Crystal Airways, the Tampa, FL-based new-entrant business carrier, has acquired Greenville, South Carolina-based Eastern Jet, in a strategic buyout of $5.3 million over a five-year period.

Eastern Jet President, Dennis Calvert said, "It's a tremendous opportunity for us, and a huge savings to Crystal Airways.  We are pleased to be on board with them from the beginning of their operations."

Crystal Airways' Chairman, President and CEO, Timothy Rivers stated, "It was simple economics for us.  Start-up airlines spend millions of dollars annually on flight crew training.  With this acquisition, Crystal Airways now will have flight and cabin simulation equipment, in-house, for the aircraft types we will operate.  The equipment will pay for itself over a relatively short period of time."  Crystal Airways projects to save approximately $10 million in flight crew training costs over the next three years due to this buyout.

As part of the acquisition, Dennis Calvert will remain in his present position with Eastern Jet and assume to additional duties as Vice President - Business Development and Flight Crew Recruitment for Crystal Airways.  Crystal Airways' Chairman, Timothy Rivers, will also assume the position of CEO at Eastern Jet.

Eastern Jet has been in business for the past 14 months and has developed an impressive list of customers such as Delta Air Lines, AirTran Airways, Air Aruba and TWA.

Crystal Airways is a Tampa-based new-entrant airline that will operate B-757-200 aircraft in a unique single-class configuration called Crystal Class™, catering specifically to business travelers with superior service, seating and amenities, at an average of 40% below full-fare coach prices.  Crystal Airways plans to begin service by the summer of 2003.

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