Atlas Air Announces Customer Contracts.GOLDEN, Colo.--(BUSINESS WIRE)--Nov. 13, 1996--Atlas Air Inc. today announced that it has renewed expiring ACMI (Aircraft, Crew, Maintenance, Insurance) contracts with each of two customers -- China Airlines and Varig -- and has entered into a long-term contract with China Airlines for an additional unit of flying in 1997. Atlas indicated that China Airlines has entered into a new five-year ACMI contract with Atlas to replace an existing three-year contract that was scheduled to expire in January 1997. In addition, the Taiwanese flag carrier signed a new ACMI contract, also for a five-year term, for an additional aircraft to enter service for the airline in 1997. The value of the combined contracts to Atlas is approximately $240 million. In addition, Atlas has entered into negotiations with KLM KLM Kaiserliche Marine (Enigma: Rising Tide game) KLM Koninklijke Luchtvaart Maatschappij (Royal Dutch Airlines) KLM Klub Langer Menschen (German: Tall Person Club) , for one of the two aircraft currently operated by Atlas on its behalf, and with Swissair, with respect to the possible renewal of existing ACMI contracts which will otherwise terminate at the end of this year. Michael A. Chowdry, the Chairman 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 Atlas Air Atlas Air is an American cargo airline based in Purchase, New York, United States. It operates scheduled freight flights on an ACMI contract basis for some of the world's leading airlines, flying to 101 cities in 46 countries. , said, "We are pleased that these two carriers, both of whom are among Atlas' longest-term customers, have once again shown their commitment to Atlas and the services we provide. Our renewal with Varig signals our mutual commitment to continuing to serve the important and fast-growing South American marketplace. The contract extension with China, for an even longer term than the expiring agreement, further cements our relationship with our biggest customer. But, more importantly, the addition in 1997 of a long-term aircraft contract with China demonstrates once again that they have chosen to expand their air cargo air cargo: see aviation. operations by utilizing Atlas Air. The 1997 aircraft will mark the fifth Atlas aircraft This article is about a U.S. firm of the 1940s. For the South African aircraft manufacturer, see Atlas Aircraft Corporation Atlas Aircraft was a short-lived American aircraft manufacturer founded at Hemet, California by Max Harlow shortly after World War II. in service for China. In fact, China has added an Atlas aircraft to their operations every year of our existence. We are grateful for their continued commitment to Atlas." Atlas Air is a United States certified air carrier that operates a fleet of eighteen 747 freighters with an additional six aircraft scheduled for delivery throughout 1996 and 1997. Atlas operates its fleet under long-term contracts with some of the world's leading air carriers including Emirates, British Airways, China Airlines, Cargolux, FastAir, Thai International Airways, KLM, Lufthansa, SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. , Swissair and Varig, serving 52 cities in 25 countries. Atlas Air trades on the 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 under the symbol ATLS ATLS Advanced Trauma Life Support ATLS Aerial Target Launch Ship . CONTACT: Atlas Air Inc. Richard Shuyler, 303/526-5050 |
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