Concord, MA, November 5, 2008 – Linear Air, the leading personal jet air taxi service provider in the Northeast, announced the close of $1.3 million in financing which includes new capital and debt.
“This new financing was pivotal for us to maintain market leadership during the current economic environment,” says President and CEO, William Herp. “While conditions for fundraising at this time are not ideal, we have a group of investors whose commitment to our success hasn’t waivered and remains strong.”
With the new financing, Linear Air is poised perfectly to launch its aircraft management program designed to assist those who have very light jet aircraft in the Northeast and Mid-Atlantic regions, with future potential for national service. The company’s new VLJ Aircraft Management Program will assist those with VLJ aircraft who desire access to aircraft maintenance, pilot training and the potential for higher charter revenues. While the program is most beneficial for Eclipse 500 VLJ aircraft owners, the program applies to a broad base of VLJ owners and aircraft types.
“Linear Air is ideally positioned for an Aircraft Management Program within the VLJ space due to our relationships with aircraft manufacturers and our in-house training program,” says Herp. “Our ability to ease the pain for others who operate similar aircraft is increasing, especially as uncertainty continues to surround the Eclipse 500 manufacturer, Eclipse Aviation Corporation.”
The VLJ Aircraft Management Program is classic in structure. Owners receive 85% of charter revenue, cover all related costs and pay a $2,500 monthly management fee to cover overhead. Linear Air offers owners higher aircraft utilization and higher cost offset through the company’s large database of customers without the hassle of handling the transactions.
About Linear Air
Linear Air provides point-to-point air taxi service with unprecedented access and affordability. Based in Concord, Mass., the Linear Air fleet includes Eclipse E500 business jets and Cessna Grand Caravan turboprops. Linear Air offers business and leisure travelers access to more than 500 cities in the Northeast and eastern Canada.Linear Air is a FAA-certified part 135 charter operator that maintains a Gold safety rating from ARG/US, the leading independent safety auditor in the aviation industry. For more information, please visit www.linearair.com or call 1-877-2-LINEAR.