Air Transport Services Group, Inc. (NASDAQ:ATSG) said today that its subsidiary, Cargo Aircraft Management, Inc. (CAM), has signed an agreement to lease one of its efficient, widebody freighters to Bradley Air Services Limited, which operates throughout Canada as First Air.
Under the three-year agreement, First Air will dry lease a Boeing 767-223 freighter from CAM. Under a contract with Delta TechOps, CAM will also provide engine maintenance services for the leased aircraft.
First Air is Canada’s third largest scheduled carrier, operating more than 30 aircraft, and serving more than 30 communities with passenger and cargo transportation services primarily to northern Canada.
Scott Bateman, President and CEO of First Air, said, “This aircraft is our launch aircraft into widebody freighter operations. It provides efficient capacity to service our core business and the capacity to pursue other opportunities in ad-hoc and program charter work.”
ATSG CEO and President Joe Hete said, "Our Boeing 767s continue to attract attention from leading cargo airlines and other operators seeking high quality, widebody aircraft. We are pursuing leasing arrangements with leading carriers like First Air and others throughout the world, along with our traditional ACMI and logistics support services. Our goal is to fully deploy our available airlift under long-term agreements that maximize our returns for shareholders.”
ATSG is a leading provider of air cargo transportation and related services to domestic and foreign air carriers and other companies that outsource their air cargo lift requirements. Through five principal subsidiaries, including three airlines with separate and distinct U.S. FAA Part 121 Air Carrier Certificates, ATSG also provides aircraft leasing, aircraft maintenance services, airport ground services, fuel management, specialized transportation management, and air charter brokerage services. ATSG’s subsidiaries include ABX Air, Inc., Air Transport International, LLC, Capital Cargo International Airlines, Inc., Cargo Aircraft Management, Inc., and LGSTX Services, Inc.
Except for historical information contained herein, the matters discussed in this release contain forward-looking statements that involve risks and uncertainties. There are a number of important factors that could cause Air Transport Services Group's ("ATSG's") actual results to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, First Air obtaining the necessary approvals from regulatory authorities and other factors that are contained from time to time in ATSG's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers should carefully review this release and should not place undue reliance on ATSG's forward-looking statements. These forward-looking statements were based on information, plans and estimates as of the date of this release. ATSG undertakes no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.
Quint O. Turner, 937-382-5591
Chief Financial Officer