FBO Air, Inc (fka FBOR)

[RagingStocks]

FBO Air, Inc. Adds Independent Directors

September 22, 2006 09:17:26 (ET)


AVOCA, Pa., Sep 22, 2006 (BUSINESS WIRE) -- FBO Air, Inc. (FBOR, Trade) announced today that it has added three independent directors to its Board: Donald Hecht, Thomas Iovino, and Stephen Siegel.

Mr. Hecht is a principal in Hecht & Company, an organization he co-founded in 1966 and which provides accounting and advisory services to a broad array of corporate and individual clientele.

Mr. Iovino is the CEO of Judlau Contracting, Inc., a company he founded in 1983 and which is a leader in the heavy construction industry focused primarily in the metro New York area.

Mr. Siegel is Chairman of Global Brokerage Services for CB Richard Ellis, widely regarded as the world's premier, real estate services company. Mr. Siegel became part of CB Richard Ellis in 2003 when it acquired Insignia Financial Group, for which Mr. Siegel had been Chairman and CEO.

"The addition of Don, Tom, and Steve significantly strengthens our board," stated William B. Wachtel, chairman of FBO Air, Inc. "These new directors are the next step in our effort to attain a majority of independent directors on the board. Their combination of background and experience also complement well our current slate of directors, something that we look forward to as much for the divergence of thought that it creates as well as to meet the requirements of Sarbanes-Oxley."

With these three additions, there are currently ten directors, five of whom are independent, and there is one vacancy on the Board.

FBO Air is an aviation services company. Our operations are conducted in three core functions: aircraft charter management activities, aircraft maintenance, and the fixed based operations (an "FBO") business. Charter management is the business of providing on-call passenger air transportation. At 17 aircraft, our fleet size ranks in the top 5 largest in the Northeast and top 30 in the United States. An FBO is the primary provider of services such as the fueling, hangaring, maintenance and repair to private/general aviation aircraft operators.

SOURCE: FBO Air, Inc.


FBO Air, Inc.
Ron Ricciardi, 570-414-1400
Copyright Business Wire 2006

[RagingStocks]

FBO Air, Inc. Hires Chief Financial Officer

September 20, 2006 10:56:30 (ET)


AVOCA, Pa., Sep 20, 2006 (BUSINESS WIRE) -- FBO Air, Inc. (FBOR, Trade) announced today that it has named Keith P. Bleier as Senior Vice President and Chief Financial Officer.

"We are pleased to welcome Keith to the company," stated William B. Wachtel, chairman of FBO Air, Inc. "Keith is the final piece we have been looking to add to our management team - someone who has senior level accounting experience in a public company, has worked in a fast-paced, multiple-location environment, and who has been involved with merger/acquisition activity. The fact that he has become acquainted with our charter management business over the past 15 months as the point person from the CPA firm that supported our FirstFlight subsidiary prior to and after our merger is a significant additional benefit that will enable Keith to contribute immediately."

Previously, Mr. Bleier was principal for Bonadio & Co., LLP, a Rochester, New York-based CPA firm that offers a wide range of accounting, audit, tax, and management consulting services. Prior to joining Bonadio, Mr. Bleier was the principal accounting and financial officer for Montana Mills Bread Co., Inc., an American Stock Exchange-listed specialty retail and wholesale bakery manufacturer with 29 locations and a national mail order/Internet division. Montana Mills was acquired in 2002 by Krispy Kreme Donut Corp. Mr. Bleier is a Certified Public Accountant and, early in his career, worked for national and regional accounting firms, including PricewaterhouseCoopers.

"I am extremely excited to be joining FBO Air at this important stage in its development," said Mr. Bleier. "In a very short time the company has achieved significant milestones in its three related core business functions and I look forward to participating in many more in the coming months and years. In this regard, I believe the repositioning of our balance sheet through the just completed $5 million private placement of equity speaks to investor confidence in our business model and puts us in a very strong position to consummate certain of the acquisitions we have already targeted and are actively negotiating."

FBO Air is an aviation services company. Our operations are conducted in three core functions: aircraft charter management activities, aircraft maintenance, and the fixed based operations (an "FBO") business. Charter management is the business of providing on-call passenger air transportation. At 17 aircraft, our fleet size ranks in the top 5 largest in the Northeast and top 30 in the United States. An FBO is the primary provider of services such as the fueling, hangaring, maintenance and repair to private/general aviation aircraft operators.

This release includes projections of future results and "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements that are included in this release, other than statements of historical fact, are forward-looking statements. Although the management of FBO Air believes that the expectations reflected in these forward-looking statements are reasonable, there are no assurances that such expectations will prove to have been correct.

SOURCE: FBO Air, Inc.


FBO Air, Inc.
Ron Ricciardi, 570-414-1400
Copyright Business Wire 2006

[RagingStocks]

FBO Air reports losses: The company that fuels and services aircraft says its long-range plan toward profitability is still on target.

Aug 25, 2006 (Wilkes-Barre - McClatchy-Tribune Business News via COMTEX) -- AVOCA -- The head of the company that fuels and services aircraft at the Wilkes-Barre/Scranton International Airport attributed a downbeat financial filing to growing pains.
The quarterly report FBO Air Inc. filed Monday with the Securities and Exchange Commission said the company offered no reassurance it could "continue as a going concern" in light of steps it is taking to become profitable.

Since 2003 the company reported net losses of more than $3.8 million, and common stockholders lost another $7.7 million, according to the second quarter filing for the period ended June 30.

Ron Ricciardi, president and chief executive officer of FBO Air, said he anticipated the company would face some short-term hurdles as it continues with its long-range plan to acquire independent fixed base operations in smaller markets nationwide.

The company, whose stock (FBOR.OB) trades over the counter and not on recognized securities exchanges, provides fuel service to private and commercial aircraft, maintains private planes and provides hangar space through its Tech Aviation operation at the airport.

It manages other fixed base operations in Niagara Falls, N.Y., and Garden City, Kan. Its FirstFlight division provides charter service and maintains aircraft in Elmira, N.Y.

"The business model is almost right on schedule," Ricciardi said Wednesday.

"We have potential transactions in the pipeline and continue to work them through the pipeline," he said.

Airport board members looked upon FBO Air's arrival from Scottsdale, Ariz., last year as a way to increase revenues from the general aviation or noncommercial side.

This year the airport included general aviation revenues and operations in its monthly report.

For July, the most recent data available, net general aviation revenues were $11,740, up 26 percent from $9,255 for the same period last year.

There were 2,103 operations defined as either a takeoff or landing. The number was down 16 percent from the 2,506 for July 2005.

The price of fuel has hurt businesses, more so for aircraft that use aviation gasoline instead of jet fuel, Ricciardi said.

"What we find and see across the industry, the smaller the aircraft, the more price sensitive the owner operator is," he said.

For the quarter, Tech Aviation generated revenues of $1.5 million, and nearly 85 percent or $1.28 million came from fuel sales.

Jerry Lynott, a Times Leader staff writer, may be reached at 829-7237.


By Jerry Lynott

Copyright

(c) 2006, Wilkes-Barre, Pa., Times Leader