PlaneSmart! Aviation Announces That Its Founder is Stepping Down

DALLAS, May 2 /PRNewswire/ -- PlaneSmart! Aviation announced today that its founder and long-time President and Chief Executive Officer, Jeffery A. Cullen, is stepping down to become Vice President of Strategic Development, where he will work with Neo Ventures, LLC, PlaneSmart!'s venture capital partner, to pursue other long-term strategic aviation opportunities. Michael Brosler will replace Mr. Cullen as PlaneSmart!'s President and Chief Executive Officer.

Mr. Cullen led PlaneSmart! Aviation from its beginnings in Austin, Texas four years ago to becoming a major presence in the professionally managed shared ownership business today. This is a planned organizational change designed to address the evolving needs of the marketplace and to position PlaneSmart! to continue its growth well into the future. "PlaneSmart! is uniquely positioned in the marketplace as a top-tier fractional provider to the owner-pilot, and with the present management team, PlaneSmart! will continue delivering an excellent product as it continues to grow," said Jeffery Cullen. "After four years of building PlaneSmart! into general aviation's premiere fractional aircraft provider, it is time to pursue other interests of strategic benefit to our investors such as on-demand air taxi and the introduction of personal jet products to our market."

"Jeff's creative drive and ambitious vision for both PlaneSmart! and the pilot flown fractional market overall have inspired all involved over the last four years. The company thanks Jeff for his past leadership in the development of our company," stated Adam Wagner, Chairman of Neo Ventures, LLC, PlaneSmart!s venture capital partner.

About PlaneSmart!

PlaneSmart! provides professionally managed shares of top-rated Turbo-normalized Cirrus SR22-G3 aircraft at a fraction of the cost of sole ownership. Customers enjoy a full-service, "hassle-free" experience as their "management company" takes care of all the requirements of maintaining and caring for a plane, such as storage, fuel, scheduling, maintenance, and insurance. For more information, visit http://www.planesmart.com/ or call 866-264-2569.

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Source: PlaneSmart!

CONTACT: Lyn Freeman, +1-310-459-4874, lyn@lynfreeman.com, for
PlaneSmart!

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

2008-05-02 18:04:20 0351841 PRNEWSWIRE