Avmax Group completes LOI to reacquire Regional 1 Airlines
By Avmax Group
March 18, 2015, Calgary - Avmax Group Inc. has completed a Letter of Intent (LOI) with a joint venture partner to reacquire 100% ownership of Regional 1 Airlines Ltd. (R1 Airlines).
By Avmax Group
The LOI contemplates moving R1 Airlines, known as a workforce transportation charterer and formally recognized as a subsidiary of Regional Express Aviation Limited (REAL), under the corporate management of Avmax Group Inc. (Avmax). The transaction is subject to stakeholder review and approvals and legal documentation.
The decision follows an extensive business review of Avmax and R1 Airlines strategies, business markets and operational structure. As an Avmax managed company, R1 Airlines can maximize its respective growth opportunities and drive greater value for its clients.
“We believe the move is necessary to respond to the diverse client expectations and the highly dynamic markets that R1 Airlines serves,” said R1 Airlines Vice President, Al Young. “Avmax is able to support R1 Airlines with deep functional and unrivalled access to world-wide locations, additional aircraft, aviation parts and services.
Under Avmax management, R1 Airlines can address the unique needs of the competitive resource sector market including the demands from their clients in the peacekeeping, humanitarian corporate and leisure sectors. The new motto “Powered by Avmax” will further solidify R1 Airlines as truly “boundless” in its quest for global growth, and expansion of its domestic and international charter offering as well as ACMI operations.