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Leading Jet Membership Company Adds Deep Operational Capabilities to Support Record Growth
Combines the Benefits of Sentient Membership Model and Atlantic's Aircraft Management and Operational Expertise
Norwell, MA, April 14, 2005 - Sentient Jet, the leading provider of private jet membership, today announced its acquisition of Atlantic Aviation Flight Services (AAFS), a highly respected aircraft management and charter services operator that has been in business for more than 75 years. Sentient acquired AAFS from Voyager Group, a private equity company based in Pittsburgh, PA.
The acquisition of Atlantic gives rapidly-growing Sentient access to Atlantic's fleet of aircraft and brings the flexibility and value of the Sentient membership model together with Atlantic's industry-renowned expertise in aircraft management and flight operations. It also allows Sentient to effectively meet its fast-growing membership demand with a core base of aircraft supply.
"Private jet membership is the future of private aviation for individuals and corporations and the acquisition of Atlantic positions Sentient at the forefront of this incredibly fast-growing market," said Steven Hankin, chief executive officer of Sentient. "The Sentient model, which offers greater flexibility and value than fractional ownership and fractional card programs, is simply the smartest way to approach private aviation. This is clearly reflected in the explosive and sustained growth that Sentient is experiencing. The addition of Atlantic puts Sentient in an ideal position to continue our rapid expansion and capitalize on a huge market opportunity."
"We are thrilled about joining Sentient," said Scott Galdi, president of Atlantic Aviation Flight Services. "Sentient founded the membership market and has been a leading innovator in private jet travel for the past five years. The company has a significant level of demand that will promote a very healthy level of utilization for the aircraft we manage. We believe this is good for Atlantic and our customers as well as for other operators that qualify to participate in the Sentient Program."
All of the aircraft management and flight services that Atlantic currently provides for its clients will continue their normal operations. As part of the acquisition, Scott Galdi and key members of the management team will continue to oversee Atlantic as well as support the operations of Sentient. Atlantic will continue to operate under its FAR Part 135 compliance certificate, which is in line with Sentient's policy that every jet participating in its Membership Program operate under strict Part 135 guidelines.
"This transaction is highly positive for all involved," said James J. Dolan, chief executive officer of Voyager Group. "The demand for service created by Sentient's customer-focused business model requires additional capacity, which Atlantic provides. As the operator of Voyager Jet Center, we believe our affiliation with Sentient will create additional demand for our services to support the growing Sentient Program."
Mr. Hankin commented, "The acquisition of Atlantic will allow Sentient to continue to enhance our operational capabilities. Atlantic is one of the most respected organizations in the industry and they share our extraordinary commitment to safety, as evidenced by the fact that they are both Wyvern recommended and ARG/US Platinum rated. They bring a wide range of operational expertise and a focus on service quality that is entirely consistent with our philosophy. We will be able to leverage Atlantic's expertise across the company."
SENTIENT HISTORY AND MARKETPLACE TRENDS
Sentient created the private jet membership category when the company was founded in 1999. Through its Membership Program, Sentient provides a fully-refundable TravelCard that gives customers access to a network of executive-class aircraft at a better value than fractional ownership, which has substantial long-term commitments and capital risk. Sentient membership is completely flexible, offering members the freedom to choose the category of jet for each and every flight based on the purpose of their trip.
While the growth rate for fractional ownership has slowed significantly, the growth rate for membership is accelerating. This shift in demand reflects the value and flexibility benefits of the membership model.
About Sentient Jet
Sentient Jet, Inc., headquartered in Norwell, MA, is the leader in private jet membership. Members enjoy access to premium executive class aircraft with a guaranteed response time anywhere in the continental United States in ten hours or less. Sentient Jet Membership is a jet membership program of Sentient Jet, Inc., a wholly-owned subsidiary of Sentient Jet Holdings, LLC. All flights are operated by FAR Part 135 air carriers ("Operators"), who shall maintain full Operational Control of charter flights at all times. Operators providing service for Sentient Jet Membership must meet both FAA safety requirements and additional standards established by Sentient Jet, Inc. Some flights will be operated by Sentient Flight Group, LLC or by one of the wholly-owned subsidiaries of Sentient Jet Holdings, LLC, each as an individual FAR Part 135 air carrier with full Operational Control of their respective charter flights and each operating in full compliance with all FAA requirements and Sentient Jet, Inc. standards. The Sentient Program is the flexible, safe, convenient and economically prudent approach to private jet travel. More information on Sentient is available at www.sentient.com
About Atlantic Aviation Flight Services
Atlantic Aviation Flight Services, Inc. provides executive aircraft charter, full management services, and acquisition services to over 350 clients in the United States. Atlantic Aviation Flight Services has been managing aircraft for over 75 years and offering FAR Part 135 air charter operations for over 35 years. Atlantic currently has bases of operations in eight states including NJ, NY, CT, PA, MA, DE, FL and CA. Atlantic's fleet consists of a wide selection of aircraft and manufacturers, including Gulfstream, Falcon, Challenger, Hawker, Beechjet, Learjet, Citation and King Air products. Atlantic Aviation Flight Services is committed to providing superior service and value to our clients by continually representing their best interests in every decision, never compromising safety, quality or integrity. More information is available at www.atlanticflight.com.
About Voyager Group
Voyager Group, based in Pittsburgh, PA, is a private equity company with diversified holdings including private aviation, real estate development, and information technology. Voyager operates Voyager Jet Center, an aircraft management and fixed base operator at Allegheny County Airport in Pittsburgh, and Yellowstone Jetcenter, at Gallatin Field in Bozeman, MT. More information is available at www.voyagergrp.com.
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