Atlantic Coast Airlines (NASDAQ:ACAI)
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Independence Air Parent Company to Officially Change Corporate
Name and Stock Ticker Symbol Tomorrow
FLYi, Inc. Will Replace Atlantic Coast Airlines Holdings, Inc.
DULLES, Va., Aug. 3 /PRNewswire-FirstCall/ -- The parent company of low- fare
airline Independence Air -- Atlantic Coast Airlines Holdings, Inc.
(NASDAQ:ACAI) -- will officially transition to its new identity tomorrow, by
changing both its corporate name and stock ticker symbol.
At the Annual Meeting of Stockholders held on May 28, 2004, the parent
company's stockholders approved changing the company's name to FLYi, Inc.,
which will be effected by the company filing an Amended Certificate of
Incorporation with the Secretary of State of the State of Delaware effective as
of August 4, 2004. This name change is designed to more accurately reflect the
internet identity of the parent company's Independence Air operation, the
low-fare airline based at Washington Dulles International Airport and operated
through a subsidiary.
As a result of the company's name change, a new trading symbol was issued by
The NASDAQ Stock Market. Shares of the company's common stock will trade on
the NASDAQ National Market under the symbol "FLYI," effective as of the opening
of trading tomorrow, August 4, 2004. Shares of the company's common stock will
no longer be traded under the symbol "ACAI." Stockholders are not required to
take any further action with respect to the name change.
The transition will mark several significant milestones:
--Following the end of today's flight schedule, the company will no longer
participate in the United Express regional airline program, bringing to an end
a nearly 15-year relationship with United Airlines
--The company's remaining United Express J-41 turboprop aircraft will complete
their service and the company will immediately retire those aircraft, in light
of the fact that Independence Air operates an all-jet fleet
--Once the transition is complete, the company's http://www.atlanticcoast.com/
website will direct all traffic to FLYi.com, where all company news,
information and corporate postings will be found
The company's Independence Air operation began low-fare service on June 16th
and is in the midst of the largest-ever launch of new service in airline
history -- with a total of 37 new destinations coming online by October 1. The
airline's schedule will grow to more than 600 daily departures, and its
operation at Washington Dulles will become the largest low-fare hub in America
in terms of total departures.
In November, Independence Air will offer coast-to-coast service when it begins
operating the first two of its Airbus A319 aircraft. The company has firm
orders for 28 A319s -- four of which are scheduled for delivery this year, 18
more in 2005 and the remaining six in the first quarter of 2006.
The company employs more than 4,200 aviation professionals. For more
information about Independence Air and FLYi, Inc., please visit FLYi.com.
This press release contains forward-looking statements and information that is
based on management's current expectations as of the date of this document.
When used herein, the words "anticipate", "believe", "estimate" and "expect"
and similar expressions, as they relate to the Company or its management, are
intended to identify such forward-looking statements. Such forward-looking
statements are subject to risks, uncertainties, assumptions and other factors
that may cause the actual results of the Company to be materially different
from those reflected in such forward-looking statements. Such risks and
uncertainties include, among others: the ability of the Company to implement
its transition out of the United Express and Delta Connection programs; the
ability to effectively implement its low-fare business strategy utilizing
regional jets and Airbus aircraft, and to compete effectively as a low-fare
carrier, including passenger response to the Company's new service, and the
response of competitors with respect to service levels and fares in markets
served by the Company; the effects of high fuel prices on the Company; the
ability of government agencies involved in airport operations to handle the
increased number of flights and passengers anticipated at Washington Dulles
without interference with airline operations; the ability to complete the
acquisition of, obtain certification for, and secure financing of, its Airbus
aircraft, and to successfully integrate these aircraft into its fleet; the
ability to implement its assignment to Delta or others the leases of the 328JET
aircraft currently used in the Company's Delta Connection operations; the
possibility that the Company will remain obligated under the leases for 328JET
aircraft currently used in the Delta Connection operations anticipated to be
assigned to Delta, and would be obligated to fulfill these obligations should
Delta default at any time prior to the expiration of the leases; unexpected
costs or procedural complications arising from the insolvency of Fairchild
Dornier GmbH, the manufacturer and equity owner of the 328JETs; the ability to
successfully remarket the J-41 aircraft; the ability to successfully hire and
train employees in sufficient numbers to implement the transition; the ability
to reach agreement with AMFA and AFA-CWA on mutually satisfactory contracts;
and general economic and industry conditions, any of which may impact the
Company, its aircraft manufacturers and its other suppliers in ways that the
Company is not currently able to predict. Certain of these and other risk
factors are more fully disclosed under "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of Operations" in
the Company's Annual Report on Form 10-K for the year ended December 31, 2003
and in its Quarterly Report on Form 10-Q for the period ended March 31, 2004.
These statements are made as of August 4, 2004 and Atlantic Coast Airlines
Holdings, Inc. undertakes no obligation to update any such forward-looking
information, including as a result of any new information, future events,
changed expectations or otherwise.
DATASOURCE: Independence Air
CONTACT: Rick DeLisi, Director, Corporate Communications, of
Independence Air, +1-703-650-6019
Web site: http://www.flyi.com/
http://www.atlanticcoast.com/