CitationShares Becomes First Fractional Aircraft Ownership Company
to Offer Positioning Flights to Customers at Highly Attractive Rates
Caribbean Express Program Eliminates Positioning Fees
GREENWICH, Conn., June 29, 2005 (PRIMEZONE) -- CitationShares, a fractional aircraft ownership and private jet travel company co-owned by Cessna Aircraft Company and TAG Aviation, announced today the launch of Preferred Positioning, Caribbean Express and Vector Value Plus -- three new programs designed to solidify the Company's position as a leader in exclusive products, innovative offerings and superior customer service.
"As we approach the five year anniversary of our entry into the fractional aircraft industry, we remain entirely focused on providing superior products and services to our customers," said Steve O'Neill, CEO of CitationShares. "With the youngest fleet in the industry, we already deliver our fractional owners the highest residual values. On top of that, these new programs are just a few of many value-added initiatives we have been working on to meet and exceed the expectations of our customers."
The Preferred Positioning Program is an innovative new offering through which CitationShares customers can book and purchase positioning flights on CitationShares aircraft. Positioning flights are those trips that are typically flown unoccupied when an aircraft is en route to begin another customer trip.
"Preferred Positioning is the first and only program of its kind, enabling CitationShares customers to take advantage of opportunistic positioning flights, priced at very low fares," said Mr. O'Neill. "At the same time, the program enables us to better optimize our flight activity, in terms of both revenue and capacity. The additional revenue we expect to generate from these flights will enable us to continue to innovate and invest in new products while maintaining the highest standards of service and safety for our customers."
Through the program, CitationShares customers will receive a daily e-mail from the Company, listing current positioning flights available for purchase. Customers can then simply contact the Company's owner services department to book the desired flight. Flights will be sold on a first come, first serve basis. CitationShares is also in the process of developing an online listing and reservation system for its positioning flights, which is expected to launch later this year.
In addition to the Preferred Positioning Program, CitationShares is also launching Caribbean Express, an exciting new program that enables its fractional owners to travel to the Caribbean and Costa Rica without incurring the costly "repositioning fees" that are common among the fractional aircraft industry.
Under the program, repositioning fees will be waived for all Saturday trips to and from the Caribbean -- the most popular day of travel to and from that destination. Arrival and departure times must fall within four-hour windows designated by CitationShares.
CitationShares is also introducing the Vector Value Plus Program designed exclusively for its fractional ownership customers who have the occasional need for incremental hours beyond those they have available through their fractional share. These hours may be purchased in any hourly increment for any aircraft type.
"We are pleased to be introducing these three new programs to provide value to and build loyalty among CitationShares customers," said Mr. O'Neill. "We expect these products to be extremely popular among our current customers - and serve as an incentive for others looking into fractional aircraft ownership to choose CitationShares."
CitationShares has a long track record of creating innovative program offerings in response to customer needs. In March 2005, CitationShares became the first company to offer a jet card in 20-hour increments, as opposed to what had been the industry standard 25 hours, thereby lowering the barriers to entry. CitationShares is also the only fractional ownership company to offer exclusively new Cessna Citation aircraft -- far and away the world's most popular and preferred business jets.
CitationShares's highly personalized service has translated into very high customer referral rates and into the industry's highest customer retention rates, according to a recent UBS report.
About CitationShares
Based in Greenwich, CT, CitationShares offers individuals and businesses the opportunity to experience the advantages of private travel by becoming fractional aircraft owners or Vector JetCard members. CitationShares is a joint venture of Cessna Aircraft Company, a subsidiary of Textron (NYSE:TXT), and TAG Aviation USA, Inc. For more information about CitationShares and its offerings, contact 800-340-7767 or visit www.citationshares.com.