News ReleaseSurf Air Mobility Beats Revenue Guidance and Appoints Former Bombardier Flexjet Exec as New Interim CEO
MarketJar
Surf Air Mobility Inc. (NYSE:SRFM), a leading regional air mobility platform, just announced its incoming interim-CEO, Deanna White, a leading pioneer in the aviation industry. 1 Deanna, Surf Air Mobility ’s former CFO and current Senior Advisor, will become full time Chief Operating Officer and interim CEO for Surf Air Mobility Inc. (NYSE:SRFM). Deanna White brings years of executive experience in aviation and a proven commitment to transforming flight. This news also marks a significant milestone for the aviation space, which is primarily a male-dominated industry. Deanna is the perfect choice to guide Surf Air Mobility into the future as the company turns its focus to profitability and efficiency. Her unparalleled depth of experience in the aviation industry, combined with her intimate knowledge of Surf Air Mobility and the broader opportunity, positions her to lead the company towards new heights. Since joining Surf Air Mobility in 2021, she has made valuable and long-lasting contributions as both CFO and Senior Advisor of the company. Deanna’s previous experience in both emerging aviation technologies and private charter operations makes her an amazing fit. She has served as COO at Kittyhawk, which was sold during her tenure to Boeing and has subsequently been rebranded as Wisk Aero, where she led the business operations and commercialization of an R&D eVTOL aircraft program. She was also CEO of Bombardier Flexjet, a global leader in private aviation, which was ultimately sold to Directional Aviation Capital for $185 million. Deanna is a seasoned industry leader, blending an intimate knowledge of Surf Air Mobility and its people with an unparalleled depth of experience in the aviation industry. She has a proven track record of success in the C-Suite of multiple innovative companies across the Air Mobility sector. Her previous experience in C-level positions at Bombardier Flexjet and Kittyhawk, continues to guide and inspire her as she leads Surf Air Mobility into its next chapter. This new phase will balance growth and opportunity with profitability, as Deanna reshapes the industry and realizes Surf Air Mobility ’s massive potential. In a CEO transition, Stan Little, the founder of Southern Airways and current Surf Air CEO, will move to a "Founder’s" role. Surf Air Mobility also provided financial and business highlights for the first quarter of 2024. The company is making progress on key initiatives, including supporting 19 communities under the Essential Air Service program and entering into an MOU to supply electric powertrains to Tanzanian Cessna Caravan operator Auric Air. The aircraft electrification program is on track to complete the conceptual design phase by the fourth quarter of 2024, and software development for B2C and B2B platforms is ongoing. To enhance its capital structure, Surf Air Mobility has engaged a leading investment bank to secure additional, non-dilutive or less-dilutive capital in the form of a credit facility. Congress is expected to imminently pass the FAA Reauthorization Act, which, in its current form, would positively impact the Essential Air Service (“EAS”) program by raising the subsidy cap from a maximum of $200 per passenger to a maximum of at least $650 per passenger. As of March 31, Surf Air Mobility supported 19 communities under the EAS program. The FAA Reauthorization Act requires the total cost of an air carrier's proposal to be equally weighted with other factors such as local recommendations, including frequency of service, and interline agreements. This focus on cost favors Surf Air Mobility’s low-cost Caravan fleet. Stan Little, founder of Southern Airways, highlighted that Surf Air Mobility achieved many first-quarter goals and met or exceeded guidance. He noted their collaboration with Congressional leaders from both parties to reform and expand the Essential Air Service program, aiming to benefit passengers, commuter air carriers, and taxpayers. Additionally, the company continued its electrification efforts, which are designed to benefit all stakeholders. For more information on the company’s first quarter financial results and outlook, visit investors.surfair.com. Surf Air Mobility Advances Regional Air Travel Through Electrification Surf Air Mobility Inc. (NYSE:SRFM), headquartered in Los Angeles, is dedicated to transforming regional air travel through electrification. The company partners with commercial leaders to develop innovative powertrain technology for smaller aircraft, with the goal of making regional flying more accessible and affordable while reducing environmental impact. Supported by a management team with expertise in aviation, electrification, and consumer technology, Surf Air Mobility is at the forefront of sustainable air travel innovation. In March, Surf Air Mobility signed an agreement with Auric Air Services Ltd. to upgrade up to 12 of their Cessna Grand Caravan aircraft with Surf Air ’s electrified powertrains, aiming to lower emissions and reduce operating costs. Auric Air, a Tanzania-based regional air operator, will be among the