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    Midwest Air Group Reports May Performance

    Midwest Airlines features jet service throughout the United States, including Milwaukee's most daily nonstop flights and best schedule to major destinations. Skyway Airlines, Inc. - its wholly owned subsidiary - operates as Midwest Connect, which offers connections to Midwest Airlines as well as point-to-point service between select markets on regional jet
    and turboprop aircraft.

    SOURCE Midwest Air Group, Inc.
    Последнее редактирование модератором:


    Boeing Signs Sky Airlines as First European 737-900ER Customer

    June 8

    Boeing (NYSE: BA) and Sky Airlines of Turkey announced today an order for three Boeing Next-Generation 737-900ERs with advanced technology Blended Winglets. Sky Airlines becomes the first European carrier to order the 737-900ER model, which Boeing launched in 2005 as a higher-capacity, longer-range complement to its single-aisle 737 family of airplanes. In addition, Sky Airlines secured purchase rights for two additional 737-900ERs, which it can exercise at a later date if it chooses.
    The order is valued at $226 million at list prices. Deliveries are scheduled to begin in the first quarter of 2009. These airplanes had been carried on the Boeing Orders and Deliveries Web site attributed to an unidentified customer.
    Sky Airlines, based in Antalya, Turkey, will use the new airplanes for fleet replacement as well as fleet growth. Sky Airlines already operates a fleet of six 737-400s and one 737-800. Sky Airlines is a leader in the Turkish tourism industry, its business focused largely on bringing European travelers to beach-vacation destinations and resorts in Turkey.
    "This model of the Boeing 737 has more seats than our fleet today. It's exactly what we need to meet the growing demand in Turkey for safe and inexpensive air travel," said Talha Gorgulu, chairman of Sky Airlines and the KayiGroup, which owns Sky Airlines. "We fly the 737-800 today, so we're very familiar with the 737 family. The 737-900ER offers commonality advantages that also allow us to operate more efficiently and economically. We can leverage that in terms of profit and lower fares for our passengers."
    The 737 continues to be the airplane of choice in Turkey. More 737s are operated in Turkey than any other model -- 33 737 Classics and 57 Next-Generation 737s.
    "I am delighted that Sky Airlines will be the first European and first Turkish carrier to purchase and operate the 737-900ER," said Marlin Dailey, senior vice president for Sales for Europe, Russia and Central Asia, Boeing Commercial Airplanes. "Today's order represents Sky Airline's leadership as well as its faith and confidence in the quality of Boeing products.
    "This order also demonstrates the continued growth of the Turkish market. It is becoming very clear that as Turkey's economy develops, the demand for commercial air travel, low-cost options and integrated-tour packages will continue to rise to unprecedented levels. Boeing will of course be there, as we always have, to meet the needs of our airline customers," Dailey said.
    The Boeing 737-900ER is the largest member of the 737 airplane family and can carry more passengers and fly farther than the 737-900. The derivative seats up to 215 passengers and flies up to 3,200 nautical miles (5,900 kilometers), making the range comparable to the 737-800. Blended Winglets enable an additional 3 to 5 percent in fuel efficiency. The 737 is the most popular airliner in history with more than 6,100 sold. Unfilled orders for the 737 exceed 1,200 airplanes, worth about $85 billion at current list prices.

    SOURCE Boeing Co.


    AIR T, Inc. Announces Annual Cash Dividend

    June 8

    Air T, Inc. (AirT) (Nasdaq: AIRT) today announced Board of Director approval for payment of a $0.25 per share fiscal 2006 annual cash dividend, to be paid on June 28, 2006 to shareholders of record June 9, 2006.
    AirT, through its subsidiaries, provides overnight air-freight service to the express delivery industry and manufactures and services aviation and other specialized equipment. AirT is one of the largest small aircraft air cargo operators in the United States and currently operates a fleet of single and twin-engine turbo-prop aircraft nightly in the eastern half of the United States and Canada, South America and the Caribbean.

    SOURCE Air T, Inc.


    UTair Aviation Joint-Stock Company hereby advises you of the annual general meeting of shareholders of UTair Aviation Joint-Stock Company to be held on 15 June 2006 at 2:00 p.m. local time by joint presence at the following address: Russia, Khanty-Mansiysk autonomous district, Yugra, Tyumen region, Khanty-Mansiysk, airport, administrative building (headquarters) of UTair Aviation Joint-Stock Company.

