SOURCE: Viva International, Inc.

September 15, 2006 16:01 ET

River Hawk Agreement to Be Signed on September 18th

TRAVERSE CITY, MI -- (MARKET WIRE) -- September 15, 2006 -- Viva International, Inc. (Viva) (OTCBB: VIVI) announced this morning that its acquisition agreement for the assets of San Antonio, Texas-based River Hawk Aviation (River Hawk) is scheduled to be signed on September 18, 2006.

The agreements provide for Viva to acquire assets consisting of aviation parts inventory and a SAAB 340 for approximately $2.5 million. The remaining assets of River Hawk including customer lists, business processes, name, goodwill and other intangibles will be acquired for up to 3.5 million in restricted common shares of Viva.

River Hawk has been operational since June of 2003 and is expected to generate approximately $1.8 million in revenues for 2005 with estimated gross margins of $1.2 million. River Hawk forecasts expect revenues for 2007 to approximate $2.5 to $2.8 million.

Robert Scott, CFO and a Director of Viva, commented, "Viva is ready to move forward with the River Hawk agreements as all issues have been addressed and resolved as of the evening of September 14th with instructions forwarded to the attorneys to have the agreements ready for signature. I think it is safe to say that River Hawk and Calvin Humphrey are the cornerstones of moving the Viva business plan into gear not only with its existing business but with the management experience that comes with this acquisition. We asked Mr. Humphrey to present an overview of River Hawk at a gathering of investment bankers in New York on September 13th. The feedback was highly favorable, and we expect some financial commitments to come from this conference. Considering that Mr. Humphrey and I will be participating in conferences with the Cambridge Group, LLC on September 19th and 20th, there was additional motivation to get the River Hawk agreement executed. Based upon the feedback I am receiving, I expect that Viva will have a number of exciting changes to soon announce."

About Viva International

Viva International has a number of airline and aviation-related interests including two developmental-stage carriers being readied to operate in regional markets from hubs in Puerto Rico and Santo Domingo, Dominican Republic.

The Company plans to create a network of regionally based airlines across the Caribbean, eventually to be linked to key points in the United States, Latin America, South America, and Europe.

At present, the Company maintains executive offices in Michigan.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("the Exchange Act"), and as such, may involve risks and uncertainties. Forward-looking statements which are based upon certain assumptions and describe future plans, strategies and expectations, are generally identifiable by the use of words as "believe," "expect," "intend," "anticipate," "project," or other similar expressions. These forward-looking statements relate to, among other things, future performance, and perceived opportunities in the market and statements regarding the Company's mission and vision. The Company's actual results, performance and achievements may differ materially from the results, performance, and achievements expressed or implied in such forward-looking statements. Further information on potential factors that could affect Viva International, Inc. is found in the Company's Form 10-K and other documents filed with the U. S. Securities and Exchange Commission.

Contact Information

  • Contact:
    Viva International, Inc.
    (231) 932-7490

    Nimbus Development Corp.
    Patrick DeBernardi