Air Touring Group plc

December 19, 2008 05:32 ET

Joint Venture Agreement between Hydra Trading LLC and Air Touring Group PLC


                                           Air Touring Group plc

                                     ("Air Touring" or "the Company")

                Joint Venture Agreement between Hydra Trading LLC and Air Touring Group PLC

On  Thursday,  December 18th, 2008, Abu Dhabi based Hydra Trading LLC ("Hydra Trading"), a  member  of  the
Royal  Group, a leading investment and trading company being one of the most recognized names in the United
Arab Emirates ("UAE") and other Gulf Corporation Council countries in the fields of technology and defence,
has  signed  an agreement to form a Joint Venture company with Air Touring (ATGO:Plus Markets),  the  Joint
Venture company shall be called "Hydra Aviation LLC."

The signed agreement is a binding contract that allows the joint venture activities to commence immediately
while the legal formalities of founding the new company are completed.

Michael Pearce, the CEO of Air Touring, said "We are delighted to have agreed to form this partnership with
Hydra  Trading,  which  is  the  largest private investment group in  the  UAE.  This  represents  a  major
opportunity for us to develop aviation activities in the Middle East region.

The joint venture will address a wide range of aviation needs in the region including:

    *       Procurement, sale and lease of aircraft
    *       Procurement and sales of spare parts for aircraft and other aviation related equipment
    *       Provision of aviation services
    *       Operation and management of corporate, private and commercial aircraft

"Air  Touring  and  Hydra  Trading  are  already working together on several  projects  including  aircraft
acquisitions and spares procurement" said Michael Pearce.

A  spokesman from Hydra said "Hydra Trading is very excited to venture into this field. We believe that Air
Touring will add great value to the Hydra Trading by developing aviation activities in the region. With our
strong  presence  in  the  region in defence and civil fields backed by a strong engineering  staff,  Hydra
Trading sees this joint venture with Air Touring as a win-win partnership to develop all aviation needs  in
the region".

The Directors of Air Touring Group plc accept responsibility for this announcement.

About Air Touring Group PLC

Air  Touring  Group PLC is quoted on PLUS Markets London, and is a leading distributor of general  aviation
aircraft  in  Europe, with facilities both at its headquarters at London Biggin Hill  Airport  and  at  its
wholly  owned subsidiary Air Touring GmbH at Siegerland in Germany. Additional activities include sourcing,
procurement  and sales of executive, corporate and commercial aircraft; aircraft maintenance,  repairs  and
modifications, supply of spare parts and consultancy services.

Air Touring Group PLC, London Biggin Hill Airport, TN16 3BN, U.K.
Telephone +44 (0)1959 579710

About Hydra Trading LLC

Hydra  Trading  is  an  Abu  Dhabi based Royal Group company, primarily focusing  on  providing  technology
solutions and services to the defence industry. Having strategic partnerships and distribution rights  with
most  world-class defence suppliers making Hydra Trading the leading company in the region providing  spare
parts and engineering services.

With  a  strong engineering team from over 15 different countries and a significant focus and  spending  on
research  and development, Hydra Trading is truly a diverse company with the superb capabilities to  engage
in  major strategic development projects to address the rising needs for cutting edge solutions to the  UAE
Armed Forces and other Armed Forces in the region.

PO Box 27297
Abu Dhabi, United Arab Emirates
Telephone +971 50 6414141

Air Touring Group plc
Michael Pearce,                           
Chief Executive
Tel: 01959 579 710                        

Duncan Vasey
St Helens Capital plc
Tel: 0207 628 5582

Contact Information

  • Air Touring Group plc