Proceeds to fund expansion, including initial deposits on 30 Eclipse 500 VLJs
LEXINGTON, Ma, Jan. 5, 2006 – Linear Air, a premier air-taxi service that is transforming the private air travel industry, today announced it has closed $2.5 million of additional funding. The proceeds will fund initial deposits on 30 next-generation very light jets, or VLJs, from Eclipse Aviation Corp., and support the company’s expansion in Boston, New York and the Caribbean.
“Linear Air’s strategy with the VLJ market has given us credibility with investors and with Eclipse, which has recognized our success by putting us near the head of the line with our jet order,” said William Herp, CEO and president of Linear Air.
The funding round comprises new and existing investors, mostly private individuals and including a number of prominent business and financial professionals.
“In securing this current round of investment funds, we will be the first operational aircraft company to include VLJs in our fleet in 2006,” said Herp. “The unprecedented economics of these new small jets will make private jet travel more affordable than ever before, helping bring business travel to the next plateau.”
The announcement comes 18 months after the company received an initial round of funding to begin operating propjet aircraft in the emerging jet-taxi business. In just over a year, Linear Air has grown from two to 25 workers, increased business partnerships, and bolstered its aircraft fleet to an expected nearly three dozen by 2007.
Linear Air’s per-seat and on-demand air service will effectively revolutionize the travel industry as the new Eclipse 500 aircraft will allow the company to expand its existing propjet service to smaller markets within point-to-point 500-mile regional networks and around major metropolitan areas.
The company plans to add service in several additional major metropolitan areas by the time the Eclipse aircraft begin entering the fleet next year. Linear Air currently operates the largest fleet of luxury Cessna Grand Caravans in the Northeast.
About Linear Air
Linear Air, based in Lexington, Mass., is a premier air-taxi service that is transforming the private air travel industry. The carrier currently operates from Hanscom Field in Bedford, Mass., near Boston, Teterboro Airport in Teterboro, N.J. and Westchester County Airport in White Plains, N.Y., both just outside New York City, and from San
Juan, Puerto Rico in the Caribbean. Linear Air provides short-hop private air travel at airline rates. The company offers executives and families personalized customer service, flexibility and convenience at attractive fares.
For more information about Linear Air or to book a flight, please visit www.linearair.com or call 781-860-9696 or 1-877-2-LINEAR.
See also: CityBizList