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The Automotive Resource Network Holdings, Inc. (ARNH) Announces that it has acquired Covenant Flight Group, a National Aviation Management and Flight Services Company and its fleet of aircrafts; the value exceeding $1,500,000.
The Automotive Resource Network Holdings, Inc. (ARNH) Announces that it has acquired Covenant Flight Group, a National Aviation Management and Flight Services Company and its fleet of aircrafts; the value exceeding $1,500,000..
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[{"type":"text","content":"\n\n\n\n\n\n\n\nThe Automotive Resource Network Holdings, Inc. (ARNH) Announces that it has acquired Covenant Flight Group, a National Aviation Management and Flight Services Company and its fleet of aircrafts; the value exceeding $1,500,000.\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nThe Automotive Resource Network Holdings, Inc. (ARNH) Announces that it has acquired Covenant Flight Group, a National Aviation Management and Flight Services Company and its fleet of aircrafts; the value exceeding $1,500,000.\n\nPR Newswire\n\nNEW YORK, March 25, 2013\n\n\n\n\n\n\n\nNEW YORK, March 25, 2013 /PRNewswire/ -- (OTCPink: ARNH) The Automotive Resource Network Holdings Inc.'s CEO, Kathleen Roberton, is pleased to announce that ARNH has acquired Covenant Flight Group, a National Aviation Management and Flight Services Company. This includes a fleet of aircrafts servicing clients in the Professional Sports, Academic, Medical and Automotive Manufacturing Industries. ARNH will service exiting liens on the aircraft fleet, with a commitment to pay it out, using convertible preferred stock and cash. This will free up about $27,000 per month that CFG is currently using to service liens on the fleet. Once these liens are paid in full, Mr. Kreb will immediately deploy upgrades to the aircraft fleet permitting expansion of services and increase annual gross income. Currently without expansion the Covenant Flight Group does in excess of $600K gross annual income and the fleet is valued in excess of $900,000. CFG is a sole proprietorship owned by Robert D Kreb Jr. Mr. Kreb brings to ARNH more than 23 years of Aviation experience, an Airline Transport Pilot Certificate and an expansive list of aircraft experience and operational knowledge. He will immediately join the Advisory Board of ARNH, and as a substantial shareholder lead ARNH in the area of expanding market share and future fleet expansion and acquisitions. The entire acquisition was an all-stock transaction, for Convertible Preferred G Series shares. The details of the transaction, including the agre...