has also amended its articles of incorporation
to prohibit the registration of shares of New Common in
the name of DTC or any other securities clearing house.
The Company believes these registration restrictions may
force speculators who have previously sold stock in naked
short transaction to cover their prior short sale by
purchasing stock in the open market.
About the Company–Belgian Universal Airlines (OTCBB: LAIR)
Europe needs a safe, decent and well run Airline, managed
by highly qualified and experienced staff, that will
provide good service at a fair price for everyone. Since
the closure of Sabena in 2001 (the Belgian National
Airline) due to Swiss Air's bankruptcy (Swiss Air had
recently bought Sabena), there has been a need to revive
the once thriving wide International Flight Network based
in Brussels. In addition, since the September 11 tragedy,
carriers that are not terrorist targets are increasingly
being called upon to pick up these routes.
Through an acquisition of 49% of Belgian Universal Airlines
by OTCBB: LAIR, UCP and Sabena's Captain Raymond Nicolaï
are now preparing to meet this need. Universal Capital
Partners (UCP) is currently negotiating with the airline
to finalize an acquisition that will give 49% ownership
to OTCBB: LAIR. UCP is the single largest shareholder of
OTCBB: LAIR currently. This structure is necessary to meet
ownership requirements mandating that 51% of a European
air carrier be European owned.
Captain Raymond Nicolaï has dedicated his life to Aviation
since 1968. He is an ex-Belgian Air Force fighter pilot
and is an instructor on many types of Aircraft including
the company's chosen A340. Captain Nicolaï is bringing
many of the former Sabena management and staff that will
comprise the bulk of the company's 200 plus in number
workforce. These well-trained ex-Sabena staff members
are dedicated to the Company’s (OTCBB: LAIR) mission
of creating a new Belgian National Airline that represents
excellence in all aspects, including on-time flights, the
highest level of customer service, cost efficiencies in
operations and maximization of profitability for its
With the addition of many new international direct routes
to markets including Asia, Middle East, Africa, Caribbean,
Canada, USA and Europe the Company has a better than
average chance of achieving success due to the lack of
any competition servicing these routes currently. Belgian
Universal will operate a fleet of 5 Airbus A340-300 aircraft
capable of seating 220 Economy seats, 30 Business
class full comfort pitch seat, and 10 First class
sleeperettes. All Belgian Universal's aircraft feature
roomy seats each equipped with satellite phones and full
individual multi-media systems capable of delivering many
different forms of entertainment, including: a large
selection of movies/videos, music (MP3 and other format),
computer/video games, and the soon to be offered "on-board"
Internet services. All available at every seat along with
the many high-quality amenities not found on existing air
carriers competing with the Company (OTCBB: LAIR).
With Belgian Universal, all seats are assigned, a good
percentage of travel is ticketless, all fares are one way,
and a Saturday night stay is never required. For more
information, schedules and fares etc., please visit the
web site at: l-air-holding.com. Press releases can be
found on lair-holding.com. Airline industry experts agree
that the most promising source of revenue growth with the
current political situation and insurance cost nightmare
for U.S. and other majors is within the group of small
carriers with high-traffic routes and low-maintenance
cost aircraft. Focusing on profitable long haul routes
with low cost maintenance jets, while providing exceptional
customer service, OTCBB: LAIR is one of these carriers.
The Company’s commitment to cost efficiencies and customer
satisfaction is at the core of its business model, just
like JetBlue (NASDAQ: JBLU), Southwest Air (NYSE: LUV),
and easyJet.com, all of whom are very successful within
their respective markets and industry leaders. This
international carrier is on the path to success.
Visit L-Air-holding.com for more information.
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Received on Sat 22 Feb 2003 - 22:10:54 CET