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SILVERJET SOARS AS MOST PUNCTUAL AIRLINE ON NEW YORK - LONDON ROUTE

NEW YORK and LONDON, April 28 - Silverjet, the award-winning, British exclusively business class airline, has achieved new heights as 2008's most punctual carrier on the New York &endash; London route.

According to analysis of the latest Civil Aviation Authority Economic Regulation Group Data, Silverjet continues to be the top ranked airline on the transatlantic route with its high on-time performance marks and minimal average delays.  New CAA reports show the airline had an 85.66% on-time performance in February in addition to an average delay of just over nine minutes.[i] [ii]

Silverjet beat out a long list of both legacy and category competition, including British Airways, Virgin Atlantic, Delta Airlines, American Airlines, Continental and Eos.  With one out of every four Silverjet passengers a repeat flyer, the airline has gained quick loyalty with both the business and premium leisure traveler communities.  

 

"Silverjet is extremely proud to be recognized as the most punctual carrier between New York and London, one of the busiest airline routes in the world," said Silverjet CEO Lawrence Hunt.  "This achievement is a true testament to our ground experience that allows customers to arrive just 30 minutes before departure, along with our seamless check-in right from the comfort of one's lounge seat.  Business and leisure travelers alike continue to rave about Silverjet's private terminal at London Luton Airport, with its hassle-free atmosphere and quick convenience to the center of London by car or train." 

In addition, Silverjet continues to be the most punctual airline on the London &endash; Dubai route, besting a list of competition that includes Emirates, British Airways and Virgin Atlantic.

With twice daily service from New York to London and daily service from London to Dubai, Silverjet has quickly become a preferred traveler for business and premium leisure travelers. On the ground, Silverjet features private terminals and exclusive lounge facilities with a full selection of food and beverages, Wi-Fi and fast-track security.  Silverjet's cabins are truly a sanctuary in the air with just 100 6'3'' flat beds, multi-course gourmet meal selections from Le Caprice, multimedia in-flight entertainment systems and more.  With a crew to passenger ratio of one to ten, customers enjoy a personal and 'very sivilised' experience that is tailored to the individual.  Learn more at www.flysilverjet.com/ebrochure

Greg Maliczyszyn
Director of Communications, US, Silverjet
(212) 675-1600 office . ·(646) 761-1061 mobile

Silverjet Working capital update. Intended initial investment of US$25 million

Silverjet, the British exclusively business class airline, today announces an update on its working capital position and that it has entered into a memorandum of understanding (the "MOU") with a UAE based investor (the "Investor").

Following recent material increases in fuel prices and tightening of credit conditions in the airline industry, Silverjet's working capital has deteriorated and its residual reserves are limited.

The MOU entered into April 29, 2008 provides that approximately US $25.0 million (£12.7 million) will initially be invested directly in Silverjet by means of debt and equity. It is anticipated that the equity element will amount to approximately US $8.0 million (£4.1million) which will be subscribed at 17 pence per share; as a result the new ordinary shares will represent approximately 28 per cent of the enlarged share capital. It is expected that a debt facility will be made available to the Company imminently.

The MOU also sets out the intent by the Investor to invest up to a further US $75 million (£38.1 million) in the ongoing development of Silverjet and to participate in the international rollout of the Silverjet brand and concept into new markets within the Middle East, the Far East and Africa.

The Directors anticipate that Silverjet will enter into binding agreements in respect of this initial tranche of the investment imminently. It is anticipated that these agreements will be conditional, inter alia, upon Board, and, in the case of the equity subscription, Civil Aviation Authority and shareholder approval pursuant, inter alia, to Rule 21 of The City Code on Takeovers and Mergers (the "Code"). Completion of these agreements will secure the future of Silverjet and its long term development. In the unlikely event that these agreements are not completed, Silverjet will have to source alternative means of funding as a matter of urgency.

Upon completing the investment, it is intended that the Investor will appoint two representatives to Silverjet's Board of Directors.

Offer period

On April 10, 2008, Silverjet announced that it was in discussions which may or may not lead to an offer for the issued share capital of the Company.

Silverjet continues to be in an offer period, as defined in the Code, and accordingly no further information is available.

A further announcement will be made as soon as practicable and Silverjet will publish its April monthly passenger statistics on Tuesday May 6, 2008.

Lawrence Hunt (Chief Executive of Silverjet) commented:

"We are delighted to have entered into this memorandum of understanding with a long term strategic investor.

"This investment places Silverjet in a strong position to further develop our brand and proposition. It is particularly encouraging to have secured this agreement in a challenging environment for all airlines. The support of this investor demonstrates the strength of Silverjet's exclusively business class model.  

"The Board believes that the combination of Silverjet's already strong brand and presence in the market with the support of a long term strategic investor will enable Silverjet to continue its growth and success achieved to date."

Media Contact:           

                                    Greg Maliczyszyn                                Samantha Freeman

                                    Silverjet                                               Kwittken & Company

                                    (646) 761-1061                                       (646) 747-7147                                                              

gregmaliczyszyn@flysilverjet.com  

 

•     Silverjet offers 6 foot 3 inch long inclined flat beds, high quality catering, personalised entertainment and reduced check-in times (30 minutes with only carry-on baggage) from London Luton to New York Newark and Dubai.

 

•        Incline flat bed at one third of the market price - £1,099 standard return fare compared with over £3,000 from competitors.

•         Daily London Luton to New York Newark flights (local time):

•       Departs LTN at 10.00 arrives 13.00

•         Departs LTN at 18.00 arrives 21.00

•        Departs EWR at 19.30 arrives 07.40

•        Departs EWR at 22.30 arrives 10.40

•         Daily flights London Luton to Dubai (local time):

•         Departs LTN at 21.55 arrives 08.30

•         Departs DXB at 10.30 arrives 15.45

•   The Silver Lounge is a private terminal at London Luton Airport, opposite the main terminal building, with dedicated security enabling customers with only carry-on baggage to arrive 30 minutes before departure (45 minutes for customers with baggage to check in).  At New York Newark Airport, the unique Silver Lounge offering exclusive check in and lounge facilities is separate from the main terminal areas. Silverjet flies into Dubai's executive terminal.

• Silverjet is the winner of the Sunday Times Award for Best Airline 2007, two Conde Nast Traveller Awards in 2007, one for Favourite Business Class Only Airline and one for Design and Innovation and Best Airline Website 2007 awarded by Travolution.

 Elisa Munda

Associate Account Executive

Kwittken & Company

360 Lexington Avenue, 15th Floor

New York,  NY 10017

646-747-7149 (T)

513-702-5358 (C)

646-658-0880 (F)

emunda@kwitco.com   (E)

www.kwitco.com