U.S. Helicopter raises $4,500,000 in financing
A New York company offering helicopter shuttle service from area airports — and quicker security screening — raises $4.5 million in funding
New York-based U.S. Helicopter Corporation (OTC Bulletin Board: USHP - News) operates a shuttle service between JFK airport and mid-Manhattan — promising customers an eight-minute (!) ride — and they do so at a price which is not that different from the price of a limo. The company offers another time-saving service which is of special value in this security-conscious time: Its staff checks passengers’ bags and clear through security at the heliport. Since there is never more than a handful of people at the heliport, security scanning is fast.
Investors have noticed, and the company last week completed a series of financings with Cornell Capital Partners which will bring the company $4,500,000 in gross offering proceeds. These funds comprise $1,750,000 in warrant exercise proceeds (a result of Cornell Capital’s exercise of 2,500,000 warrants at $0.70 per share and the sale of $2.750 million in capital pursuant to a convertible subordinated debenture financing. Funding of the $2,750,000 Debenture will occur on or before 30 November 2006.
Look for U.S. Helicopter to expand. The company will soon begin to offer service from New York City’s East 34th Street Heliport. The company says it will then be in a strong position during the next forty-five days to enter into additional partnership agreements with major carriers which provide service to Newark’s Liberty International Airport, John F. Kennedy Airport, and LaGuardia International Airport.
Jerse City, New Jersey-based Cornell Capital Partners was launched in 2001, and has since committed more than $1 billion in capital to more than 150 companies listed in the U.S., U.K., Australia, Germany, Singapore, and Canada.
-read more in this news release; and see Cornell Capital Web site
