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Ardent Receives
Approval for Avantair Acquisition
Ardent Acquisition
Corporation announced it will take votes
on its acquisition of fractional aircraft
operator Avantair at Ardent's annual stockholders
meeting on February 22, 2007. Stockholders
are invited to vote on five proposals, including:
the approval of the acquisition of Avantair,
Inc.; increase the Ardent's shared common
stock from 30,000,000 shares to 75,000,000
shares; changing of Ardent's name to Avantair,
Inc.; and the adoption of Ardent's 2006
Long Term Incentive Plan. On October 2,
2006, Avantair announced that it had signed
an agreement to be acquired by publicly-traded
Ardent Acquisition Corp. The transaction
is expected to close in the first quarter
of 2007.
Avantair operates 29
Piaggio Avanti II twin-turboprop aircraft
and anticipates operating a fleet of 40
aircraft by the end of FY2007. Flight crews
primarily train at Flightsafety's West Palm
Beach training facility. At the last year's
National Business Aviation Association (NBAA)
Annual Meeting and Convention, Avantair
announced the order for 20 Embraer Phenom
100 executive jets. Avantair's firm contract
has an order value of $57 million. The Phenom
100 is expected to enter service in mid-2008
and Avantair is scheduled to take delivery
of its first Embraer aircraft in June 2009.
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