XOJET Continues Expansion with Addition of Four Senior Management Team Members

The news comes on the heels of the announcement earlier this week that aviation industry veteran David N. Siegel has been named president and CEO as founder Paul Touw takes on the role of executive chairman.

SAN CARLOS, Calif. -- XOJET, one of the world’s fastest growing private aviation companies, has added four senior management team members as it continues a recent expansion driven by a strong balance sheet, highly efficient business model and increasing demand from customers.

The news comes on the heels of the announcement earlier this week that aviation industry veteran David N. Siegel has been named president and CEO as founder Paul Touw takes on the role of executive chairman, strengthening the leadership team as the company seeks to build on the momentum of this growth phase.

“XOJET has passed several important milestones recently,” said Mr. Touw. “We have obtained a total of $3 billion in financing, nearly doubled flight hours and revenues since last year and are launching service on our new Challenger 300 fleet this month. In the face of economic pressures, both corporate and individual private jet fliers are actively seeking out more efficient solutions and that is translating into increased demand. We also believe the current economic environment will strongly favor more efficient operations with strong balance sheets.”

Touw noted that XOJET’s 2008 revenues are 230% of 2007 based on January through August year over year performance. Flight hours for 2008 are 197% of 2007 for the same period year over year.

“We have found that by attracting the best and the brightest, we can actually do more with less – from our pilots to our maintenance crews to our customer service representatives – and have worked to deliver consistently outstanding customer satisfaction. These new members of our team are all-stars in their respective fields and will help us to realize the great opportunities we see ahead of us.”

The new executives who have joined are Holly Nelson, senior vice president, finance and controller; Jerry Joondeph, senior vice president and general counsel; Jim Prebil, senior vice president and chief information officer; and Theodore Botimer, senior vice president, systems.

Ms. Nelson has spent her career focusing on corporate accounting and reporting, financial planning and analysis, tax, financial accounting and systems, and internal controls. She has vast aviation industry experience, having served as senior vice president, controller and chief accounting officer for JetBlue Airways Corporation, where she was instrumental in taking the company public and contributing to its successful growth story, and as director of corporate accounting and reporting at Northwest Airlines, Inc. She is a certified public accountant and earned a BBA from the University of Wisconsin-Eau Claire.

Mr. Joondeph joins XOJET after serving as chief administrative officer and general counsel at ThinkPanmure LLC, a research and financial services provider. Prior to that, he was a partner with the international law firm of Squire Sanders & Dempsey, where his practice focused on general corporate and M&A issues with a particular emphasis on venture capital and private equity. He earned a JD and MBA from The Ohio State University.

Mr. Prebil brings more than 20 years of experience in information technology to XOJET. Prior to joining the company, he was senior vice president and CIO for Eos Airlines, Inc. where he was charged with leading the technology and related business processes for the company. He focused on the development of the information technology strategy that helped produce high standards for customer satisfaction and for recording the best on-time performance for its last seven quarters. Prior to Eos, he served as managing director and practice manager for Fujitsu Consulting. A graduate of the University of Illinois, he earned an MBA from the University of Baltimore.

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