Air L.A. finalizes Capitol Air acquisition.LOS ANGELES--(BUSINESS WIRE)--Feb. 3, 1995--Air L.A. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AILA) Friday announced that it has finalized the previously announced acquisition of St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minn.-based Capitol Air. The boards of directors of Air L.A. and Capitol Air and the stockholders of Capitol Air have approved the acquisition which was a stock transaction valued at about $1.5 million. The final agreement was signed by Wayne Schoenfeld, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Air L.A., and Al Claseman, Capitol's chief executive officer. Schoenfeld said: "The acquisition of Capitol Air was ideally suited for Air L.A. as part of our strategic growth plan through acquisitions and mergers. Capitol Air's route structure in the Midwest is ideally suited for the advanced Metroliner 23 aircraft we operate. This combination will result in significant economies for both companies." Schoenfeld said that Air L.A. will continue to seek other airline candidates for its expansion plans which will help in reducing operating costs operating costs npl → gastos mpl operacionales and which will increase profitability. Air L.A. commenced its midwest operations on Jan. 30, 1995, with four round-trip flights daily between St. Paul and Chicago's Midway Airport. Tim Clarey, president of Air L.A., said, "We anticipate sending additional aircraft to support the planned expansion of Capitol Air routes beginning in mid-February." In addition to its new midwest routes, Air L.A. provides service to and from Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Bakersfield, Fresno, Stockton, Calif., Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Phoenix, Tijuana and Hermosillo, Mexico. On Air L.A.'s international routes into Mexico, it operates under a code share agreement with Aeromexico. CONTACT: Air L.A. Wayne Schoenfeld, 310/215-8248 or The Myers Co. Phillip I. Myers, 310/282-2572 |
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