Eclipse Aviation Secures Long-Term Financing Through Agreement with
ETIRC Aviation in Europe and Russia
Expanded partnership targets Eclipse 500 as the global standard
for very light jets
ALBUQUERQUE, NM — January 14, 2008 — Eclipse Aviation, manufacturer
of the world's first very light jet (VLJ), today announced it will
expand its partnership with European Technology and Investment
Research Center (ETIRC) Aviation. The agreement between the two
companies includes an equity investment by ETIRC in Eclipse that is
substantially in excess of $100 million. The agreement also provides
for significant additional financial benefits to Eclipse as agreed
commercial objectives are realized. Upon completion of the equity
investment ETIRC will be the single largest shareholder of Eclipse
Aviation. ETIRC CEO Roel Pieper has been elected non-executive
Chairman of Eclipse Aviation.
ETIRC is currently the exclusive provider of sales, customer
service, maintenance support and flight training for the Eclipse 500
in the countries of Eastern Europe, the Russian Federation, the
Commonwealth of Independent States and the Republic of Turkey. Under
the new arrangement, ETIRC will add Western Europe and the United
Kingdom to its distribution and services area. As a result ETIRC
will be the exclusive partner for Eclipse in more than 60 countries.
As part of its expanded partnership with Eclipse, ETIRC has the
right to establish local assembly of the Eclipse 500 within its
expanded region, helping Eclipse Aviation reach its global volume
production goals. ETIRC is in advanced stages of discussions for the
location of the assembly facility. The City of Ulyanovsk in Russia
is the leading candidate at the moment. Further announcements will
be made in the next few months.
'Entrusting the expanded region of Europe to ETIRC in this manner
represents a significant acceleration of our business plan,' said
Vern Raburn, Eclipse Aviation president and CEO. 'Expanding our
relationship with ETIRC will rapidly increase the impact of the
Eclipse 500 in this region and position us to meet the needs of our
growing number of customers outside of North America.'
'The Eclipse 500 is by far the best value proposition for jet
ownership anywhere in the world,' said Roel Pieper, CEO of ETIRC.
'We are pleased to expand our partnership with Eclipse Aviation to
further support the volume growth of this intriguing and innovative
aircraft. We believe that a close cooperation between our companies
will make the Eclipse 500 the global standard for very light jets.'
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 programs and VLJ
maintenance centers. 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. Contact ETIRC at
www.etirc.com.
About Eclipse
Eclipse Aviation is the world's leading very light jet (VLJ)
manufacturer, producing innovative, affordable jets that are
revolutionizing air transportation. The company created the VLJ
category with the design, certification and delivery of the Eclipse
500 - the industry's first VLJ. Eclipse applies advanced
technologies, manufacturing processes and business practices to
create high-performance aircraft that cost a fraction of other jets,
and provide the lowest cost of jet ownership ever achieved. By
changing the value proposition for private jet travel, Eclipse is
allowing more pilots to enter the world of jet-powered aviation and
enabling a new generation of entrepreneurs to help business
travelers move between cities on a quick, affordable and convenient
basis. Contact Eclipse at
http://www.eclipseaviation.com.
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