According to publicly available data from the General Aviation Manufacturers’ Association, the number of active twin-engine private jet aircraft in use grew from 6,956 aircraft in 2001 to 10,379 in 2006. Of these totals, 813 were available for charter in 2001 and 2,489 were available for charter in 2006, an increase of 206%.

During this five-year period, annual on-demand charter hours flown by private jet aircraft increased 245%, from 273,000 hours to 943,000 hours. Private aviation services include travel by owners of their own aircraft, owners of fractional interests in aircraft, jet card program customers (who typically pre-pay for a fixed amount of charter travel), and traditional jet charter customers (who typically secure private jet transport on the basis of an individual trip or itinerary).

The Company plans to use a fleet of newly manufactured Eclipse 500 aircraft for its initial operations. The Eclipse 500 is the first aircraft that has been certified by the Federal Aviation Administration, or FAA, within a new generation of private jet aircraft known as very light jets, or VLJs. Enabled by technological advances, VLJs are a smaller, lighter class of jet aircraft which are less expensive to purchase and operate than currently existing private jet aircraft.

The Company currently plans to inaugurate service in the second quarter of 2009, operate 15 VLJs by the end of 2009 and operate up to 115 VLJs by the second quarter of 2012.

The Company expects to operate primarily from the many general aviation airports that are located in communities across its target service area. The VLJs the Company intends to use for its service can operate from many of these general aviation airports, which are often closer to where passengers live and work than the airports typically utilized by scheduled commercial airlines. There are approximately 400 general aviation airports to which the Company can operate located within its target service area.

As of December 31, 2007, the Company had an accumulated deficit of $6.74 million.

The Company has incurred a net loss of $1.78 million, $1.27 million, $1.63 million and $1.85 million for the twelve months ended December 31, 2007, 2006, 2005 and 2004, respectively.

At December 31, 2007, the Company had cash and cash equivalents of $4.70 million, compared to $7.22 million at December 31, 2006.

Selling, general and administrative expenses increased by $0.55 million, from $1.41 million for the year ended December 31, 2006 to $1.96 million for the year ended December 31, 2007.