Viva Airlines Nears Finalization of Agreement with Queen Air, Aeronaves Queen, S.A.
Monday March 10, 12:18 pm ET
TRAVERSE CITY, Mich.-The Auxer Group, Inc. (OTCBB: AXGI - News) announced today that Viva Airlines is close to finalizing its agreement to acquire a 49% shareholder interest in Queen Air, Aeronaves Queen, S.A.
Robert Scott, Auxer's President and Chief Executive Officer, stated, "In a recent phone conversation with Queen Air's counsel, Eduardo Pina, we were advised that the Civil Aeronautical Authority of the Dominicana has issued a temporary license to Queen Air. This temporary license will be converted to a permanent license upon completion of satisfactory proficiency testing. This development allows us to complete the agreement with Queen Air and move equipment into the Dominican Republic for inspection and appropriate testing subject to the government's requirements".
Mr. Scott further stated, "We have a Super 27 under purchase agreement that has recently emerged from scheduled FAA repair services and we expect to use this aircraft for the testing. Prior to doing the testing, we will have some interior decorating and modifications to include carpeting, seating covering as well as audio and video enhancements. The interior decorating and modifications should be completed in approximately 14 days and we will then make arrangements for transport to the Dominican Republic for the proficiency testing".
Mr. Scott also said, "The licensing issue with Queen Air prevented us from finalizing an agreement. The whole process consumed more time and energy than we had originally budgeted. However, we are now positioned to take the next step. Despite this very favorable news it is important for Viva's start up operations that we do not lose sight of the currently unusually high fuel prices and the pending war with Iraq. We will proceed cautiously towards preparing Viva to operate".
Mr. Scott closing comments were as follows, "The timetable for Viva to commence its flight operations is now expected to be near the end of April or the beginning of May. This timetable is offered in anticipation of the Dominican Republic proficiency testing to be relatively routine. The steps we take now and over the next few weeks will allow us to predict our actual start-up with more certainty and accordingly, we will make further announcement".
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, competition, new products, and technological changes, intellectual property rights and other risks.
Monday March 10, 12:18 pm ET
TRAVERSE CITY, Mich.-The Auxer Group, Inc. (OTCBB: AXGI - News) announced today that Viva Airlines is close to finalizing its agreement to acquire a 49% shareholder interest in Queen Air, Aeronaves Queen, S.A.
Robert Scott, Auxer's President and Chief Executive Officer, stated, "In a recent phone conversation with Queen Air's counsel, Eduardo Pina, we were advised that the Civil Aeronautical Authority of the Dominicana has issued a temporary license to Queen Air. This temporary license will be converted to a permanent license upon completion of satisfactory proficiency testing. This development allows us to complete the agreement with Queen Air and move equipment into the Dominican Republic for inspection and appropriate testing subject to the government's requirements".
Mr. Scott further stated, "We have a Super 27 under purchase agreement that has recently emerged from scheduled FAA repair services and we expect to use this aircraft for the testing. Prior to doing the testing, we will have some interior decorating and modifications to include carpeting, seating covering as well as audio and video enhancements. The interior decorating and modifications should be completed in approximately 14 days and we will then make arrangements for transport to the Dominican Republic for the proficiency testing".
Mr. Scott also said, "The licensing issue with Queen Air prevented us from finalizing an agreement. The whole process consumed more time and energy than we had originally budgeted. However, we are now positioned to take the next step. Despite this very favorable news it is important for Viva's start up operations that we do not lose sight of the currently unusually high fuel prices and the pending war with Iraq. We will proceed cautiously towards preparing Viva to operate".
Mr. Scott closing comments were as follows, "The timetable for Viva to commence its flight operations is now expected to be near the end of April or the beginning of May. This timetable is offered in anticipation of the Dominican Republic proficiency testing to be relatively routine. The steps we take now and over the next few weeks will allow us to predict our actual start-up with more certainty and accordingly, we will make further announcement".
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, competition, new products, and technological changes, intellectual property rights and other risks.