    The shareholders attended the meeting will be registered at the place of annual general meeting of shareholders on 15 June 2006 at 1:00 p.m. local time.
    The list of persons entitled to attend the annual general meeting of shareholders has been compiled from the Shareholders’ Register of UTair Aviation Joint-Stock Company as of 29 April 2006, 6:00 p.m. local time.

    Business to be transacted at the annual general meeting:

    1. On the adoption of annual report, annual financial statements, including the profit and loss statement (accounts of profits and losses) of UTair Aviation Joint-Stock Company for the year 2005, distribution of net profits (losses) of UTair Aviation Joint-Stock Company for the year 2005, payment (declaration) of dividends, adoption of the amount, form and time of dividend payment.
    2. On the election of the Supervising Board of UTair Aviation Joint-Stock Company.
    3. On the election of the Auditing Commission of UTair Aviation Joint-Stock Company
    4. On the adoption of auditors of UTair Aviation Joint-Stock Company.
    5. On the participation of UTair Aviation Joint-Stock Company in the International Air Transport Association (IATA).

    Source: UTair Aviation JSC
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    Shareholders of OJSC Aeroflot approved the purchase of 30 RRJ

    May 25, 2006

    During absentee voting at an extraordinary general meeting, Aeroflot shareholders voted “to approve a deal with the interest on buying by OJSC Aeroflot Russian Airlines of 30 new regional jets from CJSC Sukhoi Civil Aircrafts”.

    In favor of approving the deal voted the overwhelming majority of the shareholders with no interest in the deal, holding voting shares. 0,06% of the shareholders, holding voting shares, voted against the deal, 0,04% abstained from voting.

    The deal is considered approved in accordance with Federal law "On joint stock companies" and the Articles of Incorporation of Aeroflot, JSC.


    Securities market
    Irkut Corporation
    Monthly Report (April 2006)

    At the extraordinary shareholders meeting, which took place on April 28, 2006 the following decision was made: To allow to increase overall limit of credits in Sberbank of Russia for executing of commission contracts. According to Board of Directors decision (Minute № 13, dated 03.05.06), an Annual General shareholder meeting will take place on June 16, 2006.
    Place of the meeting: Russia, Irkutsk, Novatorov str. 3. April 28, 2006 was a closing register date. According to this evidence a list of persons entitled to participate in extraordinary shareholder meeting will be prepared.

    Market indices:
    Capitalization USD 974 686 162
    EV USD 1 381 891 162
    P/S 1,57
    P/E 14,26
    EV/EBITDA 8,33
    Index RTS 1434,99
    Index RTS-2 1707,49

    See full version of the report on www.irkut.com

    Source: IRKUT Corporation


    Sukhoi Civil Aircraft Company signed contracts with FOOKE Gmbh and BROTJE Gmbh on the delivery of equipment for RRJ production

    2006-05-17, Berlin, ILA-2006

    General Director of Sukhoi Civil Aircraft Company Victor Soubbotine and Heinrich Fooke, Director of FOOKE Gmbh signed a 6 500 000 euro contract on the delivery of two Portal milling machines for milling of aluminum profiles.
    The other three contracts totaling to 13 165 000 were also signed in Berlin at ILA-2006 on the delivery of equipment for RRJ production. SCAC’s CEO Victor Soubbotine signed with BROTJE Automation GMBH General Manager Michael Harstoff the contract on delivery of Automated CNC-controlled Fuselage Final Assembly Station and Wing assembly station.

    Source: Sukhoi Civil Aircraft Company (SCAC)


    Aeroflot increased net profit under IRFS for 2005

    June 07, 2006

    Net profit of "Aeroflot - Russian airlines" JSC op. for 2005 amounted to 189.8 Mio USD exceeding the last year's index by 10.3% or by 17.7 Mio USD according to International Financial Reporting Standards (IRFS).

    The profit of "Aeroflot" JSC op. according to IRFS in comparison with the year 2004 has increased in general by 17.64% or by 380.8 Mio USD and has amounted to 2,539.6 Mio USD. The expenses have increased by 17.22% or by 337.5 Mio USD and have amounted to 2,297.5 Mio USD.

    The positive result is achieved due to active work of Aeroflot's management with the aim to increase income and decrease expenses.

