PRESS RELEASE
New Citation Bravos and Citation Excels For NetJets Europe
New Citation Bravos and Citation Excels For NetJets Europe
LONDON/NEW YORK, March 27, 2001 -- While touring Europe this week, Warren Buffett and Richard T. Santulli announced that Executive Jet, Inc. has committed to delivery of 25 Citation Bravos and 25 Citation Excel private business jets from Cessna Aircraft Company for its rapidly growing NetJets® fractional aircraft ownership program in Europe.
In announcing the $400 million deal, Executive Jet will accept delivery of its first Excel for its NetJets® Europe fleet in November 2001. The first Bravo will be available in January 2002. Executive Jet has committed over $1.3 billion in aircraft and resources to the NetJets Europe program.
The announcement was made by Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., and Richard T. Santulli, Executive Jet's chairman and chief executive officer, who are visiting London, Paris, Cologne, Frankfurt, Geneva and Milan this week. Mr. Santulli revolutionized the business aviation industry in 1986 when he introduced the NetJets® fractional aircraft ownership program. Berkshire Hathaway acquired Executive Jet in 1998. "The ability our NetJets owners have to interchange between the various aircraft types in the NetJets fleet is perfectly illustrated by our trip to Europe this week," Mr. Santulli said. Mr. Buffett and Mr. Santulli have been meeting with hundreds of NetJets owners and prospects. "In three days, we used the Boeing Business Jet, the Falcon 2000 and the Hawker 800XP to meet with NetJets owners, prospects and the press in six cities. The addition of the BBJ and Gulfstream V to the NetJets fleet allows us to network the continents while utilizing aircraft such as the Citation Bravo, Citation Excel, Citation VII, Hawker 800XP and Falcon 2000 to link the countries in Europe."
The Bravo's range and price make it ideal for the European market. The Bravo opens more airports to private business jet operations because of its ability to take off from shorter runways. The Bravo seats seven and its maximum range with four passengers is 1,850 km (1,150 sm). A 1/8th interest in the Citation Bravo is available for $750,000 (USD), a one-time purchase charge.
The Excel delivers all the performance of the popular Citation V Ultra aircraft but with a 35 percent larger cabin and outstanding baggage capacity. The Excel seats seven and its maximum range with four passengers is 2,225 km (1,382 sm). A 1/8th interest in a Citation Excel is available for $1.25 million (USD), a one-time purchase charge.
Executive Jet's growth has been explosive and the company is primed for worldwide expansion for its NetJets programs. Executive Jet currently manages 338 aircraft, with 449 more aircraft on order. In the last 5 years, Executive Jet has ordered 787 new aircraft for the NetJets program and accepts delivery of 6-8 new jets each month to support new owners. Mr. Santulli said he expects NetJets operations in the U.S., Europe and the Middle East will fly over 250,000 flights to more than 90 different countries this year. Today, more than 2,500 successful individuals and companies have been introduced to the benefits of private business aircraft through the NetJets program at a fraction of the cost of whole aircraft ownership.
For more information on the NetJets® Europe program call 41 41 798 1613 or visit Executive Jet’s website at www.netjets.com
Contact:
Maryann Aarseth
NetJets Inc.
732-326-3735
maarseth@netjets.com
In announcing the $400 million deal, Executive Jet will accept delivery of its first Excel for its NetJets® Europe fleet in November 2001. The first Bravo will be available in January 2002. Executive Jet has committed over $1.3 billion in aircraft and resources to the NetJets Europe program.
The announcement was made by Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., and Richard T. Santulli, Executive Jet's chairman and chief executive officer, who are visiting London, Paris, Cologne, Frankfurt, Geneva and Milan this week. Mr. Santulli revolutionized the business aviation industry in 1986 when he introduced the NetJets® fractional aircraft ownership program. Berkshire Hathaway acquired Executive Jet in 1998. "The ability our NetJets owners have to interchange between the various aircraft types in the NetJets fleet is perfectly illustrated by our trip to Europe this week," Mr. Santulli said. Mr. Buffett and Mr. Santulli have been meeting with hundreds of NetJets owners and prospects. "In three days, we used the Boeing Business Jet, the Falcon 2000 and the Hawker 800XP to meet with NetJets owners, prospects and the press in six cities. The addition of the BBJ and Gulfstream V to the NetJets fleet allows us to network the continents while utilizing aircraft such as the Citation Bravo, Citation Excel, Citation VII, Hawker 800XP and Falcon 2000 to link the countries in Europe."
The Bravo's range and price make it ideal for the European market. The Bravo opens more airports to private business jet operations because of its ability to take off from shorter runways. The Bravo seats seven and its maximum range with four passengers is 1,850 km (1,150 sm). A 1/8th interest in the Citation Bravo is available for $750,000 (USD), a one-time purchase charge.
The Excel delivers all the performance of the popular Citation V Ultra aircraft but with a 35 percent larger cabin and outstanding baggage capacity. The Excel seats seven and its maximum range with four passengers is 2,225 km (1,382 sm). A 1/8th interest in a Citation Excel is available for $1.25 million (USD), a one-time purchase charge.
Executive Jet's growth has been explosive and the company is primed for worldwide expansion for its NetJets programs. Executive Jet currently manages 338 aircraft, with 449 more aircraft on order. In the last 5 years, Executive Jet has ordered 787 new aircraft for the NetJets program and accepts delivery of 6-8 new jets each month to support new owners. Mr. Santulli said he expects NetJets operations in the U.S., Europe and the Middle East will fly over 250,000 flights to more than 90 different countries this year. Today, more than 2,500 successful individuals and companies have been introduced to the benefits of private business aircraft through the NetJets program at a fraction of the cost of whole aircraft ownership.
For more information on the NetJets® Europe program call 41 41 798 1613 or visit Executive Jet’s website at www.netjets.com
Contact:
Maryann Aarseth
NetJets Inc.
732-326-3735
maarseth@netjets.com
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