Chorus Aviation Inc. (ticker: CHR_A.TO, exchange: Toronto Stock Exchange (.TO))
News Release -
Jazz Air Income Fund announces December distributionHALIFAX, Dec. 18, 2006 (Canada NewsWire via COMTEX News Network) -- Jazz Air Income Fund (TSX: JAZ.UN ) announced today that its December cash distribution of $0.0729 per Fund unit covering the period from December 1, 2006 to December 31, 2006 will be paid on January 15, 2007 to unitholders of record at the close of business on December 29, 2006.
About Jazz Air Income Fund
The fund is an unincorporated, open-ended trust established under the laws of the Province of Ontario. The Fund indirectly holds 20.3% of Jazz Air LP, with ACE Aviation Holdings Inc. holding the remaining majority interest of the outstanding Jazz LP Units.
About Jazz Air LP
Jazz Air LP (Air Canada Jazz) is the second largest airline in Canada based on fleet size and the number of routes operated. Air Canada Jazz operates more flights and flies to more Canadian destinations than any other Canadian carrier. Air Canada Jazz forms an integral part of Air Canada's domestic and transborder market presence and strategy.
Air Canada Jazz and Air Canada are parties to a Capacity Purchase Agreement (CPA) pursuant to which Air Canada currently purchases substantially all of Air Canada Jazz's fleet capacity based on predetermined rates. Air Canada Jazz provides all crews, airframe maintenance and, in some cases, airport operations. In turn, Air Canada determines routes and controls scheduling, ticket prices, product distribution, seat inventories, marketing and advertising for these flights.
Air Canada Jazz is not a typical airline. Currently, 99% of Air Canada Jazz's revenues are derived from the CPA. Air Canada Jazz is isolated from most of the risks typically associated with airlines such as fuel and navigation costs since these costs are passed-through to Air Canada.
Under the CPA with Air Canada, Air Canada Jazz provides service to and from lower density markets as well as higher density markets at off-peak times throughout Canada and to and from certain destinations in the United States. As of December 1, 2006 Air Canada Jazz operated scheduled passenger service on behalf of Air Canada with approximately 796 departures per weekday to 57 destinations in Canada and 28 destinations in the United States with a fleet of 135 aircraft.
Air Canada Jazz is the focal point of Air Canada's regional passenger strategy. Air Canada Jazz and Air Canada have linked their regional and mainline networks in order to serve connecting passengers more efficiently and to provide valuable feed traffic to Air Canada's mainline routes.
SOURCE: Jazz Air Income Fund
SOURCE: Air Canada Jazz
Media Contacts: Halifax, Nova Scotia : Manon Stuart, (902) 873-5054; London, Ontario:
Debra Williams, (519) 659-5696; www.flyjazz.ca