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Continental Airlines Partner Gulfstream Closes on $1M - CBL
By Citybizlist Staff
HOUSTON -- According to a Reg D filing with the U.S. Securities and Exchange Corporation, Gulfstream International Group Inc. (Amex: GIA) has completed its $1 million mixed-securities offering. Sixteen investors put in a minimum of $25,000 each.
The Fort Lauderdale-based holding company operates two independent subsidiaries: Gulfstream International Airlines Inc. and Gulfstream Training Academy Inc.
As Citybizlist reported last month, the Gulfstream group said it was reviewing nonbinding offers of short-term debt financing to meet near-term liquidity requirements. It also had hired an investment bank to raise fresh capital from the sale of equity.
Principals named in the filing are Chairman Thomas McFall, President and CEO David Hackett, CFO Robert Brown, and directors Richard Schreiber, who is a partner with Philadelphia-based investment firm Dimeling, Schreiber & Park, and Gary Arnold, Gary Fishman and Barry Lutin.
Gulfstream's commercial airline operates more than 150 flights a day, serving nine destinations in Florida , 10 destinations in the Bahamas and five from Houston-based Continental Airlines' Cleveland hub under the U.S. Department of Transportation's Essential Air Service Program.
Gulfstream will pay about $50,000 in sales commissions for the equity sale.
Reg D filing: http://tinyurl.com/ycl5clb
Also at Citybizlist, see:
After Being Held in Default by Raytheon Aircraft Credit, Gulfstream Meets Obligations - CBL
Bios from Reuters:
Thomas McFall - Chairman of the Board and Senior Executive Officer
Thomas A. McFall is Chairman of the Board, Senior Executive Officer of Gulf stream International Group Inc since March 2006. Thomas currently serves as Chairman of Weatherly Group LLC, a company he founded in 1999. Thomas has served as an executive and on the board of Directors of numerous companies, including Weatherstar Aviation. Weatherstar was a New Jersey based aviation operator providing both regularly scheduled and on demand charter flights under an FAA Part 135 certificate. Thomas was President and CEO of Weatherstar from its inception in 1987 until its sale in 1995. He is currently Chairman of Aladdin Food Management Services and Cattron Group International.
David Hackett - President and CEO
David F. Hackett is President, Chief Executive Officer, Director of Gulfstream International Group Inc. He is Chief Executive Officer and President since March 2006. Since June 2003, David has served as President of Gulfstream. From January 2002 to June 2003, he was a financial and strategic consultant to Newgate Associates, LLC. David has over 20 years experience in the airline industry, beginning with Continental in 1985, where he eventually served as Director, Financial Planning and Analysis.
Robert Brown - CFO
Robert M. Brown is Chief Financial Officer of Gulfstream International Group Inc since January 2007. From April 2005 to November 2006, Robert served as the Secretary, Treasurer and Chief Financial Officer of BabyUniverse, Inc., an online retailer in the United States of brand name baby, toddler, maternity and furniture products that is listed on the Nasdaq Capital Market. From November 2002 to April 2005, Robert was a private investor. Robert was the Chief Financial Officer of Uno Restaurant Corporation from 1987 to 1997, and served as its Executive Vice President-Development from 1997 to 2002. Uno Restaurant Corporation is the operator and franchisor of a nationwide chain of casual-dining restaurants and was publicly-traded on the New York Stock Exchange through 2001. Robert held several accounting positions prior to 1987 with each of SCA Services, Inc., The Stanley Works, Saab-Scania, Inc. and Price Waterhouse. Mr. Brown is a CPA certified in the State of Connecticut and earned a B.S. degree in Accounting at Fairfield University .
Board of Directors
Gary Arnold
Gary is Director of Gulfstream International Group Inc since November 2007. He has significant international and domestic experience in the electronics industry in the areas of finance, strategic planning and operations, and has been involved in numerous capital market transactions. He spearheaded the turnaround at Tektronix Corp. where he was chief financial officer from 1990 to 1992, and later served as Chairman and CEO of Analogy, Inc., a provider of design automation software used in the automotive industry from 1993 to 2000. Since 2000, Gary has been a private investor and currently serves on the boards of directors of National Semiconductor Corp. (NYSE: NSM) and Orchids Paper Products Company (AMEX: TIS). Gary is a certified public accountant and holds a B.S. degree in Accounting from East Tennessee State University and a JD degree from the University of Tennessee School of Law.
Gary Fishman
Gary L. Fishman is Director of Gulfstream International Group, Inc since January 2009. He has over 30 years of airline experience, having held executive positions with Northwest Airlines, Continental Airlines and Trans World Airlines in diverse areas including operations, planning and finance. An officer of Northwest from 1995 to 2005, he held various positions, including, from 2002-2004, Vice President of Customer Service Planning and Security and, from 2004-2005, Senior Vice President of Alliances. After his retirement from Northwest, he served from 2005 through 2008 as Vice President of Sales Operations at Ingenix, a division of UnitedHealth Group. He is a graduate of the United States Naval Academy and served as an officer in the US Navy from 1968 through 1973.
Barry Lutin
Barry S. Lutin is Director of Gulfstream International Group Inc since November 2007. He has been involved in the aviation industry for more than forty years, serving in various senior positions responsible for certification, operations and financial management for scheduled air operators. Since December 2006, Barry has been a Managing Director of Helion Procopter Industries, a subsidiary of Anham Trading and Contracting, LLC of Dubai and, since April 2002, Barry has been President and CEO of Capitol Rising, LLC. Between 1992 and 2002, Barry served as a management consultant and as President and Chief Operating Officer of Shuttle America Corporation. From 1972 to 1992, Barry served as Chairman and CEO of Corporate Air, Inc., an FAA part 135 scheduled cargo carrier. Currently, he serves as Chairman and director of Safe Passage International, a U.S.-based security training software development company. Barry is a licensed air transport pilot with more than six thousand hours of flight experience.
Richard Schreiber
Richard R. Schreiber is Director of Gulfstream International Group Inc since March 2006. Richard has been a Partner with Dimeling, Schreiber & Park, an investment firm in Philadelphia , since 1982. Richard is also employed by Itochu International, Inc. as Director, Principal Investments. He has been on the board of directors of numerous private companies (including New Piper Aircraft and McCall Pattern Company) and public companies (including Wiser Oil Company and Chief Consolidated Mining). Richard was previously a director of Business Express Airlines (a large Part 121 commuter airline), Aeris (a French airline) and Rocky Mountain Helicopters (a large Part 135 operation). Richard received a bachelor's degree in Economics from the Wharton School of the University of Pennsylvania.
Posted Mar 12, 2010
