FOR IMMEDIATE RELEASE:
Legacy Airlines Successfully Raised $23.5 Million in Funding
New York – February 14, 2002 – Legacy and Intertrade Capital Group announced today the formation of a strategic alliance that brings together a team of asset management and marketing specialists with investment banking professionals and the creative group of talent that launched Legacy last year.
Under the agreement signed today at Intertrade’s corporate headquarters in New York City, Intertrade has committed to a $23.5 million investment package, which provides Legacy with cash, marketing, advertising and administrative expertise as well as promotional programs and hospitality and corporate alliances.
Additionally, Intertrade has agreed to offer Legacy access to Intertrade’s network of media, writers, creative and publishing alliances in a collaborative effort to publish Legacy’s in-flight magazine scheduled for launch later this year.
“We have traveled a long and difficult road to get to this point,” said Stephen J. Enea, Chairman of Legacy Airlines. “Intertrade’s equity investment into Legacy puts us in a strong position to move forward and opens the door to additional funding”.
Bruce Kamm, Managing Director of Intertrade said that he is excited about the Intertrade / Legacy partnership. “Intertrade’s global business reach and alliance partners provides Legacy with the ability to tap resources typically unavailable to start-up businesses. Legacy’s plan to provide low-fare, all-jet air services from the Northeast to major business and leisure destinations in the US, Canada, Mexico and the Caribbean is now significantly enhanced. We are firmly committed to making Legacy a success!”
Legacy’s plans are to open new direct routes to several popular vacation destinations in Florida and elsewhere in partnership with a major resort operator and car rental agency to offer preferred all-inclusive packages.
Legacy Airlines will serve NY state regional airports with direct routes to business and vacation destinations nationwide. Service later this year is anticipated to expand to the Caribbean and European destinations.
Intertrade Capital Group provides creative financing and innovative marketing programs and expands business opportunities and profit potential for many of America’s leading corporations. Intertrade also provides asset management and fulfillment services, alternative capital, intellectual assets and transactional capabilities to Fortune 1000 companies and governments delivering liquidity and enhanced profitability to domestic and global companies.