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this should gap a little today then run for the day. We could see .25 today which is an easy 20%
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2005-10-07 11:09:01
Viva Executes Irrevocable Letter of Intent to Purchase a US Regional Airline


Business Editors / Airline Writers

MIAMI--(BUSINESS WIRE)--Oct. 7, 2005--
Viva International, Inc. (VIVI.OB) announced today that
it has executed an irrevocable Letter of Intent to Purchase the entire
air carrier operation of Smyrna (Nashville), Tennessee based
RegionsAir, Inc (
Established in 1996, RegionsAir, formerly Corporate Airlines, Inc.
is a regional air carrier that provides commuter air service to
small-and-medium sized communities in the Southeast and Midwest.
RegionsAir operates turboprop commuters as "American Connection" in a
number of markets under an operational agreement with American
Airlines (NSYE:AMR).
For the fiscal years ended December 31, 2003 and 2004, RegionsAir
posted operating revenues of approximately $24 million for each year.
More detailed financial data can be obtained from a review of Regions
DOT filings that are available to the public.
Robert Scott, Chairman of Viva, commented, "This acquisition
provides Viva with a strong internal operational subsidiary that will
allow us to expedite our growth plans on a cost-effective and
efficient basis. Further, this combination adds experienced aviation
management to all of our aviation subsidiaries. We are pleased to
welcome RegionsAir and its employees to the Viva family of companies."
RegionsAir provides air service to (11) area cities in Missouri,
Iowa, Illinois, Indiana, Kentucky and Tennessee from hubs in St. Louis
and Nashville in conjunction with an air service restoration program
subsidized by the federal government. The Federal program is referred
to as Essential Air Services and provides for financial guarantees and
support for certain flights and routes making the Company
self-sustaining while offering a solid platform for Viva's beneficial
Caribbean markets.
"We are excited about assisting Viva in bringing turn key
operations and capability to their Caribbean marketplace and we
believe as Viva does that the opportunities to expand within the
Caribbean are excellent, commented Doug Caldwell, President of
RegionsAir. We have the infrastructure in place, including the air
carrier certificate, operational experience and the staff necessary to
operate all of Viva's routes in the Caribbean in addition to our
existing routes and EAS service opportunities. I expect the
combination with Viva provides a nice vehicle to bridge Regions air
service operations with Viva's sales and marketing efforts."
Under the terms and conditions of the LOI, Viva will acquire
RegionsAir's entire operations as a wholly owned subsidiary including
its air carrier certificate, aircraft, maintenance facilities and
airport stations agreements. Viva has already begun the due diligence
process and has deployed a team to Nashville to review the books and
records of the company to meet a November 15, 2005 completion date.
An interview with Viva's spokesman, Pier S. Bjorklund, will be
held today at 12:00pm EST on for more information on
today's announcement.

About Viva International

Viva International, Inc. ("VIVA") is a publicly traded holding
entity (VIVI.OB) that specializes in acquisition and development of
undervalued commercial airlines and aviation outsourcing companies,
collectively referred to as "VIVA." The Company's strategy is to
develop a network of airline operations and subsidiary partners to
collaborate in maintaining route structures in "niche" markets and to
provide high quality products and services to the air travel industry,
focused primarily on the air travel market in the Caribbean. VIVA has
established a primary executive office in Traverse City, Michigan,
including airline operations headquartered in Santo Domingo, Dominican
Republic and San Juan, Puerto Rico.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended ("the
Exchange Act"), and as such, may involve risks and uncertainties.
Forward-looking statements which are based upon certain assumptions
and describe future plans, strategies and expectations, are generally
identifiable by the use of words as "believe", "expect", "intend",
"anticipate", "project", or other similar expressions. These
forward-looking statements relate to, among other things, future
performance, and perceived opportunities in the market and statements
regarding the Company's mission and vision. The Company's actual
results, performance and achievements may differ materially from the
results, performance, and achievements expressed or implied in such
forward-looking statements. Further information on potential factors
that could affect Viva International, Inc. is found in the Company's
Form 10-K and other documents filed with the U. S. Securities and
Exchange Commission.

SOURCE: Viva International, Inc.

For Viva International, Inc.
Pier S. Bjorklund, 888-336-8482
Viva International, Inc.

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.23 and all buys
Posts: 1423 | Registered: Jul 2005  |  IP: Logged | Report this post to a Moderator

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