Exchange Income Corporation (TSX: EIF) (the “Corporation” or “EIC”), a diversified, acquisition-oriented company focused on opportunities in the aviation, aerospace and manufacturing sectors, is pleased to announce that it is has completed an Agreement to lease ten Bombardier CRJ200 aircraft to SkyWest Airlines (“SkyWest”).
Beginning in August of 2018, Regional One, EIC’s Miami, Florida-based distributor of regional aircraft, engines and aftermarket parts, has acquired nine CRJ200 aircraft, which are now in service with SkyWest. Each of these aircraft is leased to SkyWest for a minimum term of two years, with SkyWest having an option to extend the leases. The purchase of the tenth aircraft by Regional One is expected to close imminently. These ten aircraft represent approximately 5% of SkyWest’s fleet of CRJ200’s.
Hank Gibson, President of Regional One, stated, “We are extremely happy to further strengthen our relationship with SkyWest Airlines, one of the largest regional airlines in North America. SkyWest is a preeminent player in the global regional airline industry, so it is gratifying to be a trusted business partner with them.”
Mike Pyle, EIC’s CEO, added, “This transaction provides another example of Regional One’s expertise and understanding of the regional airline industry and the narrow-body aircraft utilized by these regional airlines. Hank’s experienced management team identified an opportunity to strategically invest in assets and quickly monetize them, achieving an excellent return on investment.”