Air T Enters Agreement to Acquire Regional Express Holdings Limited

Air T, Inc., listed on NASDAQ as AIRT, announced its entry into a Sale and Implementation Deed with Regional Express Holdings Limited (Rex) and its subsidiaries. Rex is a major regional airline operating in Australia. The acquisition is expected to conclude by the end of the year, conditional upon creditor and other necessary approvals.

Air T has been collaborating closely with the administrators of Rex and the Australian government to ensure a satisfactory outcome for all parties involved. As part of the acquisition, Rex’s financing will be restructured. Air T plans to maintain and grow Rex's business, ensuring job security for its workforce.

Rex operates essential routes, with around 50% not serviced by any other airline. Air T is committed to supporting Rex and sees potential in Rex's Saab 340 program.