TULSA, Okla. and FT. LAUDERDALE, Fla., July 6, 2004 (PRIMEZONE) -- Berkshire Collection Inc/Eagle Aero Holdings Corp. (Pink Sheets:BKRCF) has completed the negotiations of a 49% merger bid of Aruba based Royal Aruban Airlines (www.flyraa.com). The terms of the acquisition include funding for inaugural operations of the airline and utilization of some restricted stock to collateralize long-term debt of the company.
Stuart Carnie, President of Eagle stated, "Royal Aruban Airlines has faced many difficulties in the recent months with regard to funding. We are confident that with continued efforts and the on going support of the Aruban Government and Courts we will see inaugural flights very quickly." He went on to say that, "The company believes with the existing moratorium placed on creditors, Royal Aruban Airlines has the opportunity to begin operations and generate sufficient revenues to satisfy the debts incurred during the developmental stages of the airline."
Royal Aruban Airlines inaugural flights are slated to begin in the late summer with flights from Ft Lauderdale Hollywood International Airport to Aruba and Curacao. Initially the airline will activate leases already in place with sub service providers. Royal Aruban Airlines last year completed all of its applications with the Aruban Civil Aviation Authority, Federal Aviation Administration, and U.S. Department of Transportation, in order to facilitate the inaugural flights.
Eagle Aero Holdings Corp. plans to acquire regional airline carriers and aviation related projects. The acquisition of independent regional and medium haul international carriers that have existing contracts or pending contracts with major airlines, will allow Eagle Aero Holdings Corp. to capitalize on the strengths of each carrier and eliminate weakness by integrating a standard of operation throughout the system which will create increased value in each property. Currently there are multiple properties that the company has identified that are available for acquisition. Additionally, there are developmental projects that the company has identified that would further increase shareholder value and bottom line profits of the company. With a strong background in the airline industry and the public markets, the management of Eagle Aero Holdings Corp. has the ability to make the company a driving force in the United States and beyond.
CAUTIONARY STATEMENT: This news release may include forward-looking statements within the meaning of Section 21E of the United States Securities Exchange Act as amended, and/or the U.S. Private Securities Litigation Reform Act of 1995. All statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements that involve various risks and uncertainties. All forward-looking statements in this release are expressly qualified by this notice.