In the face of tight credit
markets and an economic environment that has led to several industry
failures, Eos Airlines has agreed to a term sheet outlining the terms on which Eos will
secure an additional $50 million in capital from a current investor.The
transaction, which is scheduled to close May 1, 2008, underscores
confidence in Eos’ proven business model built around an entirely new class
of air travel.
“When we closed on our last round of financing, we were clear that we
would need to raise additional capital,” said Jack Williams, Eos President
and CEO. “Our success - in the face of this extremely challenging economic
and credit environment - shows that investors continue to be enthusiastic
about our business model.
“At a time when much of the airline industry is mired in misery, we
have provided outstanding service and shown an uncompromising commitment to
quality. We’ve achieved an extremely high level of satisfaction among our
Guests, many of whom have personally embraced the company and become our de
facto ambassadors. We have the most efficient business model, our flight
loads have increased and our revenues have risen consistently.
“Now we have a term sheet with a current investor for the financing
needed to take us to corporate profitability in 2009.
“I want to take this opportunity to express my appreciation to our
dedicated employees, who come to work each and every day with the goal of
transporting our Guests - literally and figuratively - and who have made
our success possible.”
The Eos Class experience is so far beyond traditional airline service
that it is “unairline.” Eos flies the world’s only fleet of Boeing 757s
outfitted for just 48 Guests and provides door-to-door, stress-free,
seamless travel. Currently operating up to 44 flights a week between New
York JFK and London Stansted, Eos recently announced new routes between
Newark/Stansted and London/Dubai for 2008. The company also recently
introduced a lifestyle magazine, Eos Class, a fresh and modern tasting menu
and significant upgrades to their loyalty program, Club 48.