See May '02 News release:
"Preparations for the creation of a launch of a Greek subsidiary of Cyprus Airways are well under way, with the appointment of the first key staff expected soon. Cyprus Airways Chairman Haris Loizides said the first appointments had to made before the company could apply for a licence to the Greek Civil Aviation Authority. According to independent sources, the name of the new company will be Hellas Jet. Mr. Loizides refused to confirm or deny the information.
According to the chairman of Cyprus Airways, the Cypriot national carrier is currently holding negotiations with potential institutional investors of the new airline both in Greece and other European countries.
Mr. Loizides said Cyprus Airways was running a race against time, as it was important to have the new company up and running by March-April 2003 at the latest in time to make the most of the business opportunities ahead.
The new company will initially operate three leased aircraft, either A-320 or B-737s, of 160-180 seats. Although the new company will be a separate entity, its offices are likely to be housed in the offices of Cyprus Airways.
The Cypriot parent will hold 49% of the share capital of the new company, with the remainder being held by various EU partners."