Sky Harbour Announces Incoming Chief Operating Officer, New Manufacturing Leadership, and an Update on Construction Budget at Dallas-Addison Airport
04 January 2024 - 9:10AM
Business Wire
The Sky Harbour Group Corporation (NYSE: SKYH, SKYH WS) (“Sky
Harbour” or “the Company”) today announced that Will Whitesell has
joined the team as Chief Operating Officer (“COO”). Outgoing COO,
Alex Saltzman, has entered an amicable separation agreement and
will assist with transfer of responsibilities in good order. Loren
Benedict has joined Sky Harbour subsidiary, RapidBuilt, as chief of
operations. The Company has also released an update to its
estimated budget at its Dallas-Addison home basing campus
project.
Leadership Update
Mr. Whitesell brings more than 20 years of construction,
development and senior management experience at Turner
Construction, The Related Companies, and Suffolk Construction, most
recently serving for five years as Suffolk’s COO for the New York
region.
CEO Tal Keinan commented, “As two years of increasingly
intensive site acquisition efforts begin to bear fruit, Sky Harbour
will face the challenge of dramatically scaling its manufacturing
and development capacity, lowering total development cost, and
maintaining a decisive qualitative edge in its physical offering.
Will’s track record in managing parallel large-scale development
projects, his deep corporate leadership experience, and his
aggressive mission-driven approach, position him powerfully to help
lead this next phase of Sky Harbour’s growth. We are excited to
welcome Will to the Sky Harbour team. Alex Saltzman’s immeasurable
contributions have helped to bring Sky Harbour to today’s
advantageous position. We are grateful for Alex’s dedicated
service, and knowing the value he will bring to his future
endeavors, wish him great success.”
Mr. Benedict brings decades of manufacturing, construction and
leadership experience in the pre-engineered metal building (PEMB)
space, including at Lefever Building Systems and DCB Construction.
He is a US Army veteran with multiple combat and humanitarian
deployments.
Tal Keinan commented, “As Sky Harbour’s development activity
scales, in-house manufacturing will play an increasingly important
role in reducing development time and cost, while increasing build
quality. Loren is a seasoned PEMB professional, and will play a
leadership role in transforming RapidBuilt from a broad-spectrum
PEMB company to a specialized manufacturer, optimized for
efficiency, quality, and seamless integration with Sky Harbour’s
design and construction teams. Sky Harbour is thankful to welcome
another veteran to the team, and plans to continue growing with the
veteran community, one of our society’s greatest under-tapped
resources.”
Construction Update: Addison Phase 1
Sky Harbour also released an update to its development budget
for Dallas Addison (ADS) Phase 1, from an estimated range of $25-27
million to an estimated range of $30-32 million. The increase is
largely due to owner-initiated improvements intended to enhance the
quality and aesthetic of Sky Harbour’s offering to residents and
introduced as a result of learnings at existing Sky Harbour
facilities.
In Q1 2024, the Company intends to make cash contributions in
the amount necessary to fund these estimated cost increases from
unrestricted funds on hand at the corporate level into Sky Harbour
Capital and the Obligated Group’s construction fund. As in the
past, the Company will protect and support the funding sufficiency
of the 2021 Sky Harbour Capital LLC Aviation Facilities Project as
amended.
About Sky Harbour Group Corporation
Sky Harbour Group Corporation is an aviation infrastructure
company developing the first nationwide network of Home-Basing
campuses for business aircraft. The company develops, leases, and
manages general aviation hangars across the United States. Sky
Harbour’s Home-Basing offering aims to provide private and
corporate customers with the best physical infrastructure in
business aviation, coupled with dedicated service tailored to based
aircraft, offering the shortest time to wheels-up in business
aviation. To learn more, visit www.skyharbour.group.
Forward Looking Statements
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995,
including statements about the financial condition, results of
operations, earnings outlook, benefits of the new ground leases,
expectations regarding construction costs and timing and prospects
of SHG may include statements for the period following the
consummation of the business combination. When used in this press
release, the words “plan,” “believe,” “expect,” “anticipate,”
“intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,”
“could,” “may,” “might,” “possible,” “potential,” “predict,”
“should,” “would” and other similar words and expressions (or the
negative versions of such words or expressions) are intended to
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. The
forward-looking statements are based on the current expectations of
the management of SHG as applicable and are inherently subject to
uncertainties and changes in circumstances and their potential
effects and speak only as of the date of such statement. There can
be no assurance that future developments will be those that have
been anticipated. These forward-looking statements involve a number
of risks, uncertainties or other assumptions that may cause actual
results or performance to be materially different from those
expressed or implied by these forward-looking statements. These
risks and uncertainties include, but are not limited to, those
discussed and identified in the public filings made or to be made
with the SEC by SHG, including the filings described above,
regarding the following: expectations regarding SHG’s strategies
and future financial performance, including its future business
plans, expansion plans or objectives, prospective performance and
opportunities and competitors, revenues, products and services,
pricing, operating expenses, market trends, liquidity, cash flows
and uses of cash, capital expenditures, and SHG’s ability to invest
in growth initiatives; SHG’s ability to scale and build the hangars
currently under development or planned in a timely and
cost-effective manner; the implementation, market acceptance and
success of SHG’s business model and growth strategy; the success or
profitability of SHG’s hangar facilities; SHG’s future capital
requirements and sources and uses of cash; SHG’s ability to obtain
funding for its operations and future growth; developments and
projections relating to SHG’s competitors and industry; the ability
to recognize the anticipated benefits of the business combination;
geopolitical risk and changes in applicable laws or regulations;
the possibility that SHG may be adversely affected by other
economic, business, and/or competitive factors; operational risk;.
Should one or more of these risks or uncertainties materialize or
should any of the assumptions made by the management of SHG prove
incorrect, actual results may vary in material respects from those
projected in these forward-looking statements. SHG undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240103157143/en/
investors@skyharbour.group Attn: Francisco Gonzalez
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