PRESS RELEASE
NetJets Inc. Orders 100 CitationJet 3s and 12 Citation Xs For NetJets Fractional Ownership Program
NetJets Inc. Orders 100 CitationJet 3s and 12 Citation Xs For NetJets Fractional Ownership Program
NetJets Places $300 Million Order with Cessna Aircraft Company; Order Includes 50 CJ3 Business Jets, and Options for 50 More Aircraft
WOODBRIDGE, NJ September 9, 2002 -- NetJets® Inc. has ordered 100 new Cessna CitationJet 3 business jets and 12 Citation X aircraft from Cessna Aircraft Company for the rapidly growing NetJets fractional aircraft ownership program. Total value of the order and maintenance services is valued at over $300 million. Citation X deliveries will occur in 2004, and initial deliveries of the CJ3 will begin in 2005.
Richard Santulli, chairman and chief executive officer of NetJets, stated, "As the pioneer of fractional aircraft ownership, our strategy has been to continually offer NetJets owners the best light, mid-size and large cabin aircraft in the world. With the addition of the CJ3 and new Citation Xs to our fleet, which already includes Citation VIIs, Ultras, Encores, Bravos and Excels, we will keep offering our customers with a highly efficient and cost-effective way to travel.
“Our relationship with Cessna upon Cessna's demonstrated ability to develop and produce quality aircraft that meets the needs of our owners. And, Cessna's commitment to excellent product support coupled with its worldwide factory-owned service center network were key factors in our decision.”
NetJets will take delivery of their 200th Citation in the fourth quarter 2002. Once deliveries are completed, NetJets will have over 350 Citations in their fleet, plus another 100 that are covered by options.
Cessna Chairman and CEO Russ Meyer said, “We are very proud that NetJets, with whom we have shared a long and mutually beneficial relationship, has chosen our new CJ3 for their fleet. With its outstanding performance, low operating cost, and most spacious and comfortable cabins in its class, we are confident that the CJ3 will quickly become a favorite among NetJets owners.
“The Citation X's popularity with NetJets owners is evidenced by their new order for 12 additional airplanes. This is in addition to the 58 Citation Xs that they currently have in service, and the 18 that remain undelivered for which we have purchase agreements. NetJets' Citation X fleet travels more miles every day than any other model in their fleet, and we are pleased that even more NetJets owners will be able to take advantage of the Citation X's unmatched speed and economical transcontinental capabilities.”
The NetJets fractional aircraft ownership program allows individuals and companies with less than full aircraft requirements to own aircraft without the substantial investment required for outright aircraft purchase. The NetJets program has proven to be extremely valuable for companies that have invested in whole aircraft ownership and need NetJets to meet their supplemental lift requirements.
NetJets® Inc., a Berkshire Hathaway Inc. company, is the world's largest operator of private business jets. Richard Santulli introduced the concept of fractional aircraft ownership in 1986. NetJets has ordered over $21 billion worth of aircraft to meet the evolving needs of NetJets owners. Today, NetJets manages over 485 aircraft, with more than 820 aircraft on order. NetJets fractional aircraft ownership programs are available in the U.S., Europe and the Middle East. More information on NetJets is available through its Web Site at www.netjets.com.
NetJets® has forged an exclusive alliance with Marquis Jet Partners, Inc., for the sale of short-term leases of fractional interests in the NetJets fleet. The Marquis Private Jet Card is sold on an all-inclusive, pre-paid basis in single-year 25-hour increments. Members of the Marquis Jet program have the same access and benefits as a NetJets owner.
WOODBRIDGE, NJ September 9, 2002 -- NetJets® Inc. has ordered 100 new Cessna CitationJet 3 business jets and 12 Citation X aircraft from Cessna Aircraft Company for the rapidly growing NetJets fractional aircraft ownership program. Total value of the order and maintenance services is valued at over $300 million. Citation X deliveries will occur in 2004, and initial deliveries of the CJ3 will begin in 2005.
Richard Santulli, chairman and chief executive officer of NetJets, stated, "As the pioneer of fractional aircraft ownership, our strategy has been to continually offer NetJets owners the best light, mid-size and large cabin aircraft in the world. With the addition of the CJ3 and new Citation Xs to our fleet, which already includes Citation VIIs, Ultras, Encores, Bravos and Excels, we will keep offering our customers with a highly efficient and cost-effective way to travel.
“Our relationship with Cessna upon Cessna's demonstrated ability to develop and produce quality aircraft that meets the needs of our owners. And, Cessna's commitment to excellent product support coupled with its worldwide factory-owned service center network were key factors in our decision.”
NetJets will take delivery of their 200th Citation in the fourth quarter 2002. Once deliveries are completed, NetJets will have over 350 Citations in their fleet, plus another 100 that are covered by options.
Cessna Chairman and CEO Russ Meyer said, “We are very proud that NetJets, with whom we have shared a long and mutually beneficial relationship, has chosen our new CJ3 for their fleet. With its outstanding performance, low operating cost, and most spacious and comfortable cabins in its class, we are confident that the CJ3 will quickly become a favorite among NetJets owners.
“The Citation X's popularity with NetJets owners is evidenced by their new order for 12 additional airplanes. This is in addition to the 58 Citation Xs that they currently have in service, and the 18 that remain undelivered for which we have purchase agreements. NetJets' Citation X fleet travels more miles every day than any other model in their fleet, and we are pleased that even more NetJets owners will be able to take advantage of the Citation X's unmatched speed and economical transcontinental capabilities.”
The NetJets fractional aircraft ownership program allows individuals and companies with less than full aircraft requirements to own aircraft without the substantial investment required for outright aircraft purchase. The NetJets program has proven to be extremely valuable for companies that have invested in whole aircraft ownership and need NetJets to meet their supplemental lift requirements.
NetJets® Inc., a Berkshire Hathaway Inc. company, is the world's largest operator of private business jets. Richard Santulli introduced the concept of fractional aircraft ownership in 1986. NetJets has ordered over $21 billion worth of aircraft to meet the evolving needs of NetJets owners. Today, NetJets manages over 485 aircraft, with more than 820 aircraft on order. NetJets fractional aircraft ownership programs are available in the U.S., Europe and the Middle East. More information on NetJets is available through its Web Site at www.netjets.com.
NetJets® has forged an exclusive alliance with Marquis Jet Partners, Inc., for the sale of short-term leases of fractional interests in the NetJets fleet. The Marquis Private Jet Card is sold on an all-inclusive, pre-paid basis in single-year 25-hour increments. Members of the Marquis Jet program have the same access and benefits as a NetJets owner.
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