Flight Options Press Release

Nextant Aerospace Delivers First 400XT To Flight Options At NBAA Annual Meeting In Las Vegas

CLEVELAND, OHIO and LAS VEGAS, NEVADA, October 10, 2011 – Nextant Aerospace, maker of the 400XT, the world’s first completely remanufactured business jet, today delivered the first of 40 new 400XT aircraft to Flight Options, LLC, the  second largest company in the private jet travel business. The delivery took place during a hand-over ceremony at the 64th National Business Aviation Association (NBAA) Annual Meeting and Convention.

“Today’s business jet customer demands value, performance and comfort, and we believe the 400XT delivers all three in a package well suited for both the fractional and jet card program market,” said Kenneth C. Ricci, chief executive officer of Nextant Aerospace.

The 400XT took the best of the Hawker 400 – a strong airframe, comfortable cabin and good speed – and married it with modern engine technology and avionics to deliver a plane that’s more fuel efficient, faster and even more comfortable than the original,” added Michael J. Silvestro, chief executive officer of Flight Options.Nextant has delivered the equivalent of a new jet at approximately half the cost of competing models, a combination that we believe will resonate with our owners and members.”

The inaugural delivery follows last week’s certification of the 400XT by the Federal Aviation Administration after a three-year development and flight testing process. Flight Options originally placed a $150 million order for 40 Nextant aircraft in October 2010. Nextant anticipates delivering an additional two 400XTs to Flight Options in 2011 and eight in 2012. Deliveries under the Flight Options order are scheduled to occur through 2015.

“We believe demand for the 400XT is sustainable, given the appeal of this aircraft to a wide range of buyers, not just fractional fleets,” added Ricci. “We are ramping up capacity to meet our delivery schedule and are excited about the future of this amazing aircraft.”

The 400XT process employs a remanufactured airframe from the Beechjet 400A/XP aircraft, enhanced with new, state-of-the-art technology including the Williams FJ44-3AP turbofan engine, the Rockwell Collins Pro Line 21™ integrated avionics suite, advanced electronics and completely rebuilt interiors. The remanufacturing process takes all life-limited components to zero-time status, either through replacement or complete overhaul, which effectively makes the 400XT a new plane in all material aspects even before the addition of advanced technology. The 400XT is considered to be a new type in Aircraft Bluebook.  Further options include additional avionics features and cabin entertainment including high speed wireless internet.  

The resulting aircraft supports a range of 2,005-nautical miles with four passengers and NBAA IFR Reserves, a 50 percent increase over the 400XP. Other performance improvements include a cruising speed of 460 nautical miles per hour; fuel efficiency improvements of 25-30 percent, depending on the length of the flight segment and noise compliance that exceeds Stage IV requirements. 

About Nextant Aerospace

Nextant Aerospace was founded in 2007 for the primary purpose of developing an aircraft modernization program. The company is credited with being the first to introduce the concept of aircraft remanufacturing to the business jet market. The Nextant 400XT is a remanufactured Beechjet 400A/XP equipped with the Williams FJ44-3AP engines and Rockwell Collins Pro Line 21 integrated avionics suite.  The new aircraft also benefits from significant aerodynamic enhancements including newly designed nacelles, pylons and an improved engine mounting configuration.  The 400XT is delivered as a new aircraft with a two-year, tip-to-tail warranty. Nextant’s design and manufacturing facility is located in Cleveland, Ohio, at the Cuyahoga County Airport. For more information, please visit www.nextantaerospace.com, like us on Facebook or follow us on Twitter @nextantaero

About Flight Options

 Headquartered in Cleveland, Ohio, Flight Options, LLC is the second-largest private aviation company in the United States, providing more than 1,300 owners and clients with a full suite of fractional ownership, membership and 25-hour card programs. The company operates a fleet of more than 100 aircraft including the Nextant 400XT, Hawker 400XP, Embraer Phenom 300, Hawker 800XP, Citation X and Embraer Legacy 600, flying clients to most of North America, the Caribbean or Europe with as little as eight hours notice. With five FAA Diamond Award-winning maintenance centers in Las Vegas, Teterboro, West Palm Beach, Sacramento and Cleveland, Flight Options was the first fractional jet operator to receive the ARG/US Platinum Safety Rating and is the only provider to have received the rating five consecutive times. More information is available at www.flightoptions.com or by calling 877.703.2348.  Like us on Facebook http://facebook.com/flightoptions, follow us on Twitter http://twitter.com/flightoptions or download the Flight Options iPhone Application.

Media Contacts:

Nextant Aerospace                                                                 The Hubbell Group, Inc.
Jay Heublein, Vice President, Sales and Marketing                        Nicholas Parmelee
216.261.9000                                                                        781.878.8882
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Nextant 400XT Phenom 300 Citation X Legacy 600