flyExclusive Announces $25 Million Strategic Investment from ETG FE, LLC
January 26 2024 - 10:23AM
Business Wire
Investment Proceeds to Accelerate Fractional
Program Growth
flyExclusive (NYSEAMERICAN: FLYX) (“flyExclusive” or the
“Company”), a publicly-traded provider of premium private jet
charter experiences, today announced the execution of a two-year
revolving credit facility for up to $25.8 million with ETG FE LLC,
an investment vehicle managed by EnTrust Global.
As part of its strategic initiatives to accelerate operational
excellence, grow the business, and execute its strategic plan to
become the nation’s first fully vertically integrated private
aviation company, flyExclusive will use the proceeds to support the
continued evolution of the company’s fractional aircraft
program.
“We believe this facility is a strong vote of confidence in
flyExclusive’s strategy and continued initiatives to increase
growth and profitability,” said Jim Segrave, Founder and CEO of
flyExclusive. “We look forward to the continued partnership with
ETG FE LLC and EnTrust Global, and believe this facility marks an
important milestone in our journey to provide customers with the
highest level of comfort, safety, and quality.”
The investment comes at an exciting time for flyExclusive as it
executes its business strategy. In December 2023, the company
announced the completion of its business combination with EG
Acquisition Corp. sponsored by EnTrust Global and GMF Capital.
In October 2023, the Company announced that the Global TransPark
secured a $30 million investment from the State of North Carolina
to fund a new headquarters and cutting-edge pilot training center.
As bottlenecks within the industry have increased, flyExclusive
prioritizes vertical integration throughout its operations to
minimize industry challenges and maintain its consistent position
as a leader in luxury private jet travel.
About flyExclusive
flyExclusive is a vertically integrated, FAA regulated operator
of private jet experiences offering customers on-demand charter,
Jet Club, and fractional jet services to destinations across the
globe. As one of the world’s largest owner/operators of Cessna
Citation aircraft, flyExclusive owns a floating fleet of more than
100 light to heavy jets. The company manages all aspects of the
customer experience, ensuring that every flight is on a modern,
comfortable, and safe aircraft. flyExclusive’s in-house
Maintenance, Repair and Overhaul services, including paint,
interiors, and avionics capabilities, are provided from its campus
headquarters in Kinston, North Carolina. To learn more, visit
www.flyexclusive.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions. Forward-looking statements are
predictions, projections, and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this document, including but not
limited to: the ability of the Company to repay its debt;
management of growth; the outcome of any legal proceedings; the
ability to maintain the listing of the Company’s securities on a
national securities exchange; volatility of the price of the
Company’s securities due to a variety of factors, including changes
in the competitive and highly regulated industries in which
flyExclusive operates, variations in operating performance across
competitors, changes in laws and regulations affecting
flyExclusive’s business; the ability to implement business plans,
forecasts, and other expectations, and identify and realize
additional opportunities; and the risk of downturns and a changing
regulatory landscape in the highly competitive aviation industry.
The foregoing list of factors is not exhaustive. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section of
flyExclusive’s registration statement on Form S-1 and other
documents filed by the Company from time to time with the SEC.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and the Company assumes no obligation and does not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. The Company does not give any assurance that it will
achieve its expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20240126088339/en/
Media Contact: Jillian Wilson, Marketing Specialist
media@flyexclusive.com
Investor Relations Contact: Sloan Bohlen, Solebury
Strategic Communications investors@flyexclusive.com
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