Nearchi Investment PLC would like to inform the investing public that it has reached material agreement to purchase 100% (One Hundred Percent) of Fly Orion Airlines, a Cyprus based aviation startup.

This is a strategic investment by the Company in line with its strategy to invest in the tourism sector in Cyprus.

The Company has a three year investment plan that will be made available in due course, with plans to spend at least €30M over the coming 30 months.

Final documents are expected to be executed during the month of October 2017 and further disclosures will be made at that time.

Nearchi said it aims to be taking passengers during H1 2018 and "looks forward to a long and fruitful ownership of the airline."