    According to Deputy Director General for Finances and Planning of "Aeroflot - Russian airlines" JSC op., Mikhail Poluboyarinov, the operating result could be better, if it were not for increase of expenses under the airline's main items of expenditures - aviation fuel, airport services, aerial navigation. In year 2005 in particular, the expenses for aviation POL increased by 245.1 Mio USD or by 49.4%, and expenses for servicing of aircrafts in airports, for aerial navigation and for airport charges increased by 36.4 Mio USD or by 11.7%.

    Source: "Aeroflot - Russian airlines" JSC


    Transaero Annual General Meeting of Shareholder was held in Saint Petersburg

    Transaero Airlines JSC general meeting of shareholders was held on May 27, 2006 in Saint Petersburg. Owners of 98% of the airline’s shares took part in the meeting.

    The meeting has unilaterally approved the annual report and the airlines’ operational and financial results.

    In 2005 Transaero’s passenger turnover reached 5,284,760 thousand passenger-kilometers, which is by 17.5% more than in 2004. The airline carried 1,572,818 passengers (by 17% more than in 2004). Transaero delivered 16,013 tons of cargo (by 32.7% more than in 2004). The airline has flown 553,789 thousand ton-kilometers (by 15.9% more than in 2004). The airline’s sales were RUR 9.88 billion, which is by 32% more than in 2004. Transaero net profit reached RUR 179.75 million, which is by 1.53 times higher than in 2004. These are the best results achieved by the airline during the years of its existence.

    The meeting has approved the strategy for the airline’s shares sales in the public market. The main stages of this strategy implementation include:

    * Development and adoption by the Executive Board of the airline of a detailed plant and the schedule of the IPO;
    * Further increase in the airlines capitalization, including attraction of financial investors;
    * Company preparation in accordance with the requirements to IPO, including international audit holding;
    * Fulfillment of necessary procedures within the framework of the IPO program, including determining the placement parameters, choice of stock exchange and lead manager.

    The shareholders’ meeting has elected 11 members of Transaero Airlines Board of Directors, including А.А.Andreev, T.G.Anodina, G.N.Zaitsev, Yu.V.Molchanov, A.P.Pleshakov, O.A.Pleshakova, I.V.Soshnikov, S.A.Tereschenko, L.A.Khasis, O.D.Chernov, B.V.Shubnikov.

    The meeting has also elected the Audit Commission, which includes three members.
    Modern Business Technologies was once again approved as the auditor of the airline.

    Sorce: Transaero Airlines JSC


    U.S. airlines can find capital for right deal

    June 11

    A Bush administration plan to ease restrictions on foreign investment in U.S. airlines could help a struggling industry, but analysts and consultants say there is plenty of money at home for the right deal.

    "The airline industry is awash in capital," said Darryl Jenkins, an industry consultant who also is a visiting professor at Embry-Riddle Aeronautical University.

    Jenkins and others point to last year's merger between US Airways Group Inc. (LCC.N: Quote, Profile, Research) and America West Airlines Inc. as evidence the industry does not require foreign capital to move forward, as some proponents of the administration's plan suggest.

    Much of the $870 million raised for that deal came from hedge funds, domestic airlines and other sources.

    Industry observers also agree U.S.-based investors were ready to participate in the reorganization of UAL Corp.'s (UAUA.O: Quote, Profile, Research) United Airlines before the carrier financed its bankruptcy exit with debt.

    Robert Mann, an airline industry consultant in Port Washington, New York, also notes investors are "shoving and elbowing" to get in line for any potential merger involving bankrupt carriers Northwest Airlines Corp. (NWACQ.PK: Quote, Profile, Research) and Delta Air Lines Inc. (DALRQ.PK: Quote, Profile, Research) whether they combine or strike separate deals.

    "A lot of people are lining up now because they believe consolidation is around the corner, believing that as carriers merge it will remove capacity from the industry and the companies will make money," Jenkins said.

    For instance, shares of the merged US Airways have more than doubled in value to nearly $50 since they began trading in September.

    Source: Reuters


    Singapore Airlines Orders 20 Boeing 787-9s

    June 15

    Singapore Airlines has signed a Letter of Intent to purchase 20 Boeing 787-9s, with purchase rights for another 20 of the same aircraft. At current manufacturer catalogue prices, the value of the 20 firm aircraft is US$ 4.52 billion (SGD$ 7.22 billion.)

