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Volato gains large cabin fleet access and closes on SPAC deal
Access to Fly Alliance's fleet allows Volato to cater to larger group travel, while the close of its business combination with PACI puts total capital raised above $60 million.
One of the Fly Alliance Gulfstream aircraft that gives Volato access to large cabin capability.

Atlanta, Georgia-headquartered HondaJet fleet operator Volato is to offer expanded aircraft options to its Gulfstream G280, HondaJet and Insider Program Max customers through an agreement that guarantees it access to Part 135 Fly Alliance's large cabin aircraft.

"We are pleased to announce an agreement with Fly Alliance to offer our programme customers access to its fleet of large cabin aircraft," says CEO and co-founder Matt Liotta. "We are always seeking opportunities to enhance our capability to fulfil the varied requirements of our programme customers. Access to Fly Alliance's fleet allows us to cater to larger group travel. As part of our unwavering commitment to safety, we conducted a comprehensive safety audit of Fly Alliance's operations, which delivered excellent results. We look forward to a successful relationship and providing enhanced travel options."

"Our agreement with Volato reflects a shared commitment to delivering exceptional service and value to customers," adds Fly Alliance president and co-founder Chris Tasca. "Our fleet of large cabin aircraft is ready to serve Volato's customers."

Customers placing deposits with Volato for the Gulfstream G280 and Volato Insider Max jet card can enjoy the benefits of this agreement now. The guaranteed availability service is available in the US (including Alaska and Hawaii), the Caribbean, Canada and Mexico every day of the year, subject to pricing and terms and conditions based on the customer's Volato programme.

Volato's fleet of new Gulfstream G280 aircraft arrive from Q1 with fractions available for 2024 delivery.

The company has also completed its business combination with PROOF Acquisition Corp I. The combined company will operate under the Volato brand, and its common stock and warrants have commenced trading on the New York Stock Exchange American (NYSE American) under the new ticker symbols SOAR and SOAR.WS.

PACI has also closed an additional $12 million of private investments which, along with the $14 million in Series A Preferred Equity financing completed since July 2023, were converted to common stock at the time of the closing of the business combination. These and the conversion of Volato convertible debt put total capital raised above $60 million.

Liotta says: "We believe that this transaction provides not only the capital to accelerate our fleet growth and strategy, but also a level of transparency and institutional support that should make our product even more attractive to new fractional owners and private fliers. After founding the company in 2021 and quickly ramping to nearly $100 million of revenue in 2022, we are now positioned to build on this momentum as a public company. More importantly, we believe that our total funding and capitalisation at closing provides us with sufficient capital to execute on our growth strategy and fund our path to profitability. We're thrilled to begin this new chapter and look forward to delivering more efficient, friendly and rewarding solutions to travellers while creating value for our shareholders."

PACI CEO John Backus adds: "When we identified Volato as an ideal partner, we were impressed by its innovative business model, proven results and highly experienced team. These attributes, in combination with PACI's deep aviation acumen and experience, help position Volato well for success as a public company. Our two teams have worked together to bring over $60 million of fresh capital to Volato, positioning the company for a strong debut. We are very pleased with this outcome and want to thank our existing and new shareholders with whom we are invested alongside."

Volato CCO and co-founder Nicholas Cooper says: "This transaction and recent new investments come at an ideal time for Volato as we see strong demand for our product in the market. The private aviation industry has undergone a secular expansion in recent years due to changes in customer behaviour along with greater customer awareness of the options and solutions available for private travel. We're excited to welcome our new investors as we continue executing on a compelling long term investment opportunity underpinned by a unique business model and revenue visibility."

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