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Statement from Niall Olver, CEO ExecuJet Aviation Group

Aug. 21, 2008 - In response to industry reaction following news that Grob Aerospace GmbH in Germany had filed for insolvency, and in order to clarify the situation as it pertains to the ExecuJet Aviation Group, the following facts apply.


August 21, 2008
By Carey Fredericks

Aug. 21, 2008 – In response to industry reaction following news that Grob Aerospace GmbH in Germany had filed for insolvency, and in order to clarify the situation as it pertains to the ExecuJet Aviation Group, the following facts apply.

Whilst ExecuJet enjoys a close working association with Grob Aerospace, the two companies are totally separate, and thus the insolvency of Grob Aerospace has no direct bearing on ExecuJet.

The ExecuJet Aviation Group is, and remains the exclusive sales distributor of Grob Aerospace’s spn light jet, and furthermore shall support the aircraft in many regions of the world. The only other material link is that Niall Olver maintains the position of CEO of both ExecuJet Aviation Group and that of Grob Aerospace.

The spn remains an extremely promising product in ExecuJet’s portfolio, as borne out by the significant customer demand, enjoyed to date. ExecuJet shall do all in its legitimate power to support both Grob Aerospace, and our mutual customers, over this trying time.
It is important that the business aviation industry and our customers and suppliers remain assured in the knowledge that this unfortunate situation has no affect on the ongoing viability of the ExecuJet Aviation Group, and on that of the company’s global aircraft sales and services business units.

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Whilst ExecuJet anticipates that sp_ sales and support will materially contribute to the company’s long term business performance, even before considering the contribution of the sp_, the group can confidently forecast a profitable future for ExecuJet as a global business aviation force, and the sales representation relationship in 33 countries with Bombardier remains solid.

Naturally, the current circumstances around Grob Aerospace are extremely unfortunate, and ExecuJet wishes Grob Aerospace all the best in the endeavor to resolve the matter to hand, and to resume normal operations as soon as possible.

Regards,

NIALL OLVER
Chief Executive Officer