International Aircraft Investors Purchases Airbus A320-200.TORRANCE, Calif.--(BUSINESS WIRE)--Dec. 16, 1999-- International Aircraft Investors (IAI IAI Infection And Immunity (journal) IAI International Alliance for Interoperability IAI Institut für Angewandte Informatik IAI Inter-American Institute for Global Change Research IAI International Association for Identification ) (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 :IAIS IAIS International Association of Insurance Supervisors IAIS Irish American Information Service IAIS Improved Avionics Intermediate Shop IAIS I Am I Said (Neil Diamond) IAIS Iowa Interstate Railroad System ) announced today that it completed the purchase of one 1993 Airbus A320-200 that is on lease to Caledonian Airways Caledonian Airways was a Scottish international airline formed in 1961, initially using Douglas DC-7s. It was founded by John de la Haye and Adam Thomson, and initially was a successful charter operation. until April 2003. The acquisition of the company's second A320-200 increases the company's portfolio to 16 aircraft on lease to 15 airlines worldwide. The A320-200 is one of the industry's most economical, low cost, fuel efficient aircraft presently in service. This increasingly popular twin-engine narrowbody aircraft Noun 1. narrowbody aircraft - a commercial airliner with a single aisle narrow-body, narrow-body aircraft airliner - a commercial airplane that carries passengers has seen a dramatic increase in its customer base in the 1990's. Caledonian Airways is an international charter airline based out of the United Kingdom. Caledonian is currently in the process of merging with Flying Colours flying colours Noun, pl conspicuous success; triumph: they passed with flying colours Noun 1. , which is owned by Thomas Cook, one of the world's largest tour operators. In March 2000, the merged airline will be renamed JMC JMC Joint Military Commission JMC Jefferson Medical College JMC Jax Money Crew (computer gaming) JMC Joint Munitions Command (US Army; Rock Island Arsenal, Rock Island IL) JMC James Madison College Airlines and will operate a combined fleet of 28 aircraft, including 10 Airbus A320's, ranking JMC as the second largest charter airline in terms of fleet size in the United Kingdom. This is the third of a previously announced four aircraft acquisition package totaling over $110 million. The previous two aircraft were a Boeing Model 737-400 on lease to GB Airways in Gibraltar and a Boeing Model 757-200ER on lease to Canada 3000 until May 2002. The last aircraft is tentatively scheduled for delivery in the first quarter of 2000. This current aircraft acquisition program is consistent with IAI's fleet strategy of acquiring state-of-the-art single aisle, twin engine aircraft that have a diversified worldwide customer base and long term demand. Except for historical information contained herein, the matters discussed in this release contain forward-looking statements which involve risks and uncertainties. The Company's actual results may differ from the results discussed in the forward-looking statements. Factors that might cause such differences include but are not limited to, the Company's ability to re-lease and remarket aircraft, changes in economic conditions in the airline industry, the limited number of aircraft the Company owns and has under lease, the Company's reliance upon International Lease Finance Corporation, the Company's ability to obtain financing and renegotiate loans, and other risks detailed in the Company's continuing reports filed with the Securities and Exchange Commission. |
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