    Deliveries will be scheduled between early 2011 and mid 2013, and will be for fleet renewal as well as to cater for growth. The decision to purchase the 787-9 is the culmination of an extensive evaluation of the performance characteristics and operating economics promised for the different versions of Boeing's new 787 aircraft.

    The -9 is the newest version on offer, and has the largest cabin and longest range. In a standard three-class configuration, it can carry between 250 and 290 passengers. It also has space for about 20 tonnes of cargo, and will have a range of 8,600 to 8,800 nautical miles (15,900 to 16,300 kilometres).

    Singapore Airlines plans to deploy the aircraft on routes to North Asia, the Indian subcontinent and the Middle East. Apart from its extensive use of composites and advanced technology, which will enhance operating efficiency, the 787 will enable Singapore Airlines to further its commitment to innovation and improvement in providing service, comfort and entertainment to customers. The engines to power the aircraft will be selected at a later date. Singapore Airlines will be able to fund the acquisitions by cash flow generated from airline operations.

    SOURCE Singapore Airlines


    TITLE: Major Airlines Fuel a Recovery By Grounding Unprofitable Flights

    REPORTER: Evan Perez and Melanie Trottman
    DATE: Jun 05, 2006
    PAGE: A1
    LINK: http://online.wsj.com/article/SB114947003698171143.html
    TOPICS: Airline Industry profitability

    SUMMARY: Despite the burden of record fuel prices, major U.S. airlines are staging a recovery from five years of brutal losses, something many analysts and airlines didn't think possible as recently as six months ago. The improving financial results posted by seven of the nation's 10 big airlines in recent months reflect a fundamental shift in strategy that goes beyond the efforts of older network carriers to wrest billions in concessions from their unions. The big carriers, which for decades have doggedly pursued market share at any cost, now are focusing just as aggressively on the profitability of each route and flight. The so-called legacy carriers -- those like American Airlines and Delta Air Lines, with big pension and other obligations that predate the industry's deregulation in 1978 -- have abandoned many of the tactics that have led to their cyclical weakness.

    They are increasingly unwilling to fly half-empty aircraft to stay competitive on a given route just for the sake of feeding their nationwide networks. The six largest legacy carriers -- AMR Corp.'s American, Continental Airlines, Delta, Northwest Airlines, UAL Corp.'s United Airlines and US Airways Group -- are putting far fewer planes in the sky these days, streamlining their fleets and pushing up prices where they can. New statistics for 2005 show those airlines had a combined mainline operating fleet of 2,747 aircraft, down 21% from the 3,469 they had at the end of 2000, according to the Air Transport Association. American, the world's biggest carrier by passenger traffic, recently decided to ground 27 MD-80 aircraft, which it had used for years to help meet peak summer travel demand. It concluded that the cost of operating the older, gas-guzzling aircraft during the rest of the year outweighed the benefit of having the extra summer capacity. Delta and Northwest, both operating under Chapter 11, shrank their fleets by getting bankruptcy-court approval to return dozens of their aircraft to the leaseholders.

    Meanwhile, thanks to a strong U.S. economy, demand for the industry's smaller number of available seats has remained robust. Last year, U.S. airlines filled an average 77.6% of their seats on domestic and foreign flights, up from 75.5% in 2004 -- the highest levels since 1946, according to the ATA. The industry group's chief economist is predicting that the percentage will rise to around 85% this summer, potentially the highest ever recorded. That means that many more planes will be flying completely full. As a result, the Air Travel Price Index, a quarterly measure of changes in airfares, rose 9.1% in the fourth quarter of last year from a five-year low a year earlier. Airline executives, however, believe the industry still has a way to go. "This industry, just like any other industry that is dependent on oil, has to turn around and pass this cost on to its customer or else it won't be an industry," Gerard Arpey, American's chief executive, said recently. Some U.S. airline executives worry that 2006 might be a peak year for their historically cyclical industry, giving airlines little time to prepare for another downturn. William Warlick, airline analyst at Fitch Ratings, says that while capacity is down, the industry still has too many airlines. "In the next downturn, the industry will still be vulnerable to irrational capacity behavior and pricing actions," he said.

