I.M.P. Group International, Inc., (owners of CANJET), and Canada 3000 Inc., say that they intend to jointly apply to the regulatory authorities for permission to merge their airline interests, effective May 2001.
CANADA 3000 INC. is the owner of Canada 3000 Airlines Limited and Royal Aviation Inc. The combined entity will fly a jointly enhanced schedule coast- to-coast in Canada.
In combining the resources of Canada 3000 with those of CANJET, the newly created entity will be able to provide a number of complementary services and facilities to enhance the effectiveness of the combined airline operations.
I.M.P. Group International, Inc operates aircraft ground handling service companies in the maritime region of Canada and heavy maintenance facilities which can be contracted to provide annual maintenance checks on the aircraft operating in the Canada 3000 fleet. The companies say thejoint synergies created by the two groups will benefit both organizations and their respective operations.
I.M.P. Group International, Inc. will receive consideration of 900,000 common shares of Canada 3000 Inc. on completion of the transaction. The transaction is subject to certain conditions, including each party obtaining all regulatory approvals.
Canada 3000 will acquire CANJET’s aircraft and airport assets consisting mostly of six Boeing 737 leased aircraft and a spares inventory, along with the airline’s staff and certain liabilities.