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Aircraft - Friday, September 14, 2007

Pre-launch On-Demand Jet Service PogoJet Files $103M IPO

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Chicopee, MA-based Pogo Jet has filed for a $103.5M IPO. It plans to trade on the Nasdaq as POGO, with WR Hambrecht as lead underwrite. Pogo Jet has been funded by Tiger Partners, Village Ventures, Worcester Capital Partners and Long River Capital Partners.

This is a very aggressive IPO for Pogo Jet which won't fly its first passenger until 2009 given that all its plans work out. That said, we understand there is a great deal of interest in the On-demand jet market. Furthermore, the company has a well respected CEO and Chairman - Robert L. Crandall, former Chairman and CEO of AMR Corporation and American Airlines.

The company explains its plan: "To use the low purchase price and operating costs of today’s Very Light Jets with intensive use of the planes to significantly lower the cost of private aviation. Our on-line booking system will permit customers to quickly arrange a flight that most closely fits their needs. And, by serving a vast network of underutilized small airports, POGO customers will be able to bypass congested hubs. In fact, our customers will be able to choose from over 400 airports in our initial service area." All of the initial cities are on the east coast.

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