Aviation Industries Corporation Agrees to Purchase
Casino Airlink, Inc.(POKR); Acquisition Valued at $11.9
Million
ROSELAND, N.J., May 27 /PRNewswire/ -- Aviation Industries Corporation (OTC Bulletin
Board: AVIA - news) today announced it has entered into a Letter of Intent to purchase Casino Airlink, Inc., a Ft. Lauderdale, Fla.-based wholesale travel company, in a stock transaction valued at $11.9 million, announced Diran M. Kaloustian, chairman of Aviation
Industries Corp.
William G. Forhan, CEO of Casino Airlink, former president of American Express Group & Incentives Services Group, will become the chairman and CEO of Aviation industries upon the execution of the definitive agreement between Aviation and Casino, announced Mr. Kaloustian.
Aviation Industries Corp. holds an equity position in Newark, N.J.-based KIWI International Air Lines. The company is a newly formed investment concern concentrating its efforts on the regional and charter aviation markets.
Casino Airlink is currently the exclusive provider of packaged casino vacations from five cities in Florida and Atlanta to the Mississippi Gulf Coast. The company provides non-stop, round-trip jet service, destination airport transfers, ground handling, 2-3 night deluxe hotel
accommodations, nightly buffet and meals and access to 24-hour gaming and entertainment in the Gulf Coast.
Casino Airlink, with revenues of $18.3 million in 1997, delivered more than 85,000 passengers to the Mississippi Gulf Coast area via their chartered and scheduled air service last year.
''The acquisition will broaden our exposure to the leisure travel market,'' said Mr. Kaloustian.
SOURCE: Aviation Industries Corporation |
