ETIRC Aviation Launches First Very Light Jet (VLJ) Service Provider Business in Europe

ETIRC Aviation S.a.r.l. today announced the first Very Light Jet
(VLJ) Service Provider business, which will provide airlines and
aviation entrepreneurs with the complete white label infrastructure
required to rapidly build and deploy virtual jet networks (VJNs) and
jet taxi services with a focus on Eastern Europe. The company already
has financing in place with undisclosed financial partners that will
enable the purchase of several hundred very light jets, predominantly
Eclipse 500 aircraft. ETIRC Aviation today also announced its first
major VJN operator (VJNO) customer, Atasay, in Turkey, which will make
use of up to 180 Eclipse 500 jets. For further details, please see
accompanying press release.

ETIRC Aviation, led by European high-tech industry veteran Roel
Pieper, is currently rolling out the first VLJ Service Platform, which
includes a real-time scheduling and operations system, fleet financing
and VJNO consultancy, aircraft leasing, aircrew, pilot training
programmes and aircraft maintenance facilities. Airlines and aviation
entrepreneurs will use ETIRC Aviation's VLJ Service Platform to
provide the business community with affordable, on-demand,
point-to-point jet travel that drives employee productivity and
improves work-life balance.

ETIRC Aviation is being supported in its launch by Eclipse
Aviation, which has just delivered ETIRC's first Eclipse 500 jet, one
of the first ten commercially supplied planes from Eclipse anywhere in
the world. ETIRC Aviation has today announced that it has ordered 120
Eclipse 500 jets with an option for 60 more for deployment in Turkey
in a joint venture with Atasay. This is in addition to a existing
recently placed order for 40 Eclipse 500 jets.

Commenting on the launch of ETIRC, Vern Raburn, president and CEO
Eclipse Aviation said: "Eastern Europe is a prime market for the
Eclipse 500 due to the region's highly diversified business travel
needs and typical journeys of under 500km. ETIRC Aviation, a strong
Eclipse partner for over a year, has the vision, financial strength
and entrepreneurial customer base to make a new layer of air
transportation a reality for Eastern Europe's frustrated business
travellers."

"Air transportation is failing business travelers right across the
European continent," said Pieper. "Today's reality of crammed hub
airports and flights or interminable road and rail journeys is about
to be replaced by affordable, personal jet travel that will take you
to and from any of the one thousand plus regulator controlled airports
in Europe. ETIRC Aviation is there to deliver on this promise and has
the jets, the financial backing and the customer order book to make
this a reality in Europe. We're starting with Eastern Europe as that
region has an obvious need, strong economic growth and strong
political backing."

ETIRC Aviation has four key business divisions, each of which will
supply a range of products and services that will form the core of the
company's VLJ Service Platform:

-- ETIRC Aviation Asset Management, is raising debt and equity
financing for several hundred VLJs and will be responsible for
acquiring and managing the ETIRC fleet of VLJs. Asset
Management will also provide full fleet financing services,
aircraft leasing, financial engineering, tax optimisation and
VJNO business consultancy.

-- ETIRC Aviation Fleet Services will provide a real-time
scheduling and operations system, enabling rapid pricing,
scheduling and dispatch of VLJs in response to customer
requests; optimisation of pan-European VJN capacity; and
operational support, such as flight planning, weather
reporting and more. Fleet Services will also manage the
deployment of ETIRC's fleet of VLJs, and will provide highly
qualified aircrew to fly the planes.

-- ETIRC Aviation Crew Services will handle all human resources
matters, including contracting of pilots and payroll.

-- ETIRC Aviation Jet Services will establish maintenance and
aircrew training facilities in a number of locations across
Europe. Maintenance teams will provide complete first and
second line support for ETIRC Aviation's fleet of VLJs,
including airframe, avionics and engine maintenance, automated
failure prediction, spares and more. The training facilities
will provide type rating and recurrent training for ETIRC
Aviation's aircrew. The first facilities are expected to open
for business in the second half of 2007.

ETIRC Aviation expects to make a number of announcements through
2007 and 2008 which will demonstrate the growing momentum in its VLJ
Service Provider business.

About ETIRC Aviation

ETIRC Aviation S.a.r.l. is a principal driver of the VLJ industry,
creating virtual jet networks for airlines and aviation entrepreneurs.
This will provide business communities with affordable, on-demand,
point-to-point jet travel that drives productivity. ETIRC Aviation
will offer a full range of white-label VLJ services to virtual jet
network and jet taxi operators, including a real-time operations
system, fleet financing, VLJ leasing, business consultancy, pilots,
training programmes and VLJ maintenance centres.

ETIRC Aviation is headquartered in Luxembourg and has offices in
Moscow, Istanbul and Cyprus. The company was founded by Roel Pieper, a
former top-level executive at Tandem Computers, Compaq Computer, and
Philips Electronics. ETIRC Aviation S.a r.l. has its principal place
of business at 16 Rue Jean-Pierre Brasseur, L-1258 Luxembourg. ETIRC
Aviation is registered under R.C. Luxembourg B 95 627.

For more information, see http://www.etirc.com