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ETIRC Aviation Launches First Very Light Jet (VLJ) Service Provider Business in Europe.

Dutch Entrepreneur Roel Pieper Teams with Eclipse Aviation to Provide the First Affordable, On-Demand, Point-to-Point Business Travel in Eastern Europe Using Very Light Jets

GENEVA -- ETIRC Aviation S.a.r.l. today announced the first Very Light Jet (VLJ) Service Provider business, which will provide airlines and aviation entrepreneurs with the complete white label infrastructure required to rapidly build and deploy virtual jet networks (VJNs) and jet taxi services with a focus on Eastern Europe. The company already has financing in place with undisclosed financial partners that will enable the purchase of several hundred very light jets, predominantly Eclipse 500 aircraft. ETIRC Aviation today also announced its first major VJN operator (VJNO) customer, Atasay, in Turkey, which will make use of up to 180 Eclipse 500 jets. For further details, please see accompanying press release.

ETIRC Aviation, led by European high-tech industry veteran Roel Pieper, is currently rolling out the first VLJ Service Platform, which includes a real-time scheduling and operations system, fleet financing and VJNO consultancy, aircraft leasing, aircrew, pilot training programmes and aircraft maintenance facilities. Airlines and aviation entrepreneurs will use ETIRC Aviation's VLJ Service Platform to provide the business community with affordable, on-demand, point-to-point jet travel that drives employee productivity and improves work-life balance.

ETIRC Aviation is being supported in its launch by Eclipse Aviation, which has just delivered ETIRC's first Eclipse 500 jet, one of the first ten commercially supplied planes from Eclipse anywhere in the world. ETIRC Aviation has today announced that it has ordered 120 Eclipse 500 jets with an option for 60 more for deployment in Turkey in a joint venture with Atasay. This is in addition to a existing recently placed order for 40 Eclipse 500 jets.

Commenting on the launch of ETIRC, Vern Raburn, president and CEO Eclipse Aviation said: "Eastern Europe is a prime market for the Eclipse 500 due to the region's highly diversified business travel needs and typical journeys of under 500km. ETIRC Aviation, a strong Eclipse partner for over a year, has the vision, financial strength and entrepreneurial customer base to make a new layer of air transportation a reality for Eastern Europe's frustrated business travellers."

"Air transportation is failing business travelers right across the European continent," said Pieper. "Today's reality of crammed hub airports and flights or interminable road and rail journeys is about to be replaced by affordable, personal jet travel that will take you to and from any of the one thousand plus regulator controlled airports in Europe. ETIRC Aviation is there to deliver on this promise and has the jets, the financial backing and the customer order book to make this a reality in Europe. We're starting with Eastern Europe as that region has an obvious need, strong economic growth and strong political backing."

ETIRC Aviation has four key business divisions, each of which will supply a range of products and services that will form the core of the company's VLJ Service Platform:

* ETIRC Aviation Asset Management, is raising debt and equity financing for several hundred VLJs and will be responsible for acquiring and managing the ETIRC fleet of VLJs. Asset Management will also provide full fleet financing services, aircraft leasing, financial engineering, tax optimisation and VJNO business consultancy.

* ETIRC Aviation Fleet Services will provide a real-time scheduling and operations system, enabling rapid pricing, scheduling and dispatch of VLJs in response to customer requests; optimisation of pan-European VJN capacity; and operational support, such as flight planning, weather reporting and more. Fleet Services will also manage the deployment of ETIRC's fleet of VLJs, and will provide highly qualified aircrew to fly the planes.

* ETIRC Aviation Crew Services will handle all human resources matters, including contracting of pilots and payroll.

* ETIRC Aviation Jet Services will establish maintenance and aircrew training facilities in a number of locations across Europe. Maintenance teams will provide complete first and second line support for ETIRC Aviation's fleet of VLJs, including airframe, avionics and engine maintenance, automated failure prediction, spares and more. The training facilities will provide type rating and recurrent training for ETIRC Aviation's aircrew. The first facilities are expected to open for business in the second half of 2007.

ETIRC Aviation expects to make a number of announcements through 2007 and 2008 which will demonstrate the growing momentum in its VLJ Service Provider business.

About ETIRC Aviation

ETIRC Aviation S.a.r.l. is a principal driver of the VLJ industry, creating virtual jet networks for airlines and aviation entrepreneurs. This will provide business communities with affordable, on-demand, point-to-point jet travel that drives productivity. ETIRC Aviation will offer a full range of white-label VLJ services to virtual jet network and jet taxi operators, including a real-time operations system, fleet financing, VLJ leasing, business consultancy, pilots, training programmes and VLJ maintenance centres.

ETIRC Aviation is headquartered in Luxembourg and has offices in Moscow, Istanbul and Cyprus. The company was founded by Roel Pieper, a former top-level executive at Tandem Computers, Compaq Computer, and Philips Electronics. ETIRC Aviation S.a r.l. has its principal place of business at 16 Rue Jean-Pierre Brasseur, L-1258 Luxembourg. ETIRC Aviation is registered under R.C. Luxembourg B 95 627.

For more information, see http://www.etirc.com
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Publication:Business Wire
Date:May 23, 2007
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