EastJet Virtual Receives Boost from Confident Investors

EastJet Virtual, the low cost carrier based out of Cincinnati/North Kentucky Int’l, has announced it has received a cash infusion after investors confidence grew with the news of a $17 Million profit for the first quarter of EastJet Virtual’s operations and the declining price of oil. Shawn Fitts, CEO, stated “in times of hardship, high prices and fewer seats on the market, this proves that the EastJet brand is a huge success.” Priding themselves in excellent customer service and industry leading on time performance, EastJet Virtual has continued to gain ground in the VA nation.

The cash infusion originates from a clause in its agreement with investors stimulating from financial performance. “When EastJet Virtual was shopping for investors, we agreed to certain terms giving EastJet the ability to delay profit sharing, and in this case, additional funding if we meet certain goals,” said Mr. Fitts and added, when asked how EastJet managed to make a profit when select few airlines are even in business in the current market, “along with the one time cash infusion, we arranged a one year profit sharing freeze. Our investors are dedicated to the EastJet Virtual brand and have confidence in the leadership.”

Mr. Fitts continued with, “we expect to make a few announcements in the coming weeks regarding some changes, but at this time we have nothing to announce.” Matt Laiter, COO, stated: “this financial infusion in which EastJet is receiving, is a critical step in our future. It opens many possibilities for us, although nothing specific yet, but the future looks even brighter, especially in these difficult times.” 

The infusion, totaling $410 Million, brings EastJet’s cash level to $550 Million with the addition of its $140 Million reported on hand at the end of fiscal Q3. 

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