Riverhawk Aviation, Inc. is a publicly traded holding company concentrating on the acquisition and development of aviation niche companies. Current holdings and future acquisitions will provide revenues from aircraft operations, aviation management services (to private aircraft owners), certified aircraft maintenance services, fueling and other fixed base operation services as well as aviation parts and components sales within the aviation industry. Consulting services, appraisals, and marketing are also available upon request to the general aviation community.
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"2007 was a transitional year for River Hawk Aviation," said Calvin Humphrey, CEO of River Hawk Aviation. "We shifted away from a niche, geographically focused passenger air service business to a fully operating regional FBO/MRO with charter aviation and aircraft management services capability, with an intent to expand nationally. Our 2007 results are not indicative of what we expect to occur in 2008 and beyond.
"In 2007, we recognized in excess of $900,000 in write offs in connection with our discontinued subsidiaries and we also realized in excess of $900,000 in reorganization costs and expenses. These expenses simply will not recur in 2008. It should be noted that our organization came full circle in August of 2007 when we completed our acquisition of Profile Aviation Center, Inc. and Profile Aviation Services, Inc. and we closed our asset acquisition of Riverhawk Aviation, Inc.-San Antonio.
"The timing of these acquisitions might have been a little better to the extent that they occurred near the tail end of each of the business's normal operating cycles. Nonetheless, this has allowed us to further develop a profitable business model and to better prepare our platform for future anticipated acquisitions. I am confident that the continuing hard work of our River Hawk management team will result in profitable future reports of operating results as soon as the third quarter of this year."
In March 2008, the Company announced the completion of the acquisition of (Carolina Air Charter, Inc., of Concord, North Carolina) an airline charter company with an active 135 license. This acquisition enables the Company to offer, in addition to Fixed Based Maintenance Operations, full charter service capabilities at a time when charter services are increasingly in demand.
"2008 will be a year of growth for River Hawk Aviation," Humphrey added, "Although Q1 and Q2 are expected to show losses we still expect to have positive cash flows during these quarters. Further, we expect that by Q3 we will be able to report operating profits and maintain positive cash flows. Overall, for 2008 we expect that we will be able to generate revenues in excess of $15 million." About River Hawk Aviation, Inc.
River Hawk Aviation, Inc. is a holding company concentrating on the acquisition and development of aviation niche companies. Presently, the Company's operating subsidiary base is comprised of Profile Aviation Center, Inc., Profile Aviation Services, Inc. of Hickory, North Carolina and River Hawk Aviation, Inc. (a private entity) of San Antonio, Texas.
The combined synergies associated with the Company's current holdings will provide revenues from charter aircraft operations, aviation management services to private aircraft owners, certified aircraft maintenance services, fueling and other fixed base operation services as well as aviation parts and components sales within the aviation industry. The Company and its subsidiaries are also able to offer consulting services, marketing and appraisals to the aviation community. At present, the Company maintains offices and a fixed base operation including aviation hangars in Hickory, North Carolina, offices and inventory warehousing in San Antonio, Texas, and executive offices in Michigan
The Company's plan for future growth and development will focus on the acquisition of aviation-related operating businesses and airlines that display the potential for restructuring into profitable and sustainable aviation-related growth concerns.
Carolina Air Charter was established in 1989 to provide quality direct air charter services to meet the special demands of corporate travel. In 2008, Carolina Air Charter is expected to produce in excess of $2,000,000 in revenues from its charter bookings. Carolina Air Charter has an impeccable safety record earned through more than 21,000 hours of charter flight operation serving the needs of approximately 25,000 passengers traveling nearly 3 million miles.
Donnie Daugherty, President of Carolina Air Charter since 2001, commenting on the acquisition by River Hawk Aviation, Inc. said, "While it has been a pleasure to serve the aviation community for the last several years, I am looking forward to spending more time with my family. I am confident that River Hawk will continue to maintain the excellent levels of service that Carolina Air Charters has been providing to its customers. Additionally, I also feel that River Hawk is well positioned to be able to expand the scope of operations for Carolina Air and meet the ever growing demands of the marketplace."
