Chart Acquisition to complete business combination with Tempus Jets

17 July 2014

Chart Acquisition Corp. (NASDAQ: CACG) said that it signed definitive agreements to complete a business combination transaction with Tempus Intermediate Holdings, LLC.

Tempus Jets is a diversified aviation services business that modifies, leases and operates commercial aircraft for highly specialized purposes for governments, corporations and ultra-high-net-worth individuals worldwide. The company designs and implements special mission aircraft modifications related to surveillance systems, satellite communications equipment, and VIP interior components; and provides ongoing operational support to include flight crews and maintenance services. In addition, Tempus charters and manages high-end, business aircraft and sells new and used Pilatus and Piper brand aircraft via a dealership with an exclusive territory covering the Southwestern US. The company is headquartered in Williamsburg, VA with additional locations in Maine, Colorado, Arizona, South Carolina, Uganda and Bahrain.

Chart Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving Chart and one or more businesses. Chart raised USD75m in its initial public offering in December 2012 (the “IPO).

When the transaction is closed, Chart Acquisition will be renamed The Tempus Group, Inc. and intends to apply to list its shares of common stock on the NASDAQ Stock Market under the symbol “TJET.” Tempus´ Founder and chief executive officer, Scott Terry and his partner, Jack Gulbin, together will own a majority interest in the combined company. All of the members of the Tempus senior management team will continue in their current positions.

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