Press Release
May 2, 2001
WOODBRIDGE, NJ -- Executive Jet, Inc. has ordered 50 super mid-sized Galaxy aircraft with an option for 50 more
from General Dynamics (NYSE:GD) for the company's NetJets® fractional aircraft ownership program. Total value
of the order, options and maintenance services is approximately $2 billion.
In the last month alone, Executive Jet has ordered over $3.65 billion worth of aircraft to meet the growing demand
of its NetJets fractional aircraft program.
``We plan to introduce the first Galaxy business jet into the NetJets program in the second quarter 2002,'' said
Richard T. Santulli, Executive Jet's chairman and chief executive officer. ``The Galaxy purchase is an example
of Executive Jet's commitment to continually offer the best aircraft in the world to meet the varying needs of
our NetJets owners.''
Mr. Santulli continued, ``Our successful partnership with Gulfstream and the associated experience with its excellent
aircraft services and support finalized our decision to the purchase the Galaxy aircraft.''
Bill Boisture, General Dynamics executive vice president and president and chief operating officer of its Gulfstream
Aerospace unit said ``Executive Jet's order represents a major endorsement of the Galaxy business jet and signals
Executive Jet's intention to be first to market in the super mid-size fractional ownership business.''
NetJets programs are tailored to an individual's or company's needs, offering aircraft ownership at a fraction
of the cost. NetJets allows individuals and businesses to buy a portion of a specific aircraft based on the number
of actual flight hours needed and then contract for NetJets to manage their fractional interest. No matter how
many aircraft a company might own because of scheduled or unscheduled maintenance, NetJets provides guaranteed
worldwide availability, 365 days a year, 24 hours a day, as well as the best trained pilots and the most safety
assured focus in business aviation to meet the flying requirements of NetJet owners.
Executive Jet is the world's largest operator of private business jets. Mr. Santulli revolutionized the business
aviation industry in 1986 when he introduced the NetJets fractional aircraft ownership program. The popularity
of NetJets has surged over the last decade. Today, Executive Jet manages 345 aircraft, with more than 596 aircraft
on order. In 2001, NetJets will fly more than 200,000 flights for NetJets owners to more than 92 countries.
In the last six years, Executive Jet has ordered 941 new aircraft for the NetJets fractional ownership program
totaling more than $17 billion. This represents more than 40 percent of the total business aircraft ordered. To
date, NetJets orders and options for Gulfstream aircraft have reached 88, comprising 40 Gulfstream IV-SPs flying
today with 16 more on order. In addition, 32 Gulfstream Vs have been ordered with two in operation today and five
more scheduled for this year.
NetJets dominates the fractional aircraft ownership market. In the first quarter of this year, Executive Jet took
delivery of its first Boeing Business Jet (BBJ) and Gulfstream V (GV) for its NetJets program. Both the BBJ and
GV will be used to connect the continents. The BBJ seats 18 passengers, has a flight range up to 6,000 statute
miles and offers nearly three times the space of existing corporate jets. The GV is the world's most technologically
advanced intercontinental business jet aircraft. Capable of routinely flying 6,900 statute miles with 8 passengers
and a crew of 4, the GV cruises up to 51,000 feet and is capable of flying nonstop from London to Beijing, Chicago
to Tokyo, Washington, D.C. to Tel Aviv or L.A. to Milan. The GV seats up to 14 passengers.
Executive Jet, a Berkshire Hathaway Inc. company, is the largest provider of fractional aircraft ownership offerings
in the world through its NetJets programs. NetJets programs are available in the U.S., Europe and Middle East,
with plans underway for NetJets(TM) Asia and NetJets(TM) South America. More information on Executive Jet and its
NetJets programs is available through Executive Jet's website at www.netjets.com
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Contact:
Executive Jet, Inc.
Kevin Russell, 732/326-3730
krussell@netjets.com
- or -
Fabricant Public Relations
Bruce Fabricant, 914/328-0226
bfabric459@aol.com