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Aviation News Round Up


Avatar Airlines receives first investor funds and moves into fast track


Last week Avatar Airlines received its first investor funds pursuant to its ongoing $300 mm private offering and recently-implemented Pilot Investor Program. The Company believes that the program will help fast -track the success of the offering by granting pilots with the necessary FAA and SEC credentials, a priority number for employment as a 747 Captain once the airline is certified.


Avatar’s plan is to exclusively fly the Boeing 747 jumbo jet and consequently has chosen to hire the crème de la crème of the worlds most experienced airline pilots. Every pilot must be rated in the 747 and with a minimum of 10,000 flight hours with some as much as 30,000 hours. In addition, pilots who meet all flight requirements will also need to buy into Avatar’s private equity offering.


Avatar’s CEO, Barry Michaels said, “ Although our first investor represents a very modest part of our $300 mm offering it’s represents a very significant milestone. For those in the investment community, it presents proof-of-concept that the program will be successful. I believe it is going to snowball. No one likes to be first, and now we have our first, with several others in the pipeline. I think it’s a defining moment for Avatar.


"There’s no better way to validate Avatar’s business plan than through a financial investment made from the very pilots that will fly Avatar’s aircraft once certified. Avatar is confident that it will deliver on its promise to turn the airline industry on its head by returning large wide-bodied aircraft to the sky while eliminating the nickel and dime philosophy of other airlines all to the benefit of budget-conscious travellers.”


Michael E. Zapin, EVP, added, "Though there are still hurdles and benchmarks Avatar must meet in order to become designated as a fully certified 121 passenger/freight operation, it is now headed in the right direction and at full speed. An ultimate win for its investors and the flying public."