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Flight Options Names New Chairman and Chief Executive Officer

Written by thomas · Filed Under Aeronautics News 

July 23, 2008

thomas

CLEVELAND, OH–(Marketwire – July 21, 2008) – Flight Options, a leading and highly innovative private jet company, today named Kenn Ricci as chairman and Mike Silvestro as chief executive officer of the business.

Kenn Ricci returns to the Flight Options family after six years. He founded Flight Options in 1998 and quickly grew the business from a start up to the second largest company in the fractional industry with over $800 million in annual sales. During his time away from Flight Options, Ricci has served as chief executive officer of Mercury Air Centers and principal of Directional Aviation Capital. Directional Aviation Capital is a private investment firm focusing on business aviation.

“Kenn is a true visionary in the aviation industry,” said Doug Berman, executive managing director of H.I.G. Capital. “He has a tremendous track record of building great businesses with a focus on high quality customer service.”

“Flight Options is a leader in the ever-evolving industry of private aviation,” said Kenn Ricci. “The Flight Options platform provides a significant opportunity for adaptation and growth in the changing world of business aviation.”

Mike Silvestro is also returning to Flight Options, where he was previously vice president of sales and marketing from 2000 to 2005. Since leaving Flight Options in 2005, he has held a senior executive position with a leading fractional provider.

“Mike has unmatched knowledge of the private aviation marketplace,” stated Kenn Ricci. “He is the ideal leader to take Flight Options into its next phase of innovation.”

“Flight Options has made significant progress over the past several years as we developed and successfully executed the Go-Forward plan,” said S. Michael Scheeringa, former chief executive officer for Flight Options. “I am confident the Company will have continued success and new growth under the leadership of Kenn and Mike.”

“The turnaround Flight Options has been through under Michael’s leadership is extraordinary,” added Kenn Ricci. “We are pleased Michael has chosen to continue with the Company as an investor and strategic advisor at the board level.”

About Flight Options

Flight Options, LLC has earned a reputation as a leader and innovator within the private aviation industry. The Cleveland, Ohio-based company marks its 10th Anniversary in 2008 and offers the complete spectrum of programs from Fractional First™ ownership to leasing, aircraft management, charter and JetPASS Membership. The company is an industry leader in private aviation safety as well, having been selected by the FAA to partner and participate in the development and implementation of a formal Safety Management System (SMS) soon to be required for all air service providers. Flight Options provides personalized service to its Owners and Members, with a fleet of 120 aircraft consisting of the Hawker 400XP, Hawker 850XP, Citation X and Embraer Legacy. More information is available at www.flightoptions.com or by calling 877.703.2348.

About H.I.G. Capital

H.I.G. Capital is a leading global private equity investment firm with $7.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed more than 75 transactions. The firm’s current portfolio includes companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

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