first to benefit from Surf Air 's technology once it is certified. This agreement marks a significant milestone for Surf Air, as it now has agreements covering approximately 13% of the Cessna Caravan market in Africa for electrified powertrain upgrades. Surf Air is currently developing Supplemental Type Certifications for both hybrid and fully-electric variants of the Cessna Grand Caravan. The company aims to achieve up to 50% reduction in direct operating costs and 100% reduction in carbon emissions for the fully-electric powertrain, which could have a profound impact on the aviation industry worldwide. This agreement with Auric Air follows similar agreements with other large Cessna Caravan operators in East Africa and Brazil. In February, Surf Air Mobility and Electra.aero Inc., a next-gen aerospace company, partnered to introduce affordable, sustainable, and easily accessible regional air travel. They plan to leverage Electra’s hybrid-electric short takeoff and landing (eSTOL) aircraft on Surf Air ’s technology-driven, on-demand air mobility platform, and through Surf Air ’s Aircraft-as-a-Service (ACaaS) offering to air operators. Surf Air Mobility Inc. (NYSE:SRFM) has secured early delivery positions for 90 Electra eSTOL aircraft, which will be integrated into the Surf Air national flight network, including Southern Airways Express and Mokulele Airlines. This initiative aligns with Surf Air ’s goal of supporting the launch, growth, and optimization of new electrified aircraft through its platform. The Electra eSTOL aircraft’s remarkable ability to take off and land in as little as 150 feet will enable direct-to-destination air transportation, expanding regional transportation to a broader customer base beyond what private aviation currently serves. Click on this link or read their corporate presentation to learn more about Surf Air Mobility Inc. (NYSE:SRFM). Footnotes: [1] https://finance.yahoo.com/news/surf-air-mobility-reports-first-200500326.html Disclosure: 1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies outlined in this Article. The author determined which companies would be included in this article based on research and understanding of the sector. 2) The Article was issued on behalf of and sponsored by, Surf Air Mobility Inc. Market Jar Media Inc. was paid $1,500 for the production and publishing of this article by Surf Air Mobility Inc.’s Digital Marketing Agency of Record (Native Ads Inc.). Additional details relating to Market Jar Media Inc.’s engagement by Surf Air Mobility Inc.’s Digital Marketing Agency of Record (Native Ads Inc.) are set out in https://pressreach.com/disclaimer-srfm. 3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. Market Jar has not independently verified or otherwise investigated all such information. None of Market Jar or any of their respective affiliates, guarantee the accuracy or completeness of any such information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy. 4) The Article does not constitute investment advice. All investments carry risk and each reader is encouraged to consult with his or her individual financial professional. Any action a reader takes as a result of the information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.'s terms of use and full legal disclaimer as set forth here. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on PressReach.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on PressReach.com. 5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article. 6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding Surf Air Mobility Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Surf Air Mobility Inc.’s industry; (b) market opportunity; (c) Surf Air Mobility Inc.’s business plans and strategies; (d) services that Surf Air Mobility Inc. intends to offer; (e) Surf Air Mobility Inc.’s milestone projections and targets; (f) Surf Air Mobility Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Surf Air Mobility Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Surf Air Mobility Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Surf Air Mobility Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Surf Air Mobility Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) the accuracy of budgeted costs and expenditures; (e) Surf Air Mobility Inc.’s ability to attract and retain skilled personnel; (f) political and regulatory stability; (g) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (h) changes in applicable legislation; (i) stability in financial and capital markets; and (j) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Surf Air Mobility Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Surf Air Mobility Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Surf Air Mobility Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Surf Air Mobility Inc.’s business operations (e) Surf Air Mobility Inc. may be unable to implement its growth strategy; and (f) increased competition.Except as required by law, Surf Air Mobility Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. 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May 16, 2024 12:15 PM Eastern Daylight Time
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