Buys half of TAG's interest in the company, now owns 75 percent

TAG Aviation USA, Inc. has sold one-half of its ownership interest in CitationShares Holding, L.L.C. to Cessna Aircraft Company, a subsidiary of Textron Inc. As a result, Cessna will assume 75 percent ownership of CitationShares, with TAG retaining a 25 percent stake. Previously, CitationShares was equally owned by Cessna and TAG.

The ownership change enables CitationShares to obtain the necessary air carrier certificate required by the FAA in preparation for the recently launched Vector JetCard program. Terms of the sale agreement were not disclosed.

"Cessna and TAG are great owners and terrific business partners, and we look forward to continuing our relationship with both of them under this new corporate structure," said Steve O'Neill, CitationShares chief executive officer. "Cessna's superb aircraft and product support, combined with TAG's client-driven aviation services expertise, gives us an unparalleled presence in our industry."

The Vector JetCard program enables individuals and companies to pre-pay for 25 hours of private flight time on CitationShares-operated aircraft. The program is innovative and simple - a two-page contract; payment by credit card, check or wire transfer; and one upfront, all-inclusive fee. No international fees, fuel surcharges or landing fees apply. In addition, pricing for the program is among the most competitive in the industry, starting at $84,995.

FMI: www.citationshares.com