Calvin Humphrey, River Hawk's CEO, commented, "I am pleased to be adding Carolina Air Charter to our Company holdings and view this acquisition as adding a profit center that will immediately add additional flight demand and capacity utilization as well as assist us in our quest for optimization of aviation service revenues. The Company expects that the addition of Carolina Air Charters will provide approximately $2 million in annual expected gross revenues and should result in overall annual holding Company revenues in excess of $15 million. Management believes that River Hawk is properly positioned to enjoy revenue growth in 2008 and beyond." About River Hawk Aviation, Inc.
River Hawk Aviation, Inc., is a holding company concentrating on the acquisition and development of aviation niche companies. Presently, the Company's operating subsidiary base is comprised of Profile Aviation Center, Inc., Profile Aviation Services, Inc. of Hickory, North Carolina and River Hawk Aviation, Inc. (a private entity) of San Antonio, Texas.
The combined synergies associated with the Company's current holdings will provide revenues from charter aircraft operations, aviation management services to private aircraft owners, certified aircraft maintenance services, fueling and other fixed base operation services as well as aviation parts and components sales within the aviation industry. The Company and its subsidiaries are also able to offer consulting services, marketing and appraisals to the aviation community. At present, the Company maintains offices and a fixed base operation including aviation hangars in Hickory, North Carolina, offices and inventory warehousing in San Antonio, Texas, and executive offices in Michigan.
The Company's plan for future growth and development will focus on the acquisition of aviation-related operating businesses and airlines that display the potential for restructuring into profitable and sustainable aviation-related growth concerns.
The Company Preferred Series B shares to be exchanged will contain an annual cumulative coupon rate of 8% and call features that enable the holders to either convert their shares to common shares or to elect to tender them to Aerologistics Investment Partners, LLC (a related party) for $1 per share.
In 2007, Caribbean Flight Center is estimated to have generated in excess of $6 million in revenues. Caribbean's revenues were primarily generated from aviation fuel sales.
Calvin Humphrey, River Hawk's CEO, commented, "We believe that Caribbean Flight Center is an attractive acquisition candidate and has the right mix of existing profitability and upside potential that we seek in our acquisitions. We plan to push for a quick closing of this transaction and soon thereafter begin construction or renovation of the office and lobby area of the fixed base operation. We also intend to deploy aviation equipment and aircraft management services in St. Croix as well as develop an aviation maintenance facility and increase the utilization of existing hangar space. In our opinion, the opportunities for growth in the service sector of Caribbean Flight Center are quite substantial and we look forward to completing this acquisition and adding Caribbean to our holdings."
About River Hawk Aviation, Inc.
River Hawk Aviation, Inc., is a holding company concentrating on the acquisition and development of aviation niche companies. Presently, the Company's operating subsidiary base is comprised of Profile Aviation Center, Inc., Profile Aviation Services, Inc. of Hickory, North Carolina and River Hawk Aviation, Inc. (a private entity) of San Antonio, Texas.
The combined synergies associated with the Company's current holdings will provide revenues from charter aircraft operations, aviation management services to private aircraft owners, certified aircraft maintenance services, fueling and other fixed base operation services as well as aviation parts and components sales within the aviation industry. The Company and its subsidiaries are also able to offer consulting services, marketing and appraisals to the aviation community. At present, the Company maintains offices and a fixed base operation including aviation hangars in Hickory, North Carolina, offices and inventory warehousing in San Antonio, Texas, and executive offices in Michigan.
The Company's plan for future growth and development will focus on the acquisition of aviation-related operating businesses and airlines that display the potential for restructuring into profitable and sustainable aviation-related growth concerns.
Aerologistics is a related party to River Hawk Aviation, Inc.
Aerologistics indicated that it intends to operate the Cessna Citation a minimum of 400 hours during 2008 and that it has already obtained a commitment of 75 hours of flying time from the previous owner of the aircraft.
Calvin Humphrey, River Hawk's Chief Executive Officer and a managing member of Aerologistics, stated, "We believe that the Cessna Citation is an excellent complement to our owned and managed fleet currently under the control of our Profile subsidiaries. Our studies indicate strong market support for this equipment. Our evolving plan is to continue to adjust the mix of our equipment offerings to maximize our marketing efforts and meet the growing demands of the greater Hickory, North Carolina marketplace. As part of our plan we are also conducting internal studies to determine the feasibility of bringing small jet service to the airport facility in Hickory. We approach 2008 with very high optimism and believe the addition of the Citation will prove to be a nice kick-off towards an outstanding year." About River Hawk Aviation, Inc.
