Star Jets International reports 60% quarterly revenue growth; plans to launch booking app
Ricky Sitomer says his new platform for jet cards and on-demand charter, Star Jets International, is on target with growing sales and a new ‘real-time’ booking app
Ricky Sitomer’s Star Jets International (OTC:JETR), a broker of jet cards and on-demand private jet charter services, said it had completed its initial beta testing of the company’s ‘real-time’ booking platform. After five months of development, Star Jets International expects to launch the online booking engine and the app for Android and Apple iOS at the beginning of the third quarter. Sitomer first rose to fame as the co-founder of Blue Star Jets, named for the fictional airline in the movie Wall Street. Last year he came back to the private jet charter space with the launch of Star Jets International, a reverse takeover to provide a publicly traded entity, and a stated ambition to buy other private charter companies with the goal of building a multi-hundred million dollar sales volume.
“We are extremely excited to launch what will be the first real-time booking engine in the private jet industry. The depth of our experience and market resources has enabled us to carefully design a disruptive platform with no membership fees and no barriers of entry. Similar to commercial travel industry platforms, such as Priceline, Expedia, or Kayak, the Star Jets platform will enable point-and-click booking of private jets, a trail-blazing experience for first-class world travelers.” Sitomer, Star Jets CEO said in a press release, continuing, “We believe the launch of our unique booking platform will contribute greatly to building long-term shareholder value.”
In the press release, Sitomer said Star Jets continues to work on its plan to achieve the requirements for the company’s share to up-list and trade onto a more fluid market. He said he expects the completion of its 2016 and 2017 year-end financial audits, and upon completion wants to immediately up-list to OTCQB markets, and then pursue the up-listing to the Nasdaq Capital Markets.
Star Jets International reported first-quarter revenue of $1,786,000, an increase of 60% in year-over-year quarterly revenue. Star Jets offers a variety of jet cards featuring fixed one-way and roundtrip pricing and guaranteed availability. As examples, the Light Jet roundtrip price for its Gold Card is $3,750 plus 7.5% Federal Excise Tax (FET) while the one-way Light Jet price is $4,800 per hour, plus FET.