HispanicBusiness

MIAMI, Feb. 14 /PRNewswire/ -- Arrow Air President and CEO Richard L. Haberly today announced that Arrow Air Holdings has reached agreement to acquire assets of Air Global International (AGI) and absorb key management from its former competitor. "This agreement will rapidly expand Arrow's and AGI's coverage and market dominance in the Americas," Haberly said.

Arrow is the leading all-cargo carrier for Central American and Caribbean service, while AGI holds a commanding market share in Latin America's "deep South," including Brazil, Chile, Colombia and Ecuador.

Coordinating the carriers' schedules and sharing certain facilities and functions will significantly reduce operating costs and better utilize aircraft capacity, according to Haberly.

"This agreement will reduce backroom costs and allow for better use of the fleet," said Bill Betts, Arrow's CFO. "This will result in a more efficient and effective delivery system for the freight forwarder community."

Arrow Air is the oldest FAA-certified all-cargo airline in the United States, providing service to a broad area of the Americas with DC8, DC10 and L1011 freighters. Arrow Air also owns and operates the largest and most sophisticated perishable handling facility at Miami International Airport. Because perishable cargo, including seafood, fresh-cut flowers, fruits and vegetables, represents the vast majority of import cargo from Central and South America, this handling facility provides a tremendous advantage to clients utilizing Arrow's and AGI's transport services.

Air Global International provides B747 all-cargo service to Brazil, Chile, Colombia and Ecuador, as well as scheduled service to Buenos Aires through an exclusive agreement with Aerolineas Argentinas. The transaction includes AGI's long-term contract for two B747 freighters, which will be added to Arrow's service offering.

"We will maintain both Arrow and AGI brands in the market and allow the customer to realize the value of these two great companies joining forces," said Haberly. "We believe AGI has established itself as one of the largest quality service providers in the region. Along with the added capacity of the B747 and expanded market presence, we look to AGI to bring a fresh focus and new leadership to our platform." Arrow Air Holdings

CONTACT: Richard L. Haberly of Arrow Air Holdings, +1-305-526-0902

Web site: http://www.arrowair.com/