Air T, Inc. Completes Acquisition of Regional Express

Air T, Inc. (NASDAQ: AIRT) has announced the completion of its acquisition of Regional Express Holdings Limited (Rex), Australia's leading regional airline. The transaction solidifies Air T's ownership of Rex, enhancing service to regional communities across Australia. A $50 million AUD credit facility, provided by Air T in collaboration with an investor partner, will rejuvenate Rex's fleet from 31 to 45 aircraft over the next two years. Additionally, Rex has secured an undrawn $60 million AUD loan from the Commonwealth of Australia for fleet overhauls and operations.

This financial structure underscores a collective effort by Air T, the Commonwealth of Australia, and stakeholders to ensure Rex's long-term viability. Air T's CEO Nick Swenson emphasized the alignment of this acquisition with Air T's strategy of investing in robust aviation ventures that serve crucial markets. Rex CEO Neville Howell sees this as a revitalization, enhancing Rex's commitment to connecting Australians.