This Letter of Intent involves
Title: FORT LAUDERDALE, FL, August 18, 2014 ? Basta Holdings Corp. (OTCBB: BSTA) ,an aviation services and logistics management company, today announced that on August 15, 2014, it signed a Letter of Intent (LOI) with Heliflight PERU SAC to form a joint venture (JV) that will provide ACMI leasing of helic
Basta Holdings Signs LOI with Heliflight PERU SAC to Provide ACMI Leasing of Helicopters through Joint Venture
FORT LAUDERDALE, FL, August 18, 2014 – Basta Holdings Corp. (OTCBB: BSTA ) , an aviation services and logistics management company, today announced that on August 15, 2014, it signed a Letter of Intent (LOI) with Heliflight PERU SAC to form a joint venture (JV) that will provide ACMI leasing of helicopters throughout Peru. The parties have ninety (90) days to formalize their understanding into a definitive written agreement and one hundred twenty (120) to close the transaction.
Heliflight PERU SAC is an aviation company based in Lima that provides Air Transport Service in Special Air Transport and aerial work geared toward the oil, mining and hydropower sector throughout Peru. Once the joint venture is finalized, the established entity will be able to bid on Peruvian Government contracts via Heliflight PERU’s Air Operator’s Certificate.
The Company’s new joint venture will provide ACMI (aircraft, crew, maintenance and insurance) leasing of MI-17, MI-8-MTV1 and MI-117E helicopters in Peru to provide logistical support, internal and external air cargo for projects that require the transport of highly valuable cargo and passengers. These projects will include, but are not limited to oil, gas, and mining exploration, construction and emergency air rescue and evacuation operations. Basta Holdings projects that if this new joint venture comes to fruition, it will generate substantial revenues for the company.
“Establishing a joint venture with Heliflight PERU is a very positive development for Basta Holdings as it will enable us to bid on government aviation contracts in Peru, which has a growing market for helicopter leasing due to its large number of mining, oil and gas exploration efforts throughout the nation. We fully expect this venture to generate sizeable revenues as these helicopters provide a swift, safe and efficient solution for our clients as traditional methods are not suitable for certain types of transportation circumstances,” commented Basta Holdings’ President, Jacob Gitman.
“Basta’s high-quality staff extensive has experience in carrying out operations to support mining as well as petroleum activities in some of the most remote regions of the world. Our experts will provide efficient technical support geared towards safety and building lasting relationships with clients to help ensure the success of this jo