Eclipse Aviation Secures Long-Term Financing Through Agreement With ETIRC Aviation in Europe and Russia

ALBUQUERQUE , N.M., Jan. 14 /PRNewswire/ -- Eclipse Aviation, manufacturer of the world's first very light jet (VLJ), today announced it will expand its partnership with European Technology and Investment Research Center (ETIRC) Aviation. The agreement between the two companies includes an equity investment by ETIRC in Eclipse that is substantially in excess of $100 million. The agreement also provides for significant additional financial benefits to Eclipse as agreed commercial objectives are realized. Upon completion of the equity investment ETIRC will be the single largest shareholder of Eclipse Aviation. ETIRC CEO Roel Pieper has been elected non-executive Chairman of Eclipse Aviation.

ETIRC is currently the exclusive provider of sales, customer service, maintenance support and flight training for the Eclipse 500 in the countries of Eastern Europe , the Russian Federation, the Commonwealth of Independent States and the Republic of Turkey . Under the new arrangement, ETIRC will add Western Europe and the United Kingdom to its distribution and services area. As a result ETIRC will be the exclusive partner for Eclipse in more than 60 countries.

As part of its expanded partnership with Eclipse, ETIRC has the right to establish local assembly of the Eclipse 500 within its expanded region, helping Eclipse Aviation reach its global volume production goals. ETIRC is in advanced stages of discussions for the location of the assembly facility. The City of Ulyanovsk in Russia is the leading candidate at the moment. Further announcements will be made in the next few months.

"Entrusting the expanded region of Europe to ETIRC in this manner represents a significant acceleration of our business plan," said Vern Raburn , Eclipse Aviation president and CEO. "Expanding our relationship with ETIRC will rapidly increase the impact of the Eclipse 500 in this region and position us to meet the needs of our growing number of customers outside of North America ."

"The Eclipse 500 is by far the best value proposition for jet ownership anywhere in the world," said Roel Pieper, CEO of ETIRC. "We are pleased to expand our partnership with Eclipse Aviation to further support the volume growth of this intriguing and innovative aircraft. We believe that a close cooperation between our companies will make the Eclipse 500 the global standard for very light jets."

About ETIRC Aviation

ETIRC Aviation S.a.r.l. is a principal driver of the VLJ industry, creating virtual jet networks for airlines and aviation entrepreneurs. This will provide business communities with affordable, on-demand, point-to-point jet travel that drives productivity. ETIRC Aviation will offer a full range of white-label VLJ services to virtual jet network and jet taxi operators, including a real-time operations system, fleet financing, VLJ leasing, business consultancy, pilots, training programmes and VLJ maintenance centres. ETIRC Aviation is headquartered in Luxembourg and has offices in Moscow , Istanbul and Cyprus . The company was founded by Roel Pieper, a former top-level executive at Tandem Computers, Compaq Computer, and Philips Electronics. ETIRC Aviation S.a.r.l. has its principal place of business at 16 Rue Jean-Pierre Brasseur, L-1258 Luxembourg . ETIRC Aviation is registered under R.C. Luxembourg B 95 627. Contact ETIRC at http://www.etirc.com.

About Eclipse Aviation

Eclipse Aviation is the world's leading very light jet (VLJ) manufacturer, producing innovative, affordable jets that are revolutionizing air transportation. The company created the VLJ category with the design, certification and delivery of the Eclipse 500 -- the industry's first VLJ. Eclipse applies advanced technologies, manufacturing processes and business practices to create high-performance aircraft that cost a fraction of other jets, and provide the lowest cost of jet ownership ever achieved. By changing the value proposition for private jet travel, Eclipse is allowing more pilots to enter the world of jet-powered aviation and enabling a new generation of entrepreneurs to help business travelers move between cities on a quick, affordable and convenient basis. Contact Eclipse at http://www.eclipseaviation.com.

Eclipse Aviation Corporation, Eclipse and Eclipse 500 are trademarks of Eclipse Aviation Corporation

ETIRC Aviation and ETIRC are trademarks of ETIRC Aviation S.a.r.l. and ETIRC BV respectively.

SOURCE Eclipse Aviation

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