FirstFlight announces new JetEquity Solutions division

Airline Industry Information,  April 16, 2008  

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AIRLINE INDUSTRY INFORMATION-(C)1997-2008 M2 COMMUNICATIONS LTD

A new division, which will focus on aircraft financial services and be led by Michael P Gaffney, has been announced by FirstFlight Inc (OTCBB:FFLT), a charter management and aviation services company.

The company said the new JetEquity Solutions division will offer services such as lease versus buy analysis, identification and negotiation of optimal financing structure, securing credit approval and ensuring acceptable terms, conditions and documentation. It confirmed the services will be extended to FirstFlight clients and the corporate aviation marketplace.

Gaffney, who recently retired from the Corporate Aircraft Finance Group for Banc of America Leasing, where he held responsibility for more than USD3bn of new business activity, has over 40 years of experience of secured lending.

According to FirstFlight, Gaffney's appointment is a key part of its plan to provide a premier full-service programme for corporate aviation clients. The new division will use Gaffney's experience and network of contacts to offer a range of financial services which are expected to enable a turnkey aircraft sale and acquisition process.

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