Press Release

Issued by .

November 17, 2008

"The need for business air travel has not diminished.  The need to pay high prices has," said Mike Cappuccitti, President of Project Phoenix, speaking at a press briefing at Dubai's Business Aviation Show MEBA 2008 today, 17 November.

"In these uncertain economic times Project Phoenix is in a unique position.  We have an opportunity here.  Discerning, cost conscious clientele are being prudent.  They may baulk now at paying US$60 million plus for a wide-bodied business jet.  Our Phoenix CRJ does the job for a fraction of the price," he said.

Project Phoenix sees a ready source in the 100 Bombardier CRJ200 airliners that are expected to come on to the market next year, ensuring supply, while Bombardier and Embraer recently highlighted global forecasts for some 12,000 new business jet sales through to 2018, ensuring demand.

Project Phoenix launched its Phoenix CRJ VIP conversion program a year ago to address the industry challenges of rapidly increasing prices and long lead times.  "Our work over the past 12 months has identified that there is a major differentiator in this market and that is experience," noted Cappuccitti.  The company took the occasion of MEBA to highlight its new corporate identity and brand, which underlines its heritage in this market.  Project Phoenix.  Experience. The Difference. 

"Our business model allows us to offer the highest degree of customisation to reflect the individuality of the buyer."  Project Phoenix is virtually an OEM with its value added offerings to customers including:-

·         MedAire health and safety package

·         CAE selected as preferred training provider in Europe and the USA

·         Developing a total care maintenance package, FSR and 24/7 hotline

·         Higher baseline configuration

·         Delivering aircraft in as near as new condition with a minimum of 4,000 cycles on major components.

·         All checks up to and including 96th month check.

·         All ADs, SBs and calendar items up to date

·         Upgraded avionics

"Other CRJ conversions work on the principle of Buy – Complete – Sell – Deliver.  At Project Phoenix we Sell – Buy – Complete - Deliver.  This means the customer's full wish list can be is realised," Cappuccitti concluded.