ICBM - Northern Lights Airlines Ltd. A Joint Venture of ICBS Limited enters into talks for 12 million equity investment.

Northern Lights Airlines Ltd. A Joint Venture of ICBS Limited enters into talks for 12 million equity investment.PR Newswire "US Press Releases "
NEW YORK and MONTREAL, Nov. 12 /PRNewswire-FirstCall/ - Northern Lights International Airlines Ltd. a start up charter airline a joint venture of ICBS Limited (PINKSHEETS: ICBM), Northern Lights Airlines , has entered into talks with several investment groups for a $12 million equity investment.
Northern Lights Airlines, Ltd. ("NLA") is a new international charter airline in collaboration with ICBS. Northern Lights is being organized to exploit a gap in the long-haul international travel market that exists in low cost, high comfort and high quality service originating in Montreal & Toronto, Canada.
The gap in the availability of low cost international service to and from Canada, coupled with high demand for passenger travel on selected routes from Montreal and Toronto, indicates that a new entrant airline is well positioned to capture a significant portion of current air travel business in that market. Northern Lights International Airlines, Ltd. intends to fill that gap and revolutionalize charter travel across the Atlantic with standard-setting service levels that restore respect to passengers.
NLA has signed an exclusive agreement with the Tunisian government for flights to commence from Montreal and TorontoCanada by early spring 2008 which are expected to produce 40-50 million dollars revenue in the first year.
The critical management staff required to obtain all the regulatory approvals and obtain the Air Operators Certificate (AOC), has been secured. NLA has entered into talks with 6 separate entities for equity investment of $12 Million. The talks are at various stages of advancement and are part of the overall NLA strategy.
"We are very excited with about these latest developments that will serve to solidify the financial strength of NLA." Said Peter Papadatos, President & CEO.
This news release includes statements that constitute forward-looking statements. Please be aware that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of any number of factors, including the risk factors contained in the Company's disclosure documents.
SOURCE Inter Canadian Business Service