FirstFlight agrees New World purchase

FirstFlight has announced that it has signed a definitive purchase agreement to acquire charter operator, New World Jet Corporation.The combined operations are expected to significantly expand FirstFlight’s fleet of aircraft under management as well as increase its management and charter capabilities.

Commented John Dow, Chief Executive Officer of FirstFlight, “This acquisition is a tremendous opportunity for FirstFlight, our clients, employees, and shareholders. New World Jet has a long tradition as a successful FAA Part 135 operator of charter flights, our fleets are compatible and we share a client-oriented approach to business. We expect that this acquisition will boost our revenue and enhance our profitability. Moreover by combining our resources, we believe we will benefit from economies of scale and increase our presence throughout the U.S. and internationally. We have recently announced the addition of a number of industry professionals to our team to prepare for an increase in our fleet size and to ensure that we continue to provide the best service available.”

The closing of FirstFlight’s acquisition of New World Jet is expected to occur as soon as practicable.