Kinston, North Carolina - February 28, 2023 – flyExclusive, one of the largest private aviation firms in North America, today announced the formal opening of a 9,500 square foot hangar, which will house aspects of the company’s growing Maintenance, Repair, and Overhaul (MRO) division.
The new facility expands flyExclusive’s capacity in their paint refurbishment division, with the goal of establishing a consistent, industry-leading standard for customers across its modernized fleet. As the latest addition to flyExclusive’s dedicated MRO space, the hangar brings the company’s total paint infrastructure to more than 33,000 square feet with the ability to paint over eight planes per month. By having this capacity in-house, flyExclusive’s MRO division can more efficiently address repairs and cosmetic updates, increasing aircraft uptime for the Company’s fleet.
The opening of the new hangar marks the completion of Phase 2 of flyExclusive’s campus expansion plan, including the construction of four major hangar facilities that comprise its MRO business. Phase 3 will include a new corporate headquarters, ground & flight training space, that will house our simulators, and an additional approximately 80,000 square feet of maintenance facilities.
At the ribbon cutting event flyExclusive Founder and CEO Jim Segrave said, “flyExclusive was born out of my passion for aviation. I was a pilot before I was CEO, so I understand the value of ensuring that our jets look as good as they fly. We believe our latest investment in this facility will have far-reaching benefits for our business, including increased reliability, efficiency and substantially reduced costs. Maintenance shortages are an industry-wide challenge. By bringing 80% of our aircraft maintenance in-house, we will further our commitment to exceptional service, reliability, and an unmatched customer experience.”
flyExclusive completed construction of its first paint hangar in 2021, with the goal of developing one of the most modern electrostatic paint facilities in the industry. Some of the facilities were constructed through a public-private partnership with the North Carolina Global TransPark.
flyExclusive’s mission is to become a fully vertically integrated private aviation company. Consistent with the Company’s mission, the hangar opening follows a series of milestone announcements for flyExclusive including its purchase of up to approximately $600M of new Textron Citation Jets and its plans to become a publicly traded company. In June, flyExclusive won Robb Report’s 2022 “Best of the Best” award in the “Jet Cards and Membership” category.
To learn more about flyExclusive, please visit: https://www.flyexclusive.com/.
About flyExclusive
flyExclusive is one of North America’s largest Part 135 owner/operator of private jet experiences providing on-demand charter, Jet Club and fractional jet services to its customers. Vertically integrated, with in house maintenance, paint, interiors and avionics capabilities, flyExclusive provides Maintenance, Repair and Overhaul services to jet owners alongside flyExclusive’s owned and operated floating fleet of 90+ light to heavy jets. flyExclusive is headquartered in Kinston, North Carolina with services provided across North America, Caribbean, Central America, South America, Europe, Asia and beyond. To learn more, visit www.flyexclusive.com.
Forward-Looking Information
This press release contains certain forward looking statements within the meaning of the U S federal securities laws with respect to LGM Enterprises and the Potential Business Combination, including statements regarding the anticipated Potential Business Combination, the products and services offered by LGM Enterprises and the markets in which it operates (including future market opportunities), LGM Enterprises’ projected future results, future financial condition and performance, and LGM Enterprises’ expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. These forward looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “scales,” “representative of “valuation,” "potential,”“ opportunity,” “plan,” “may,” “should,” “will,” “will be,” “will continue,” “continue,” “will likely result,” and similar expressions. Forward looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward looking statements in this communication, including but not limited to (i) the risk that the Potential Business Combination may not be completed in a timely manner or at all, (ii) the effect of the announcement or pendency of the Potential Business Combination on LGM Enterprises’ business relationships, operating results, performance and business generally, (iii) risks that the Potential Business Combination disrupts current plans and operations of LGM Enterprises, (iv) changes in the competitive industries and markets in which LGM Enterprises operates or plans to operate, (v) changes in laws and regulations affecting LGM Enterprises’ business, (vi) the ability to implement business plans, forecasts, and other expectations after the completion of the Potential Business Combination, and identify and realize additional opportunities, (vii) risks related to the uncertainty of LGM Enterprises’ projected financial information, (viii) risks related to LGM Enterprises’ potential inability to achieve or maintain profitability and generate cash, (ix) current and future conditions in the global economy, including as a result of the impact of the COVID 19 pandemic, and their impact on LGM Enterprises, its business and markets in which it operates, (x) the potential inability of LGM Enterprises to manage growth effectively, (xi) LGM Enterprises’ customer concentration, and (xii) the ability to recruit, train and retain qualified personnel.
The foregoing list of risk factors is not exhaustive You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of EG Acquisition Corp.’s proxy statement to be filed with the U S Securities and Exchange Commission.
Media Contact: Jillian Wilson, Marketing Specialist jiwilson@flyexclusive.com | (252) 366-3604
Investor Relations Contact: Cason Madison, SVP Strategic Business Planning and Analysis
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