HOUSTON, Jan. 28, 2011 /PRNewswire/ -- AvStar Aviation Group, Inc. (AvStar) (Pink Sheets: AAVG) today announced that February 15, 2011 has been set as the tentative closing date for the acquisition of a 35% interest in Aircraft Charters, LLC. The Letter of Intent for this acquisition was first announced in late December 2010 (see http://www.prweb.com/releases/2010/12/prweb4920324.htm for the full announcement).
AvStar also announced today that its wholly owned subsidiary, Twin Air Calypso Limited, Inc. (Twin Air Calypso) will be moving their passenger and freight operations to new facilities. February 15, 2011 is the projected date for the passenger operations of Twin Air Calypso to move into the newly constructed complex of Sheltair Northside. Sheltair Northside is located at the Ft. Lauderdale-Hollywood International Airport (FLL) and Twin Air Calypso will occupy approximately 2400 sq. ft. of the complex for passenger operations. Freight operations will be conducted from an adjoining building of the same complex. In addition to rental savings over the current facility, the relocation agreement includes a tenant preferred fuel rate, which will save the company more than $75.000.00 per year based upon current operations. These savings will increase the company's profitability and shareholder value.
"Twin Air Calypso's move to the new facility will give the company a new image and allow us to better accommodate our clients. By separating the passenger and freight operations the passengers will enjoy an airline terminal atmosphere while the freight operations will be able to expand with the additional space. The fuel cost reduction contributes directly to the bottom-line and will increase as our operations expand. This move along with the appointment of Art Stevenson as Chief Pilot provides us the infrastructure for our move to commuter status. With the improvement we already see in this year's revenues, and the anticipated opening of West Palm Beach, 2011 will be a watershed year for Twin Air Calypso Limited, Inc. All of our associates are excited about this move and look forward to welcoming our clients to our new surroundings," said Clayton Gamber, CEO of AvStar Aviation Group, Inc.
Forward-Looking Statements: Certain statements contained in this release issued by AvStar Aviation Group, Inc. (the "Company") that are not historical facts are "forward-looking" statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, and because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are statements regarding the intent, belief, or current expectations, estimates, or projections of the Company, its directors, or its officers about the Company and the industry in which it operates and are based on assumptions made by management. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. When issued in this report, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are generally intended to identify forward-looking statements.
SOURCE AvStar Aviation Group, Inc.