Press Release

Issued by .

May 5, 2010

Ocean Sky is opening up to 10 jet centres in Spain and Italy, some before summer, as part of a rapid expansion across Europe this year.

The first of six Spanish centres will be in Ibiza, Valencia and Mahon (Menorca) with another three to be announced shortly.

The jet centres take over existing facilities, including offices, owned by Aviation Handling Assistance, AHA, which has been bought by Ocean Sky.

In Italy, Ocean Sky has signed a Letter of Intent to acquire a controlling stake in Euroaloa, a well-established fixed base operator at Bologna. This will be the springboard to three further jet centres across the country.

Ocean Sky has also bought Open Sky Italy, an existing commercial aviation company, to facilitate charter, brokerage and management activity and to help consolidate its Italian operations. "This will be our base for business in Italy, which we regard as a key country for our growth.

"These acquisitions taken together in both countries will allow us to ensure that customers get what is paramount to them: uniform high quality service and comfort across key destinations in Europe," said Stephen Grimes, Chief Executive Officer of Ocean Sky Group. "They are also a vote of confidence in the future growth of the aviation sector and our business in particular."

Mr Grimes said that integrating the new acquisitions would be his first priority.

"They will all be brought into Ocean Sky family by upgrading the branding, facilities and training to our particularly high standards."

Mr Grimes said the Spanish investment reflected strong growth in demand for leisure flights to the Spanish islands. Italy was important for both leisure and business travel. "Italy has particular strategic value to us and we see this as a hub for accelerated growth in the coming years."

The new jet centres in Spain and Italy underpin a strategy to expand Ocean Sky through acquisition into one of the top three full service aviation companies in Europe. The company announced last month a £10 million cash injection from shareholders to fund the growth.

In addition to three existing jet centres in the UK, the company also has a strong presence in Germany following the purchase last year of a controlling stake in Dusseldorf-based Triple Alpha.

Mr Grimes said that Ocean Sky was in advanced negotiations to open jet centres in two other major European countries. "We will be increasing our footprint across Europe," he promised.

Ocean Sky has also acquired one of the Monarch Engineering hangars at Luton Airport. At 46,000 sq ft it is the largest available for all private aviation customers – with the aim of adding to its industry leading Bombardier facility in Manchester.

It has doubled its apron area at Luton to 120,000 sq ft, giving it stand capacity for up to 20 aircraft.