NetJets Encore

COLUMBUS, OHIO – November 4, 2010 – NetJets Inc., the global leader in private aviation, announced today an agreement to purchase Marquis Jet, the leader in private jet cards. Under the terms of the agreement, Marquis Jet became a wholly-owned subsidiary of NetJets; no additional details were disclosed.

According to NetJets Chairman and Chief Executive Officer David Sokol, “By bringing NetJets and Marquis Jet together we combine the unquestioned industry leaders in safety and Owner service and, simultaneously, we create the finest sales and marketing organization in private aviation.”

The acquisition of Marquis Jet by NetJets will yield meaningful cost benefits and provide a shared vision to deliver unparalleled Owner experience and value. Most importantly, the acquisition will provide the most competitive pricing structure in the marketplace.

The Marquis Jet Card program, providing individuals and corporations with access to NetJets 25 hours at a time, began in 2001 under the direction of Marquis Jet Partners Founder and Chief Executive Officer Kenny Dichter. The newly branded Marquis Jet Card by NetJets will continue to be a part of a full set of private aviation solutions offered by NetJets.

Kenny Dichter said, “Today, we look to our future. As part of NetJets, Marquis Jet can best capitalize on new opportunities over the long term and provide even greater value to our Marquis Jet Card Owners, which has always been our guiding objective.”

The decision to fully integrate the Marquis Jet Card program is part of the NetJets 10-year business plan, which also includes the consolidation of U.S.-based business functions and, most recently, an order to purchase up to 125 new aircraft.

Technorati Tags: NetJets

Cessna CJ4

PROVIDENCE, R.I., Dec 17, 2009 (BUSINESS WIRE) — Textron (NYSE:TXT) today announced that its Cessna business unit continues to see stabilization in the business jet market. Cessna management has observed that availability of used aircraft is declining, customer utilization of the existing fleet has stabilized, availability of financing is improving and customer inquiries for new orders are beginning to increase.At the same time, Cessna has continued efforts with customers to clarify the status of long-term orders remaining in backlog. The company has been in discussions with a large customer concerning the cancellation of about $1.1 billion of jets it had on order with Cessna. None of these aircraft were planned for delivery through 2012.

The company expects that cancellations in the fourth quarter will reduce backlog by a total of approximately $1.7 billion. These cancellations are not expected to have a material impact on planned deliveries through 2012.

The company will provide its outlook for 2010 business jet deliveries when it releases earnings on January 28.

About Cessna

Based on unit sales, Cessna Aircraft Company is the world’s largest manufacturer of general aviation airplanes. Since the company was originally established in 1927, some 192,000 Cessna airplanes have been delivered around the world, including more than 6,000 Citations, making it the largest fleet of business jets in the world. More information about Cessna Aircraft Company is available at www.cessna.com

About Textron

Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems. More information is available at www.textron.com.

Forward-looking Information: Certain statements in this release are forward-looking statements and speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including but not limited to the following: [a] changes in worldwide economic and political conditions that impact demand for our products, interest rates and foreign exchange rates; [b] the interruption of production at our facilities or at our suppliers’ facilities; [c] legislative or regulatory actions impacting our operations or demand for our products;; [d] the occurrence of slowdowns or downturns in customer markets in which our products are sold or supplied; [e] changes in aircraft delivery schedules or cancellations or deferrals of orders; [f] changes in national or international government policies on the export and import of commercial products; [g] bankruptcy or other financial or performance problems at major suppliers, subcontractors or customers that could cause disruptions in our supply chain or negatively impact our customers’ ability to purchase our products ; [h] continued difficult conditions in the financial markets which may adversely impact our customers’ ability to fund or finance purchases of our products; and [i] continued volatility in the economy resulting in a prolonged downturn in the business jet market.

SOURCE: Textron Inc.

Investor Contacts:
Textron
Doug Wilburne, 401-457-2288
or
Bill Pitts, 401-457-2288
or
Media Contacts:
Cessna
Doug Oliver, 316-517-1927
or
Textron
Michael Maynard, 401-457-2474

Technorati Tags: Cessna, Fractional Airlines

FAA

The FAA has issued new rules concerning its DUI policy. In the past, an airman seeking medical certification was required to present the AME with the court documents concerning the DUI (driving under the influence, or driving while intoxicated) and the doctor had the authority to issue the medical if the AME determined that the airman did not have a substance abuse problem.

Now, as explained in the FAA’s Medical Bulletin, the AME must defer all medical certifications in which the applicant’s BAC (blood alcohol level) is greater than or equal to 0.15% or a positive result for DUI.  The FAA will then mandates that the airman undergo a substance abuse evaluation before any medical certification will be issued.

Technorati Tags: FAA, Medical Certification, Safety

CitationAir, a leader in fractional jet ownership, jet card membership and whole aircraft management, this week announced a renewal of its three year, 100 Percent Residual Value Guarantee on new purchases of pre-owned fractional aircraft shares. CitationAir first launched the program in March 2009, and after seeing enthusiastic customer response, decided to renew the program. In addition, CitationAir has significantly reduced pricing on all pre-owned aircraft inventory.

“We are pleased with the success we’ve seen with this program, and its ability to provide stability and peace-of-mind to our customers during challenging times,” said Steve O’Neill, CitationAir CEO.

The 100 Percent Residual Value Guarantee is available on all pre-owned aircraft on CitationAir’s inventory sheet and applies to all new deals with share sizes equal to 1/16th, or 50 hours, and larger. Under the 100 Percent Residual Value Guarantee program, the share must be retained by the purchaser for a minimum of one year and then the guarantee may be exercised in months 13 through 36 of the agreed contract term. The limited-time promotional offer extends through December 31, 2009, or until the pre-owned inventory is gone.

“Our new business model is designed so that our sales and marketing efforts are leveraging all of our points of difference – and the fact that we are able to renew our 100 Percent Residual Value Guarantee program further demonstrates to our customers that we can meet their needs,” said Woody Harford, Senior Vice President, Chief Revenue Officer of CitationAir.

This announcement comes on the heels of the company’s recent rebranding. In October 2009, the company revealed its evolved business model and announced a new branding which aligns CitationAir more closely with Cessna Aircraft Company, which majority owns and controls the private jet company.

For more information on CitationAir’s limited-time 100 Percent Residual Value Guarantee, including the available inventory, call 800-340-7767 or visit www.citationair.com.

About CitationAir

Founded in 2000, CitationAir is an industry leader offering individuals and businesses the advantages of private jet travel through its innovative programs, including Jet Card, Jet Shares, Jet Management and Corporate Solutions products. CitationAir flies Cessna’s popular Citation aircraft exclusively—the Citation Bravo, Citation CJ3, Citation XLS, and Citation Sovereign—which are serviced and maintained at the factory-level. CitationAir operates the youngest fleet in the air by the best pilots in the industry, while setting the standard for safety and unparalleled customer service. CitationAir is majority owned and controlled by Cessna Aircraft Company, a Textron (NYSE: TXT) company. More information about CitationAir and its offerings are available at www.citationair.com.

About Cessna Aircraft Company

Based on unit sales, Cessna Aircraft Company, a Textron (NYSE: TXT) company, is the world’s largest manufacturer of general aviation airplanes. In 2008, Cessna delivered 1,301 aircraft, including 467 Citation business jets, and reported revenues of about $5.662 billion. Since the company was originally established in 1927, some 192,000 Cessna airplanes have been delivered around the world, including more than 6,000 Citations, making it the largest fleet of business jets in the world. More information about Cessna Aircraft Company is available at http://www.cessna.com.

Technorati Tags: CitationAir