    At the same time, some of the luster is fading from many discount carriers like JetBlue Airways. Hedging helped some discount carriers insulate their profits from the recent run-up in oil prices. But as those hedging deals have begun to expire, the discount carriers are having to purchase aviation fuel at higher prices. Squeezed by pricier fuel, Southwest Airlines recently broke through its self-imposed fare cap. JetBlue, which has run into operational troubles as it introduces a new aircraft type, has announced plans to delay delivery of 12 aircraft and sell as many as five others. SpiritAirlines, which has expanded into the Caribbean, has raised prices, initially causing its passenger traffic to fall about five percentage points. Spirit was "traditionally an irrational low-price player," says Ben Baldanza, chief executive of the airline. "We're trying to be smart about pricing." Behind the scenes some carriers are further improving margins with more sophisticated pricing strategies and by employing a new generation of so-called origin-and-destination, or O&D, revenue-management systems.

    Those systems are designed to reduce the number of inexpensive -- and unprofitable -- seats that travelers can find on the Internet. Delta, the third-largest U.S. carrier, credits a computerized system called OMNI, which it launched in February 2005, for improving its revenue. Scott Nason, American's vice president for revenue management, says American's system helps decide when to sell a seat on a flight from Austin, Texas, to Dallas to a passenger whose final destination is Dallas, and when to save it for a more-lucrative passenger who is passing through Dallas en route to Shanghai. Old revenue-management systems made it difficult for airlines to differentiate between those passengers, costing them potential revenue.



    Boeing to take up to $1B charge

    Boeing Co.said Thursday it will take up to $1.1 billion in charges to cover the costs of delayed surveillance aircraft for Australia and Turkey and the previously announced settlement of two U.S. government investigations into its defense unit.

    The charges will likely wipe out Boeing's (Charts) second-quarter profit, which Wall Street had forecast at $967 million, before interest and tax.

    The planemaker, which is the Pentagon's No. 2 defense supplier, had already made public the terms of its government settlement, which has yet to be finalized, but the charge on the surveillance program was more of a surprise to investors.

    "A charge of this sort is rare," said Paul Nisbet at aerospace specialists JSA Research, pointing out that overseas contracts work on a a fixed-price basis, meaning Boeing must meet the costs of any overruns itself.

    Problems with Australia's Wedgetail program, as it is known, came to light when Australian Defence Minister Brendan Nelson blasted Boeing on Wednesday for "significant delays" on the $3.5 billion contract to supply six of the early warning aircraft.

    Boeing said it will now deliver the planes by the end of 2008, because of an 18-month delay in integrating radar and sensor computer systems. Defense contractor Northrop Grumman Corp. (Charts) is building the radar system for the planes.

    The schedule for delivery of four of the planes to Turkey, where the program is known as Peace Eagle, has yet to be worked out, Boeing said.

    The company said it would take $300 million to $500 million of pretax charges for delays to the two airborne surveillance programs overall, disclosing the exact amount when it issues its second-quarter financial results on July 26.

    The Chicago-based company also said it would take a $615 million charge for the tentative agreement struck with the U.S. government in May, which settled two high-profile criminal investigations into Boeing's hiring of a former top Air Force weapons buyer, and its appropriation of of thousands of Lockheed Martin Corp. rocket program documents.


    IFC Provides US$50 Million to Support GOL's Investment Plan

    June 29

    GOL Linhas Aereas Inteligentes (NYSE: GOL) (Bovespa: GOLL4), Brazil's low-cost, low-fare airline, announces that its subsidiary Gol Transportes Aereos S.A. has entered into an agreement for a US$50 million long-term financing from the International Finance Corporation (IFC), the private sector arm of the World Bank Group. The IFC financing will support GOL's investment in aircraft spare parts inventory and working capital requirements to meet the needs of its growing fleet.
    This financing demonstrates IFC's commitment to provide long-term and stable funding diversification to Brazilian companies. "IFC's partnership with GOL is a good example of our strategy in South America to support local businesses and help them expand their businesses nationally and regionally. In its brief history, GOL has made a significant contribution to the growth, connectivity and efficiency of the Brazilian airline sector,
    which has resulted in substantial benefits for its customers and the Brazilian economy," said Francisco Tourreilles, director of IFC's infrastructure department. "GOL is investing in an area critical to Brazil's further economic development. The investment fits IFC's strategy to encourage private sector investment in infrastructure as a means to stimulate economic growth in Brazil," stated Saran Kebet-Koulibaly, IFC's Associate Director for Latin America and the Caribbean, and Country Manager for Brazil.

