Concord, Mass., July 7, 2008–Linear Air, the premier provider of point-to-point air taxi service in the Northeast, announced today that it has closed a $3.5 million round of equity financing. Proceeds from this round are to support the company’s continued growth of the Eclipse VLJ jet service launched in November 2007 as well as expansion of service in the Northeast.
“We have seen a tremendous amount of success since adding the Eclipse jets to our fleet in New England, where revenue in Q2 2008 is up 100% as compared to Q2 2007. We recently launched Eclipse jet service in the New York market and anticipate a similar reception. In these days of spiking fuel cost, our Eclipse jets are by far the most economical business jets available. Our plan is to continue to grow our fleet and replicate this success on a national level,” says William Herp, President and CEO of Linear Air.
To date, Linear Air has raised nearly $10 million in equity financing including this recent round of $3.5 million, and succeeded in leasing aircraft worth another $12 million through the company’s Aircraft Lease Program. The combination of investment programs has funded the development of the fleet together with scale systems and experience to support targeted expansion nationally. It has also fueled revenue growth and expansion of service area coverage. This transition to the Eclipse VLJ fleet is revolutionizing the air travel industry with service into highly accessible regional airports.
About Linear Air
Based in Concord, Massachusetts, Linear Air provides point-to-point air taxi service with unprecedented service to more than 750 cities in the Northeast, mid-Atlantic and eastern Canada. The Linear Air fleet includes three-passenger Eclipse E500 business jets and eight- passenger Cessna Grand Caravan turboprops. Linear Air is a FAA-certified part 135 charter operator that maintains a Gold safety rating from ARG/US, the leading independent safety auditorin the aviation industry. For more information, please visit www.linearair.com or call 1-877-2- LINEAR.