First Letters of Intent signed for Project Phoenix CRJ conversion program

He signed the contract on behalf of Opus Capital, a Dubai based private equity company, with Project Phoenix President Mike Cappuccitti.

Opus Capital has committed to two CRJs, one of which will be operated for charter out of the Dubai International Business Aviation Terminal. Deliveries will be in September 2008 and November 2008. Both aircraft will be operated by ExecuJet Middle East.

Project Phoenix also announced it received a Letter of Intent from Ritz Pacific Ltd for Jet Asia Macau, one of the biggest private jet operators in Asia.

'We had a terrific week at the Dubai Show,' commented Mike Cappuccitti. 'There is clearly a lot of interest in this program, especially from the buoyant Middle East market.'

Project Phoenix was hosted at the Dubai Show by international aircraft sales and marketing organisation Action Aviation, which was named exclusive representative for the Middle East and Russia for the program.

The CRJ-Phoenix is being launched to address two significant challenges facing the business aviation sector today - rapidly escalating prices and increasingly long lead times. The program has been conceived, with the assistance and support of several former senior Bombardier executives who make up Project Phoenix, to offer buyers of large executive aircraft a viable and cost-effective alternative to new business aircraft models in the 2,200 - 3,000 n.m range - for which new customers are having to wait for up to five years for a delivery slot.

Project Phoenix, with its Montreal, Canada-based partner Aerospace Concepts Ltd (ACL) pledges to retrofit a CRJ-200, fitting long range fuel tanks if so required, within eight months. Maintenance work will be carried out exclusively by reputable authorized Bombardier Service Centers. Primary interiors provider will be Flying Colours of Peterborough, Ontario. Cost per unit will be ballpark $17.9 million for a baseline specification Aircraft.

The CRJ-Phoenix will boast a maximum range, with long-range tanks fitted, in excess of 3,000 nm. Powered by twin General Electric CF34-3B1 engines rated at ISA+15, the aircraft is capable of normal operations out of hot and high airfields. Initial climb altitude is 37,000 feet with a maximum certified ceiling of 41,000 ft. Direct and fixed operating costs are predicted to be very similar to other executive jets in this class, whilst the total hourly costs will be much lower owing to the significantly lower capital cost.

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