Chief Financial Officer
BURLINGAME, California, November 18, 2019 -- AeroCentury Corp. (NYSE American: ACY) (the "Company"), an independent aircraft leasing company, today announced that it has sold one Bombardier CRJ900 to Aeronautical Support International LLC ("ASI Aero"), an aircraft and aircraft engine components supplier based in Boynton Beach, Florida, through its affiliate, Cloud Investment Partners.
"The CRJ900 that we sold to ASI Aero is one of the four aircraft we repossessed from Adria Airways, the Slovenian flag carrier, shortly before it entered insolvency proceedings," explained Michael Magnusson, President of AeroCentury Corp. "As it became apparent that Adria Airways was having financial difficulties, we commenced remarketing efforts for those CRJ aircraft," Magnusson continued. "This allowed us to expeditiously close this sale in little over a month after the aircraft’s return. We believe that the market for CRJ900s is healthy at the moment and are already exploring several lease and sale opportunities for the other three aircraft returned to us from Adria Airways."
"The acquisition of a CRJ900 with CF34-8C engines provides ASI Aero with an expanded green-time engine lease portfolio, which in addition to acquiring aircraft for part-out was a significant part of our 2019 plan," stated Dean Morgan, President of ASI. "We will disassemble the aircraft in support of our used material distribution business, giving ASI Aero a further diversified offering and allowing us to expand our airline customer base."
About ASI Aero: ASI Aero provides quick, reliable service and is a source for a variety of aircraft and aircraft engine components. ASI Aero has been delivering quality materials and excellent service for over 30 years to all segments of the aviation industry. ASI Aero is an affiliate of Cloud Investment Partners in Boynton Beach, Florida. Cloud Investment Partners is global strategic investment firm with special focus in the capital markets within the aerospace industry. For more information please visit: www.asiaero.net and www.cloudlllp.com.
About AeroCentury: AeroCentury is an independent global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines. The Company's aircraft and engines are leased to regional airlines and commercial users worldwide.