Red 1 Express as far as i know, is on schedule to begin operations in the third quarter of 2009.
I would agree that fund sourcing has been a nag for the entrepreneurs, but will disagree with the statement that its still only a business plan.
From inside info, I happen to 'know' that the company has structured the delivery of 7 ATR72-500's over a one year period and their marketing strategy, very aggressive.
It is a carefully thought out plan and steps are being taken as we speak to put these words into action.
I think they have a plan that can work and will if supported and encouraged.
Its does not make sense to me that only the middle and upper class of the Nigerian society are able to fly. Taking into consideration the cons of road transport in Nigeria and the fact that the company can actually deliver what it claims.
Their site is still open for investment only because of the finishing touches, bearing in mind that the money sourced, comes from pockets of individuals.
The primary funds required to kick off are in place, and the ball is rolling, but like any business, it's better to over-budget and have savings than fall short.
I think this lot are worth their salt.
Only my opinion based on what info I have been privileged to.
