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NEWS & BLOG

AIR CHARTER SERVICE GROUP CONFIRM TERMINATION OF MERGER DISCUSSIONS WITH HANGAR 8

13 March 2014

The Air Charter Service Group can confirm that talks regarding the merger of the company with Oxford-based aircraft management company Hangar 8 have been terminated.

Whilst we believe that the merger of the two companies in the form of a reverse takeover would have been profitable for both parties in principle, after due diligence enquiries along with lengthy discussions, the Air Charter Service Group board did not feel that some aspects of the deal to merge with Hangar 8 as it stood were in the long term interests of the company and its stakeholders. Unfortunately these issues could not be resolved and consequently discussions have ended.

The board would like to thank the representatives of the Hangar 8 investors for their approach and interest in Air Charter Service and wish them well for the future.

Air Charter Service will continue to look for new opportunities to expand its business in addition to its organic growth which includes the opening of a new office to open in Houston in May.

www.aircharterservice.com

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