Icon will buy ailing Falcon Air

8th Dec 2006

Icon International Holdings has reached agreement with the Chapter 11 Trustee in Falcon Air to purchase the stock of Falcon under a Stock Issuance and Plan Funding Agreement.The agreement provides for Icon to control 100% of the outstanding shares of the Reorganized Falcon. Icon will pay $4,200,000 for the acquisition. Three million ($3,000,000) in cash at closing and issue common shares under Section 1145 of the Bankruptcy Code valued at $1,200,000, these shares will be liquidated under a Leak-Out Agreement at the rate of $100,000 per month for a twelve month period. As part of the acquisition Icon will acquire all parts, furniture and fixtures, contracts and licenses of Falcon.

Falcon is a FAA/FAR Part 121 Certified Airline qualified as both a Domestic and International Flag Carrier to provide scheduled and supplemental services and is DOT and DOD certified with worldwide authorization.

The agreement provides for the confirmation of the plan and closing in January of 2007.


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