Cash Infusion Fuels All-Business-Class Carrier

This week, Primaris Airlines, Inc. and Americasia Holdings Limited announced the signing of a contract for an initial funding of almost $100 million for what the carrier says will be a new higher-service, lower-cost "professional class" scheduled airline between the East and West Coasts of the United States -- and, ultimately, across the Pacific to Asia.

"We recognized a real need for this kind of professional-quality, executive-friendly, truly-economical product," says Mark Morris, CEO of Primaris, "and so we are stepping into the breach. Our partners at Americasia Holdings share our total commitment and have agreed to serve as lead investor in a much larger funding program."

Primaris has operated as a charter carrier for the past four years, flying Boeing 757 aircraft. It has variously served the White House Press Corps, tour operators and customers in Kazakhstan, Nigeria, China, India, Pakistan, Peru, Poland, Venezuela and Hawaii. It has its operational headquarters in Las Vegas, NV and its administrative headquarters in Scottsdale, AZ.

As ANN reported, the charter airline was among the first carriers, in 2004, to place orders for what was then referred to as the Boeing 7E7 -- later known as the 787 Dreamliner.

"We have a combination of experienced long-haul pilots, crew and a staff of more than 200 employees," said Richard Gray, Primaris' Chief Investment Officer. "We think the Pacific Rim offers a great opportunity for an airline such as ours. We're ready to go."

Primaris will be a "one-class/business-class" airline with extra room, on-board communications technology and personal service. "Our goal is to be your office in the air," says Morris.

Calyon, a wholly-owned subsidiary and investment banking arm of Credit Agricole, S. A. has been retained by Primaris.

FMI: www.primarisairlines.com