September 28, 2012

Cessna Announces Agreement with AirSprint for the Purchase of Nine Citation Business Jets

WICHITA, Kan., Sept. 28, 2012 — Cessna Aircraft Company, a Textron Inc. (NYSE: TXT) company, in conjunction with Innotech-Execaire, Cessna’s authorized sales representative in Canada, today announced an agreement with AirSprint Private Aviation, based in Calgary, Alberta, for a minimum of nine Citation CJ2+ aircraft. At a current retail price of $6.695 million per unit, this agreement represents a total retail value of approximately $60.255 million. The addition of the CJ2+ is positioned to support AirSprint’s focus on boutique customer service and regional private air travel.

“The CJ2+ is a the right blend of efficiency, performance, comfort and reliability to fulfill AirSprint’s mission of providing a flying experience for their clients that is exceptionally safe and convenient for both work and leisure,” said John Young, Cessna vice president of regional sales. “Of all the business jets purchased by the fractional/charter industry, nearly half are Cessna aircraft.”

AirSprint is the largest fractional provider in Canada and has been in operation since 1999. They will use their CJ2+ aircraft to grow their fractional services in North America. The CJ2+ aircraft will replace AirSprint’s current Pilatus PC12 turboprop aircraft during the next 24-30 months.

“Our clients are very pleased with the balance of range, speed and efficiency that the CJ2+ offers as an alternative to our current fleet of Pilatus PC12 turboprop aircraft,” said Chris Richer, President of AirSprint. “Our clients are innovators, company builders, philanthropists and leaders in the local and global community — the CJ2+ will aid them in making those endeavors a great success. We are continuing to focus on safety, personalized customer service and making this transition in partnership with our clients. AirSprint’s experience with Cessna and Innotech-Execaire in the operation of seven Citation Excel/XLS mid-size jets gave us great confidence that we have the backing of a strong manufacturer.”

The Citation CJ2+ is part of the Cessna Citation family of business jets. More than 6,300 Citations have been delivered making it the largest fleet of business jets in the world. The CJ2+ holds six passengers in the main cabin and has a 1,600-nautical mile range and a top speed of 418 knots. It is powered by two Williams FJ44-3A powerplants, each generating 2,490 pounds of thrust.

More about the CJ2+ including specifications and features can be found on Cessna’s website. Also, visit our gallery of Citation CJ2+ images.

Photo: AirSprint receives their first Citation CJ2+ - James Elian, AirSprint vice president of operations and pilot, receives the key to the first of nine Citation CJ2+ aircraft from Ray Kuliavas, vice president of sales at Innotech-Execaire a Cessna Authorized Sales Representative, at Cessna Aircraft Company in Wichita, Kan.

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About Cessna
Cessna is the world's leading general aviation company. Since its inception in 1927, Cessna has designed, produced and delivered more than 193,500 airplanes around the globe. This includes more than 6,300 Citation business jets, making it the largest fleet of business jets in the world. Today, Cessna has two principal lines of business: aircraft sales and aftermarket services. Aircraft sales include Citation business jets, Caravan single-engine utility turboprops, single-engine piston aircraft and lift solutions by CitationAir. Aftermarket services include parts, maintenance, inspection and repair services. In 2011, Cessna delivered 689 aircraft, including 183 Citation business jets, and reported revenues of $2.990 billion. More information about Cessna Aircraft Company is available at cessna.com.

About Textron
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems. More information is available at textron.com.

Certain statements in this press release are forward-looking statements which may project revenues or describe strategies, goals, outlook or other non-historical matters; these statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to changes in worldwide economic or political conditions that impact demand for our products, interest rates or foreign exchange rates; changes in government regulations or policies on the export and import of commercial products; the efficacy of research and development investments to develop new products or unanticipated expenses in connection with the launching of significant new products; the timing of our new product launches or certifications of our new aircraft products; our ability to keep pace with our competitors in the introduction of new products and upgrades with features and technologies desired by our customers; performance issues with key suppliers, subcontractors or business partners; difficult conditions in the financial markets which may adversely impact our customers’ ability to fund or finance purchases of our products; and continued volatility in the economy resulting in a prolonged downturn in the markets in which we do business.