$800M Agreement For New Airtrucks Signed

Released_By: USA News Press Release Network
Date: 7/16/99
Time: 4:21:14 PM

For_Immediate_Release

Global Air (Leasing) Group of Australian have concluded an agreement with Israel Aircraft Industries (IAI) for the purchase of 50 new Airtrucks as a firm order with options for 50 additional aircraft.

The Airtruck is a dedicated feeder freighter which has been designed by IAI in collaboration with FEDEX and other cargo operators as a replacement for the existing ageing fleet currently being used as feeder freighters.

Global Air is a launch customer for the new feeder freighters and it is widely expected that FEDEX may also order a number of Airtrucks.

The world’s existing fleet of feeder freighters is made up of mainly old and noisy passenger aircraft which have been converted to freighters. Luke Butler, CEO of Global Air, said he was very happy to be involved with the acquisition of the Airtruck which had a number of unique qualities.

Mr Butler said “The Airtruck has a wide fuselage specifically shaped for carrying up to 5 of the largest M1 sized containers as carried on the main deck of long-haul wide body-freighters such as the 747 series. In addition it can carry a further 2 of the smaller LD3 containers in the rear.”

“The Airtruck will be able to directly interface with these wide bodied 747 freighters as a feeder freighter should without the need for transferring freight from the M1 to smaller containers as presently happens.”

“The Airtruck is a high wing turbo prop with a cruise speed of 300 knots, carries a payload of 27,500 pounds and has a range of 950 nautical miles. It is quiet and its environmentally friendly design will allow it to operate after curfew in most areas including across Europe and the US. It is also very robust in its construction.”

“We will be offering the aircraft on both wet lease, ie. including aircraft, crew maintenance and insurance and on a dry lease basis ie. aircraft only.”

“We believe the Airtruck shall prove to be a most important part and cornerstone of the aircraft investment portfolio we are presently building.”

The transaction is valued at US$800M with deliveries to be spread over a number of years commencing 2004.

Luke Butler can be contacted on Tel: +61 41 815 4468. E-Mail address: lbutler@powerup.com.au http://www.SiteBlazer.net/GlobalAir/

GLOBAL AIR (LEASING) GROUP OF COMPANIES 65 AMELIA ST. FORTITUDE VALLEY BRISBANE QLD. 4006 AUSTRALIA

TELEPHONE: +61 7 3257 4188 FACSIMILE: +61 7 3257 4199