SOURCE: Viva International, Inc.

January 16, 2007 12:30 ET

Viva International, Inc. Announces the Closure of the River Hawk Aviation, Inc. Asset Purchase Agreement

TRAVERSE CITY, MI -- (MARKET WIRE) -- January 16, 2007 -- (OTCBB: VIVI) -- Viva International, Inc. (the "Company" or "Viva") today announced the closing of its agreement with River Hawk Aviation, Inc. ("River Hawk"), to purchase and acquire substantially all of the assets of River Hawk.

Assets of River Hawk included in the purchase are, among other things: all tangible personal property and all inventories, including: a SAAB 340A Aircraft and aircraft engines and other mechanical aviation components and parts, contracts, customer lists and contacts, governmental authorizations and pending applications therefore or renewals thereof, in each case to the extent transferable, data and records related to the operations of River Hawk and all of the intangible rights and property of River Hawk including its trade name (the "Assets"). Excluded from the Assets purchased are, among other things, cash, cash equivalents, and accounts receivable, and real property interests of River Hawk.

River Hawk is an aviation parts and components supplier specializing in Saab and other commuter aircraft parts and components as well as a provider of consulting services, marketing and appraisals to the aviation community. The sole shareholder of River Hawk, Calvin Humphrey, is a member of the board of directors of the Viva, having been appointed in August 2006 and is also the Company's Chief Executive Officer, having been appointed to that role in September 2006. River Hawk forecasts revenues for 2007 of approximately $1.8 to $2.2 million.

In an effort to communicate this change in the Company's focus and its new corporate identity, Viva intends to change its corporate name to "Riverhawk Aviation, Inc." within the next 15 days. Upon effectuation of the name change, the Company will issue a follow-up press release announcing its new trading symbol.

Robert Scott, Chief Financial Officer of Viva, stated, "The closure of this agreement with River Hawk reaffirms the Company's decision to move towards a holding company that seeks out and acquires aviation-related businesses that are profitable operating entities with strong upside potential. As we move our new plan forward, we will review the best options and alternatives for continuing the development and placing our Caribbean subsidiaries into operational status."

Calvin Humphrey, Chief Executive Officer of Viva, added, "This agreement sends the message that we are going forward and that we are committed to making this organization grow and prosper. Under my direction, this Company has embarked towards acquisitions already in operation that have quality management, make profits and have the ability to achieve substantial growth in contrast to a company concentrating on stage development or start ups. I believe that our Company has a number of exiting developments and achievements that have occurred or will soon do so that we will be able to soon share with our shareholder base and the investment community and I look forward to doing so."

About Viva

Prior to Viva International Inc.'s (Viva) purchase of the assets of River Hawk Aviation, Inc. (River Hawk), Viva was primarily dedicated to the formation and development of airlines along with the acquisition of aviation-related operating businesses and airlines that displayed potential for restructuring into profitable and sustainable aviation-related growth concerns. The Company's primary involvement was with two developmental-stage carriers in regional markets from hubs in Puerto Rico and Santo Domingo, Dominican Republic. Our hub in Puerto Rico was maintained through our subsidiary Eastern Caribbean Airlines Corporation and Viva Air Dominicana, S.A., which remain subsidiaries of the Company being readied for operations.

The Company has now expanded its focus to also participate as an aviation parts and components supplier in the broader aviation industry, currently specializing in Saab and other commuter aircraft parts and components as well as a provider of consulting services, marketing and appraisals to the aviation community. At present, the Company maintains executive offices in Michigan.

Forward-Looking Statements

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. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: (1) managing acquisitions and expansion of operations; (2) our ability to obtain necessary financing and to manage existing debt; (3) the risks inherent in the investigation, involvement and acquisition of a new business opportunity; (4) our ability to successfully complete financing and due diligence under the River Hawk Asset Purchase Agreement; (5) the Company's ability to comply with federal, state and local government and international regulations; and (6) other factors over which we have little or no control. 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