River Hawk Aviation, Inc. is a holding company concentrating on the acquisition and development of aviation niche companies. Presently, the Company's operating subsidiary base is comprised of Profile Aviation Center, Inc., Profile Aviation Services, Inc. of Hickory, North Carolina and River Hawk Aviation, Inc. (a private entity) of San Antonio, Texas.
The combined synergies associated with the Company's current holdings will provide revenues from charter aircraft operations, aviation management services to private aircraft owners, certified aircraft maintenance services, fueling and other fixed base operation services as well as aviation parts and components sales within the aviation industry. The Company and its subsidiaries are also able to offer consulting services, marketing and appraisals to the aviation community. At present, the Company maintains offices and a fixed base operation including aviation hangars in Hickory, North Carolina, offices and inventory warehousing in San Antonio, Texas, and executive offices in Michigan.
The Company's plan for future growth and development will focus on the acquisition of aviation-related operating businesses and airlines that display the potential for restructuring into profitable and sustainable aviation-related growth concerns.
Richard Girouard is the President and Chief Executive Officer of Girouard Associates, Inc. ("GAI"). GAI has been in business for 35 years and enjoys a reputation as a premier luxury home builder in Southern Connecticut. GAI is renowned for building luxury homes which are rich in "Old-World" architecture and tradition but designed to suit modern tastes and lifestyles. Under Mr. Girouard's leadership, Girouard and GAI have been named Builder of the Year two times by the Homebuilders Association of Connecticut and have obtained numerous industry awards for their custom built homes and residential developments.
In addition, Mr. Girouard has also developed commercial properties and has completed a wide range of successful properties throughout Connecticut as well as in Rhode Island and Florida.
Mr. Girouard is a founder, major investor, and board member of DiscoveryTel, a $100 million provider of telecommunications services and equipment. The company focuses on helping Africa and the Middle East connect to the rest of the world through a broad range of advanced telecommunications services including Broadband Internet over Satellite, International Call Termination, Voice over Internet Protocol, and Virtual Private Networks.
Mr. Girouard is also a founder of USA Bank in Westchester County, New York, a $25 million asset institution. Girouard has made numerous investments and loans to a range of businesses including: fashion design, communications, transportation, restaurants, real estate and workout loan portfolios.
Calvin Humphrey, River Hawk's Chief Executive Officer, commented, "Richard Girouard brings a wealth of managerial experience and financial expertise to our organization. Ric's leadership and broad based network of contacts should prove to be invaluable as River Hawk focuses on building its aviation concentration through expansion of our subsidiary operations in Hickory, North Carolina as well as our plans for other acquisitions."
Mr. Humphrey, added, "The Board is sorry to see Sean Taylor leave. Sean is involved in a number of interests and is developing his clientele and business relationships at this time. It is possible that some of Sean's activities may result in future business to River Hawk. We wish Sean much success in his endeavors."
River Hawk completed its initial acquisitions with the August 28, 2007 completion of the merger of Profile Aviation Services, Inc.& Profile Aviation Center, Inc., of Hickory, North Carolina and the August 29, 2007 the asset purchase of privately held River Hawk Aviation, Inc., of San Antonio, Texas. For the period of August 28, 2007 through September 30, 2007, the Company generated $1.485 million in revenues. Management estimates forecasted revenues from the Company's existing operating subsidiaries at approximately $14-$15 million for the twelve months ending September 2008.
About River Hawk Aviation, Inc.
River Hawk Aviation, Inc., is a holding company concentrating on the acquisition and development of aviation niche companies. Presently, the Company's operating subsidiary base is comprised of Profile Aviation Center, Inc., Profile Aviation Services, Inc. of Hickory, North Carolina and River Hawk Aviation, Inc. (a private entity) of San Antonio, Texas.
The combined synergies associated with the Company's current holdings will provide revenues from charter aircraft operations , aviation management services to private aircraft owners, certified aircraft maintenance services, fueling and other fixed base operation services as well as aviation parts and components sales within the aviation industry. The Company and its subsidiaries are also able to offer consulting services, marketing and appraisals to the aviation community. At present, the Company maintains offices and a fixed base operation including aviation hangars in Hickory, North Carolina, offices and inventory warehousing in San Antonio, Texas, and executive offices in Michigan.
The Company's plan for future growth and development will focus on the acquisition of aviation-related operating businesses and airlines that display the potential for restructuring into profitable and sustainable aviation-related growth concerns.