    About GOL Linhas Aereas Inteligentes:
    GOL Linhas Aereas Inteligentes, a low-cost, low-fare airline, is one of the most profitable and fastest-growing airlines in the industry worldwide. GOL currently offers over 500 daily flights to 50 destinations in Brazil, Argentina, Bolivia, Uruguay and Paraguay with substantial expansion opportunities. GOL's growth plans include increasing frequencies in
    existing markets and adding service to additional markets in both Brazil and other high-traffic South American travel destinations. GOL's shares are listed on the NYSE and the Bovespa.

    SOURCE GOL Linhas Aereas Inteligentes
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    Copa Holdings Announces Pricing Of Secondary Offering Of Common Stock

    June 29

    Copa Holdings, S.A. (NYSE: CPA) (the "Company") announced today that Continental Airlines, Inc. (NYSE: CAL), its selling shareholder, has priced an offering of 6,562,500 shares of Class A non-voting shares at $21.75 per share. The underwriters have a 30-day option to purchase up to an additional 984,375 shares from Continental Airlines to cover over-allotments, if any. Continental Airlines will continue to hold approximately a 12.3% interest in Copa Holdings (or a 10.0% interest if the over-allotment option is exercised in full). None of Copa Holdings' other shareholders are selling their shares in this offering and Copa Holdings will not receive any of the proceeds from the offering.

    Morgan Stanley and Merrill Lynch & Co. are acting as joint book-running
    managers of the offering.

    Registration statements relating to these securities were filed and declared effective by the Securities and Exchange Commission. The offering is being made by means of a prospectus, copies of which may be obtained from the prospectus department of either Morgan Stanley, 180 Varick Street 2/F, New York, NY 10014, tel: 866-718-1649, e-mail: [email protected] or Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080, tel: 212-449-1000.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copa Holdings, through its Copa Airlines subsidiary, is a Latin American provider of international passenger and cargo service. Copa Airlines currently offers approximately 92 daily scheduled flights to 30 destinations in 20 countries in North, Central and South America and the Caribbean. In addition, Copa Airlines provides passengers with access to flights to more than 120 other international destinations through codeshare agreements with Continental Airlines and other airlines.

    Please sign up for email alerts and access all available financials and other information at http://www.copaair.com/investor/default.aspx. CPA-G

    SOURCE Copa Holdings, S.A.


    AAR to Announce Fourth Quarter and Fiscal Year 2006 Results on July 12

    July 5

    AAR (NYSE: AIR) today announced that it will release financial results for its fourth quarter and Fiscal Year 2006, ended May 31, 2006, before the market opens on Wednesday,
    July 12, 2006.

    At 10:30 a.m. CDT, AAR will hold a conference call to discuss the results. The conference call can be accessed by calling 866-238-0826 from inside the U.S. or 703-639-1158 from outside the U.S.

    A replay of the conference call will also be available by calling 888-266-2081 from inside the U.S. or 703-925-2533 from outside U.S. (access code 931175). The replay will be available from 1:30 p.m. CDT on July 12, 2006 until 11:59 p.m. CDT on July 19, 2006.

    AAR is a leading provider of products and value-added services to the worldwide aviation/aerospace industry. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve airline and defense customers through four operating segments: Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems and Aircraft Sales and Leasing. More information can be found at .



    Continental Airlines Receives $156 Million From the Sale of Copa Stock; Contributes $75 Million to Its Pension Plans

    July 5

    Continental Airlines, Inc. (NYSE: CAL) today announced that it has received $156 million from the sale of approximately 7.5 million shares of Class A common stock of Copa Holdings, S.A., parent company of Copa Airlines. The company still holds approximately 4.4 million shares of Class A common stock in Copa Holdings, S.A.

    The company is contributing $75 million of the proceeds to Continental Airlines' pension plans. The contribution will bring its 2006 pension contributions to $172 million to date.

    "We are focused on meeting our pension obligations," said Continental Chairman and CEO Larry Kellner. "We continue to place a high priority on helping our co-workers build a solid foundation for their retirement years." Since 2001, Continental has contributed $1.07 billion to its pension plans.

    SOURCE Continental Airlines, Inc.


