NEWS !!
TAMPA, Fla.--(BUSINESS WIRE)--March 26, 1999--Viking Resources
International Inc. (OTC BB:VIKG.O) announced Friday that Thomas E.
Patterson has been appointed as the new chairman and CEO.
Recently, Viking acquired 49.9% of Patterson's company, Executive
JetPort of New Jersey Inc. (EJP). Effective with today's appointment
of Patterson, Viking's initial stock purchase of EJP will increase to
make EJP a wholly owned subsidiary. Under the agreement, Dan O.
Erickson will remain as president/CFO.
In addition, it was announced that EJP is scheduled to begin full
operations within the next two weeks. Located in New Jersey's
Trenton-Mercer Airport, EJP (or "the JetPort"), holds a 30-year lease
for 27 acres of land and buildings providing Fixed Base Operation
(FBO) services to the commercial and corporate aviation industry. The
land and facilities are estimated to be valued at a replacement cost
of over $20.0M.
EJP's initial 12-month revenue projections are conservatively
estimated at $10 million with net earnings before tax at $3 million.
The EJP profit centers will include fueling with gross margins of
between $.60 and $1.00 per gallon on 300,000 to 400,000 per month,
aircraft storage, de-icing, maintenance and repair, avionics, aircraft
sales, charter services and 15,000 SF of office space at triple net of
$17.00 per SF. EJP is expected to generate revenue upwards of
$36 million annually by its fifth year.
Thomas E. Patterson, president/CEO of Executive JetPort of NJ
Inc. and Viking's President/CEO, Dan O. Erickson stated: "We are
excited about our partnership and look forward to a long and
profitable relationship. We feel that this involvement of EJP and
Viking in this solid, high-profile and profitable operation will
benefit the shareholders considerably. EJP and Viking have the shared
vision of building a strong national Aviation Group through aggressive
development and acquisition of FBOs with excellent potential for
growth and profitability."
Viking also stated that it has moved to a new office location at
3301 W. Gandy Blvd., Tampa, Florida 33611. All phone and fax numbers
will remain the same. Phone: 813/837-2295, and Fax: 813/835-5190.
Viking Resources International Inc. is a diversified holding
company with a focus in expansion through acquisition and development
in five industry Groups: Aviation, Environmental, Manufacturing,
Services/Technology and Real Estate.
Except for any historical information presented, the matters
discussed in this release are forward looking statements and are
subject to risks and uncertainties that could cause actual results to
differ materially.
--30--gaa/mi*
CONTACT: Viking Resources International Inc., Tampa
Investor Relations:
Eric R. Estoos, 877/786-7885
KEYWORD: FLORIDA NEW JERSEY
INDUSTRY KEYWORD: AEROSPACE/DEFENSE ENMED ENVIRONMENT REAL ESTATE
MERGERS/ACQ
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