Flight Options Press Release

Flight Options Welcomes 500th Owner

Flight Options continues rapid growth rate as fractional jet ownership provider

CLEVELAND, OH (October 9, 2000)-- Since the operation of Flight Options, a provider of fractional shares in jet aircraft, began in October 1998, Chairman and CEO Kenn Ricci’s company has experienced tremendous growth.  The company reached 150 customers in one year, and now, after just two years, Flight Options has signed its 500th customer, Bruce Blume, CEO of The Blume Company.

Blume, a Seattle resident who is married and the father of five children under the age of 14, purchased a share in one of Flight Options’ investment-quality aircraft, the Falcon 50.  Blume’s family frequently travels in the Northwest and needed an aircraft that was comfortable and reliable.  After testing other jets in the Flight Options’ fleet, Blume said, “The Falcon 50’s large cabin, wrap-around couch, general performance and reasonable price is the perfect fit for my family.”

The growth of Flight Options has had a major impact on the fractional aircraft ownership market.  According to data compiled by ARG/US, a provider of primary market research and corporate aircraft operation databases, and AvData, Inc., a company specializing in the collection of data regarding the owners and operators of all civil aircraft worldwide, during the first seven months of 2000, Flight Options ranked second among all fractional aircraft ownership programs with 26.5% of the total sales and 191 fractional shares sold. 

Of the 722 fractional shares sold during this time period, only Executive Jet Sales/Net Jets posted a higher market share (28% percent) than Flight Options.  For the first time in the company’s history, Flight Options earned more market share than Flexjet/Business Jet Solutions (19.9%) and Raytheon Travel Air (16.3%).  Four other operators comprised the rest of the total market with a combined share of 9%.

Flight Options International, Inc., located in Cleveland, Ohio, operates with an emphasis on supplying pre-owned jets to the fractional ownership market. Flight Options offers fractional shares in its fleet of 82 aircraft, which includes the Citation II, Beechjet 400A, Citation III, Hawker 800, Falcon 50, Challenger 601 and Gulfstream IV."

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