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 purchase CRJ airframes and enter into a joint venture on engines with SkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”).
Regional One has expanded its relationship with SkyWest by entering into a joint venture to acquire, lease and sell CF34 engines. In addition, Regional One will purchase CRJ700 airframes from SkyWest. The airframes will be parted out, leased, and sold consistent with Regional One’s model.
Regional One’s President, Hank Gibson stated, “This partnership follows our strategy to partner with the leading industry players allowing us to mutually benefit from our strengths. SkyWest is the largest operator of CRJ aircraft in the world. They bring both a large portfolio of assets and a deep knowledge of these aircraft which is invaluable. We see this as the beginning stages of a mutually beneficial, symbiotic relationship.”
“This mutually beneficial partnership allows us to utilize Regional One’s domestic and international distribution network with these assets,” said Wade Steel, SkyWest Chief Commercial Officer. “We are pleased to partner with Regional One to enhance opportunity within our leasing business.”
Mike Pyle, Chief Executive Officer, EIC added, “Regional One has been successful in partnering with industry leaders to grow its portfolio of assets. Regional One already has agreements with leading OEM’s and is now extending this model to the leading regional airline. This provides not only a sizable investment opportunity, but more importantly a deep rooted relationship, which will lead to more strategic opportunities for both partners.”