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Friday November 26, 4:05 pm ET
MIAMI--(BUSINESS WIRE)--Nov. 26, 2004--Viva International, Inc. (OTCBB:VIVI - News) announced today that it had agreed to accept the assignment of an aircraft lease for a SAAB 340A s/n-073 from Bank of America (NYSE:BAC - News) and Ford Motor Credit Company (NYSE:F - News) as owners. The lease will be administered by State Street Bank and Trust Company.
A Company spokesman was quoted as follows, "Viva's revised strategic plan was to move towards the small commuter type aircraft. The acceptance of the assignment of an existing lease puts us in to the execution phase of building our fleet of aircraft. The Company's plan is to utilize 10 SAAB 340's as the cornerstone of our Caribbean passenger and cargo service. The Company currently plans to obtain an additional five (5) SAAB 340's through its relationship with the Bank of America/Ford Motor connection and seek to satisfy its remaining requirements through other vendors".
The spokesmen added further, "We have received commitments that allow us to satisfy the financial terms pertaining to the lease deposit by November 30, 2004 and accordingly, the Company is positioning itself for its entry into operations. The Company's revised business plan has forecast expected future revenues to approximate $35 million during its first full year of operations with a better than industry average net earnings. This is an exciting time for the Company. We expect numerous updates during the upcoming weeks as we demonstrate performance on our plan to our shareholders and the financial community".
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 on 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 missions 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
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