Tue, Mar 06, 2007
Company Says It Gives On-Demand Carrier A Leg-Up
Rule number one for starting an
airline, regardless of size: start with money. A LOT of money...
and DayJet announced Tuesday it has received $50 million in
capital, resulting from the completion of its third round of
private equity financing. The company says this latest round of
investment provides DayJet with the capital required to launch its
on-demand air taxi service in the second quarter of 2007.
Combined with the proceeds of earlier funding rounds, DayJet
also tells ANN this transaction places the company among the best
capitalized pre-operational passenger air carriers in US aviation
history... and the largest in the on-demand sector. The majority of
Series C securities were placed with new investors, including eight
institutions and private equity funds as well as numerous
individuals.
Private equity investors from outside of the United States were
also part of the investor group. Raymond James & Associates,
Inc. served as financial advisor to DayJet, and certain affiliates
of Raymond James also participated as investors in the offering.
The capital raised in this round will be used to finalize the
development of the company’s infrastructure and systems, hire
and train the launch teams, and support the roll-out of
DayJet’s “Per-Seat, On-Demand” regional flight
operations across Florida and the Southeast.
"This funding is the keystone to the operational launch of our
'Per-Seat, On-Demand' jet service," said Ed Iacobucci, president
and CEO of DayJet. "With the necessary capital now in place, we are
just months away from delivering regional business travelers
something they have never had -- accessible and affordable
mobility between difficult-to-reach regional destinations."
Headquartered in Delray Beach, FL, DayJet intends to begin
operations later this year, utilizing the Eclipse 500 very light
jet.
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