    Elbit Systems Announces its Inclusion in the New NASDAQ Global Select Market - Highest Listing Standard in the World

    HAIFA, Israel, July 5

    Elbit Systems Ltd. (NASDAQ: ESLT) today announced that it is included in the new NASDAQ Global Select Market. The NASDAQ Global Select Market has the highest initial listing standards of any exchange in the world based on financial and liquidity requirements. Previously, Elbit Systems had been listed on the NASDAQ National Market.

    As of July 2006, NASDAQ-listed companies are classified under three listing tiers - NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market. NASDAQ plans to launch indexes based on these new tiers. All three market tiers will maintain rigorous listing and corporate governance standards. Inclusion in the NASDAQ Global Select Market is a mark of achievement and stature for qualified companies.

    About Elbit Systems
    Elbit Systems Ltd. is an international defense electronics company engaged in a wide range of defense-related programs throughout the world. The Elbit Systems Group, which includes the company and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence, surveillance and reconnaissance ("C4ISR"), advanced electro-optic and space technologies, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and equipment. The Group also focuses on the upgrading of existing military platforms and developing new technologies for defense and homeland security applications.

    SOURCE Elbit Systems Ltd


    Boeing to Release Second Quarter 2006 Financial Results on July 26

    CHICAGO, July 11

    The Boeing Company (NYSE:BA) will release its second quarter 2006 financial results at 6:30 a.m. Central Time, on Wed., July 26. Boeing Capital Corporation results will
    also be released at that time.

    Chairman, President and Chief Executive Officer Jim McNerney and Executive Vice President and Chief Financial Officer James Bell will participate in a conference call presentation to securities analysts and news media about the results and company outlook at 9:30 a.m. Central Time.

    That presentation will be broadcast over the Internet, and will be accessible to the general public at http://www.boeing.com . It will include charts and the question-and-answer session with participants. The company's news release detailing its results will also be available on that website.

    Individuals are urged to check the website ahead of time to ensure their computers are configured for the audio stream and slide presentation. Instructions for obtaining the required free downloadable software will be posted on the site.

    SOURCE The Boeing Company


    Avcorp announces closing of private placement of $12 million convertible preferred shares

    - $12,000,000 over a 5-year term
    - 9.25% cumulative redeemable Preferred Shares

    VANCOUVER, July 11

    Avcorp Industries Inc. (AVPon the Toronto Stock Exchange) (the Company) announces the closing of aprivate placement of $12,000,000 of 9.25% 5-year convertible preferred shares (Preferred Shares), for which the Company has obtained written consent of a majority of its shareholders to the terms of the placement prior to closing, as required by the Toronto Stock Exchange (TSX).

    Each of the 1,200,000 Preferred Shares is issued at a price of $10.00 per share, and is convertible at any time, without the payment of additional consideration, at the option of the holder, on the following basis:
    Year 1: into 6.45 Common Shares, at a Conversion Price of
    $1.55 per Common Share (the "Conversion Price");

    Year 2: into 5.71 Common Shares at a Conversion Price of $1.75;
    Year 3: into 5.00 Common Shares at a Conversion Price of $2.00;

    Year 4: into 4.26 Common Shares at a Conversion Price of $2.35; and

    Thereafter: into 3.64 Common Shares at a Conversion Price of $2.75.

    The net proceeds of the offering will be used to fully retire the Company's $7 million convertible secured subordinated debentures and provide additional working capital for the Company's growing business.

    A total of 35% of the Preferred Shares have been purchased by insiders of the Company. As part of this financing, $7 million of existing convertible secured subordinated debentures (60% of which are held by insiders) have been repaid. Under TSX policies, the Company is required to obtain disinterested shareholder approval if the total number of common shares issuable on conversion of the Preferred Shares to insiders (assuming all of the Preferred Shares are placed and then converted into common shares) exceeds 10% of the current number of common shares outstanding. One of the insiders has agreed to not convert the number of Preferred Shares that would result in the issuance of common shares in excess of 10% of the number outstanding at closing until such time as disinterested shareholder approval is obtained.

    About Avcorp:
    Avcorp Industries Inc. designs and builds major airframe structures for some of the world's most respected aircraft companies, including Boeing, Bombardier and Cessna. With 50 years of experience, more than 600 skilled employees and a 300,000 square foot facility near Vancouver, Canada, the company's depth and breadth of capabilities are unique in the aerospace industry for a company of its size. Avcorp is a Canadian public company
    traded on the Toronto Stock Exchange.

    More information is available at .

    SOURCE Avcorp Industries Inc.