JETSCAPE AND M1 COMMERCIAL JETS ANNOUNCE MERGER TRANSACTION

Fort Lauderdale / Beirut / Tortola, 24 January 2011 – Jetscape Aviation Group, Inc. (“Jetscape”) announced today the completion of the merger and restructuring transaction with M1 Commercial Jets, Ltd. (“M1CJ”). The Tortola based M1CJ was previously owned by M1 Leasing, a subsidiary of the private investment holding – M1 Group (“M1”).

Jetscape and M1CJ today, have successfully established a new holding company, Jetscape Aviation Group Ltd. (“JAG Ltd.”) based in the British Virgin Islands. JAG Ltd is now 57% owned by M1 Leasing, while Jetscape’s original shareholders maintain 43% of the holding. The shareholders have collectively subscribed to $37M in new equity capital.

The newly formed group will be run by Jetscape’s existing management team, lead by John Evans as Chairman and CEO, and will trade under the Jetscape brand. The JAG Ltd. Board of Directors will comprise four prior Jetscape directors along with five directors appointed by M1.

As a result of the transaction, Jetscape has diversified its portfolio and the company’s capital base, revenue and earnings have more than doubled. With the merger, Jetscape has solidified its position as a global leader in the 70-120 passenger aircraft leasing market.

The combined group’s balance sheet will have approximately $560M in total assets, $405M in total liabilities and $155M in shareholders’ equity.
JAG Ltd. owns and manages 35 aircraft on lease to 18 airline operators in 15 countries, including the ownership of 18 Embraer E-Jets on lease to 9 operators in 9 countries with a total average fleet age of less than 3 years. The group has a remaining firm order backlog with Embraer for four E-Jets, up to 10 purchase options and up to 10 purchase rights. All, but one, of the firmly contracted deliveries is committed for lease.

Mr. John Evans, Jetscape’s Chairman and CEO said today “We are thrilled to welcome M1 Leasing as our new partner. M1 is a respected and successful global investor that brings a wealth of knowledge, experience and considerable capital resources to Jetscape. The diversity of our shareholding group, which now includes our management team and high net worth investors from three continents, reflects the international market that we serve and remains a differentiating factor for Jetscape.” Evans continued, “In addition to their many investments, M1 is the largest private shareholder of Royal Jordanian Airlines (a Jetscape customer), thus a major contributor to Jetscape’s future success in the rapidly developing Middle Eastern and African aviation markets. We appreciate M1’s trust and confidence in Jetscape’s team and the steadfast support that our other shareholders have shown throughout the completion of this transaction”.

M1 Leasing Director, Mr. Maher Mikati stated, “we have been working with Jetscape’s team for the past 18 months and are delighted to have concluded this transaction. The merger’s platform offers a unique opportunity for what we believe will be a fast growing sector. We have confidence in John Evans and his well-seasoned management team and we are very optimistic about this partnership and the prospects for JAG Ltd.”

About M1 Group

M1 Group (M1) is a family-owned holding engaged in a number of diverse business activities focusing on telecom, retail, energy and real estate. The group’s origins trace back to the construction and telecom sectors in the early 1980s, delivering successful businesses such as the multinational mobile operator INVESTCOM, which was listed on the London stock exchange making it the largest international listing of a Middle Eastern Company. In 2006, MTN of South Africa and INVESTCOM combined in a landmark deal to create one of the largest emerging markets mobile operators.

M1 Group’s involvement in the aviation and airline industries has seen a remarkable turn in the past decade, by becoming the largest private investor in Royal Jordanian airlines, and owning and leasing 10 commercial aircraft, including eight Embraer Jets, as well as a fleet of private jets.

About Jetscape

Jetscape was founded in 2000 and is engaged in commercial aircraft leasing, management, remarketing and advisory services – providing innovative, custom-tailored solutions to commercial aircraft owners and operators worldwide.  Jetscape currently owns and manages 35 aircraft with 18 airline operators in 15 countries.  Jetscape is also the exclusive remarketing agent for 7 aircraft on behalf of 2 airline customers.

Contacts:
Jetscape: John Evans, Chairman & CEO +1 (954) 763-4737
M1 Group: Maher Mikati, Executive Director  +9611356666

Mark H. Balentine
Vice President
Information Technology
Jetscape, Inc.