Flight Options Press Release

Flight Options Reaches 150 Fractional Owners

Cleveland, OH - Less than three months after marking its milestone 100th customer, Flight Options, Inc. announced today another turning point in the company’s unprecedented growth – the signing of its 150th customer, AM General Corp.

AM General produces the rugged military Humvee® and its civilian counterpart, the HUMMER®.  South Bend, Indiana-based AM General will enjoy the advantages of a Citation II and Hawker 800A. 

Flight Options Chairman and CEO, Kenn Ricci stated, “The market has come to understand the inherent value of fractional shares in a pre-owned aircraft.  At competitive “new” fractional aircraft programs, you pay retail sticker price for your share-- even though the airplane that picks you up may have 600,1000, 2000 or more flight hours – pre-owned by any definition.  Our program clearly gives the owner what they pay for.” 

At the Paris Air Show, the company announced an order valued at $760 million for the purchase of 25 Envoy 7 intercontinental business jets.  Envoy 7 deliveries will begin in 2002, joining the current Flight Options fleet of Citation II, Beechjet 400A, Hawker 800A, and Challenger 601 aircraft. 

In August, Flight Options obtained $20 million for expansion in a deal with Monitor Clipper Partners, a leading international strategy consulting and private equity investment firm.  The additional capital has allowed the company to keep pace with the phenomenal demand for its program by building the infrastructure for continued growth and increasing the pace of aircraft purchases. 

Flight Options introduced its pre-owned, nationally available fractional program October 13, 1998 at the NBAA Convention in Las Vegas -- exactly one year ago.  With the announcement of its 150th customer, Flight Options maintains its position as the fastest growing fractional program in the industry.  Based in Cleveland, Ohio, Flight Options was formed with an emphasis on bringing value-added jets to the fractional ownership market."

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