Pogo Jet Outlines Deployment Plans
In a December 13 SEC amendment for its initial public stock offering, Pogo Jet provided more information about its planned very light jet (VLJ) charter service. Pogo now expects to begin service in the first quarter of next year and should have 25 Eclipse 500s by the end of that year and up to 115 by the end of 2011, according to the filing. The company also stated that it has negotiated the “principal terms of our initial delivery of VLJs” and that it plans to use $46.5 million raised in the IPO to fund part of the purchase deposits, progress payments and delivery payments for the initial Eclipse 500 fleet. The company expects to obtain DOT and FAA air carrier certification in the fourth quarter of this year.