MANSTON -3

[Twitcher]

Some good news today for Manston....the news is also good for the staff at Gatwick
Date: 20 November 2007, London:
Andrew Duncan and Andrew Stoneman, partners and Joint Administrators from Menzies Corporate Restructuring (MCR), announce today the sale of the business and assets of DAS Air to Continental Aviation Services (Nig) Limited (CAS). The liabilities of the Company remain with DAS Air Limited (In Administration).
The Company, a long established UK based air freight services business operating routes between Europe and West Africa and between East Africa and the Middle East had ceased operations following the appointment of administrators on 17 September 2007.
The sale of the business should allow operations to recommence in the short term and preserves the jobs of 34 staff, who work at the Company’s sites in Crawley and Manston.
Andrew Duncan comments, “We’re pleased that the sale of the business represents the preservation of a long established African all cargo airline. It’s also good to note that of all the offers we received for the business from interested parties, CAS had the best funding package to acquire the business but also to fund investment and its future working capital requirements. I believe that this gives the business a very real chance to thrive and succeed, going forward.”
Vitalis Ibe of CAS commented, “We are very excited with the opportunity to acquire this business and Charles Goodrich has been appointed as the CEO. We are looking forward to building a brand new vibrant cargo airline and maintenance facility”.