YOU ARE HERE: LAT HomeCollections


National Jet Charter Agrees to Be Acquired by NetAir

October 28, 1986|ALAN GOLDSTEIN

National Jet Charter, a Van Nuys company that maintains private jets and arranges charter flights, said Monday that it has signed a letter of intent to be acquired by NetAir International Corp., an air charter firm.

Under the agreement, Denver-based NetAir would buy National Jet for an undisclosed amount of cash and stock. National Jet would then operate as a wholly owned subsidiary.

National Jet's president, Michael Friedman, is to become NetAir's chief operating officer. A definitive agreement is expected by mid-November.

NetAir, formed in April, 1985, books charters on 83 business jets and turboprop aircraft through 18 affiliates, most of which operate like National Jet. National Jet has made its fleet available to NetAir since May, 1985.

Headquartered at Van Nuys Airport, National Jet maintains, stores and provides pilots for six jets owned by other businesses. The company operates charters with those planes, as well as with its own Lear jet.

Founded four years ago, National Jet had sales in 1985 of under $3 million and employs about 20. NetAir, which employs six people at its Denver headquarters, had sales during its first nine months of about $500,000. Its shares are traded on the over-the-counter market.

Former astronaut Wally Schirra is NetAir's vice president for quality control. Its directors include former New York City Mayor John V. Lindsay, former Colorado Atty. Gen. John D. MacFarlane and Linden Blue, former president of Beech Aircraft Corp.

Los Angeles Times Articles