FirstFlight Divests Charter Subsidiary | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-05.13.24

Airborne-NextGen-05.14.24

Airborne-Unlimited-05.15.24 Airborne-AffordableFlyers-05.16.24

Airborne-Unlimited-05.17.24

Mon, Mar 09, 2009

FirstFlight Divests Charter Subsidiary

Appoints Ronald Ricciardi President And CEO

FirstFlight announced Sunday it has divested its Airborne subsidiary through a Share Exchange Agreement dated March 2, 2009 with Airborne's former owners, John and Daphne Dow.

Airborne, FirstFlight's former charter segment, will now operate independently. FirstFlight will maintain the company's fixed base (FBO) and heliport operations. Additionally, Ronald Ricciardi, Vice Chairman of FirstFlight, will assume the position of President and Chief Executive Officer, offices he had previously held. Dow, the former president and CEO and a director of FirstFlight, has resigned from all positions he held at FirstFlight in order to focus his attention on Airborne.

"FirstFlight has a solid FBO and heliport business," said Ricciardi, "and it is our intent to pursue opportunities using our business as a platform for growth. We wish John and the Airborne organization all the best in their pursuits within the charter management and related areas."

For the three months ended September 30, 2008, Airborne's operations represented $7,214,776... or 71% of FirstFlight's total revenue. It generated an operating loss of $602,123 for the same period.

Under the Share Exchange Agreement, FirstFlight exchanged the shares it owned in Airborne, which had been a wholly-owned subsidiary of FirstFlight, for 3,418,534 shares in FirstFlight and options and warrants to purchase 1,100,000 shares of FirstFlight owned by Mr. Dow and/or Mrs. Dow, representing all of FirstFlight's shares, options and warrants owned by Mr. Dow and Mrs. Dow.

Also in connection with the divestiture of Airborne, FirstFlight agreed to loan Airborne $750,000 and Airborne issued a Promissory Note in favor of FirstFlight in the amount of $750,000.

Also on March 2 FirstFlight, Airborne and Five Star Bank entered into a Loan Agreement whereby Five Star agreed to loan FirstFlight and Airborne an aggregate of up to $1,000,000 on a demand line of credit basis. This loan replaces the existing credit facility that FirstFlight has with Five Star and provides that FirstFlight and Airborne are jointly and severally responsible for the indebtedness. The line of credit will be used to fund the working capital needs of FirstFlight.

FMI: www.fflt.com

Advertisement

More News

ANN's Daily Aero-Term (05.17.24): Very High Frequency

Very High Frequency The frequency band between 30 and 300 MHz. Portions of this band, 108 to 118 MHz, are used for certain NAVAIDs; 118 to 136 MHz are used for civil air/ground voi>[...]

ANN's Daily Aero-Linx (05.17.24)

Aero Linx: Aviation Suppliers Association Established February 25, 1993, the Aviation Suppliers Association (ASA), based in Washington, D.C., is a not-for-profit association, repre>[...]

ANN FAQ: Submit a News Story!

Have A Story That NEEDS To Be Featured On Aero-News? Here’s How To Submit A Story To Our Team Some of the greatest new stories ANN has ever covered have been submitted by our>[...]

Classic Aero-TV: ANN Visits Wings Over The Rockies Exploration Of Flight

From 2021 (YouTube Version): Colorado Campus Offers aVariety Of Aerospace Entertainment And Education Wings over the Rockies Exploration of Flight is the second location for the Wi>[...]

Airborne Affordable Flyers 05.16.24: PRA Runway, Wag-Aero Sold, Young Eagles

Also: Paramotor Champ's, Electric Ultralight, ICON BK Update, Burt Rutan at Oshkosh! The Popular Rotorcraft Association is reaching out for help in rebuilding their private runway >[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2024 Web Development & Design by Pauli Systems, LC