Viva International Announces First Plane Moved to Bolivia for Inspection
TRAVERSE CITY, Mich., Jul 15, 2003 (BUSINESS WIRE) -- Viva International, Inc. (OTCBB: VIVI) today announced that an L-1011-50 utilized subject to a financial agreement with Tri-Star Capital, Ltd , was moved from Tucson, Arizona to Cochabamba, Bolivia on July 13, 2003 to complete appropriate retrofitting prior to aircraft "air-worthiness" testing. The aircraft is to be used in the operations of Northeast Bolivian Airlines a subsidiary of Viva.
Robert E. Scott, CEO and Chairman of the Board of Viva International, made the announcement noting: "We completed all required maintenance work in Arizona. We must now carry out the final preparations in Bolivia, where upon completion we will seek "air-worthiness" testing. Upon completion of this testing we anticipate receiving governmental approval from Bolivia and accordingly, to be able to add this aircraft to the Northeast Bolivian certificate. The plane departed Arizona Sunday and arrived in Cochabamba approximately 8 and 1/2 hours later. I have received favorable reports from Captain Greene regarding the aircraft's performance".
Scott also noted that this development was made possible due to private financing that he helped arrange. The financing is entirely related to the aircraft only and does not include any issuance of common or preferred stock.
Scott indicated that the Bolivian Aeronautical Authority has already reviewed the operations and maintenance procedure manuals and has indicated some minor corrections that are required. "We are currently making those revisions.
The certification process requires that countries where the aircraft will fly certify that the plane is in compliance with each country's requirements for flight-worthiness." The certification process usually takes a minimum of one months' time, although Viva declined to put a specific expectation on when it expects to receive its certification. Further plans for service to and from Bolivia will be announced soon after certification.
Viva International, Inc., based in Traverse City, Michigan, is the holding company of Viva Airlines, Inc., a new consumer airline that is expected to help fill the gap in the Caribbean air travel market and the Caribbean to USA air travel market. Viva expects to launch its service later this summer with an inaugural flight from United States to the Dominican Republic. Viva Airlines is the only flag-carrying airline of the Dominican Republic.
In conjunction with the provisions of the "Safe Harbor" section of the Private Securities Litigation Reform Act of 1995, this release may contain forward-looking statements pertaining to future anticipated projected plans, performance and developments, as well as other statements relating to future operations. All such forward-looking statements are necessarily only estimates of future results and there can be no assurance that actual results will not materially differ from expectations. Further information on potential factors that could affect Viva International, Inc. is found in the company's Form 10-K and other documents filed with the U.S. Securities & Exchange Commission.
SOURCE: Viva International
CONTACT: Martin E. Janis & Company, Inc.
Bev Jedynak, 312-943-1100 ext. 12
b.jedynak-janispr@att.net
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