Travel Technology
businesswire | August 09, 2023
Surf Air Mobility Inc. , a regional air mobility platform aiming to sustainably connect the world’s communities, announced today that the transaction between Surf Air Mobility and Southern Airways (“Southern”) closed immediately prior to the listing of Surf Air Mobility on the New York Stock Exchange under the ticker symbol “SRFM” on July 27, 2023. The combination of Surf Air Mobility and Southern will provide the basis for SAM’s anticipated expanded, nationwide regional air mobility platform. Following the close of the transaction on July 27, 2023, Surf Air Mobility has 69,742,981 basic shares outstanding and 71,603,186 fully diluted shares outstanding.
Operational and Financial Highlights, Surf Air and Southern together:
450,000 passengers across 48 cities with over 75,000 departures in 2022
Revenue of $100.6 million for the full year 2022, up 44.6% YoY on a combined basis2
Operating loss of $(111.7) million for the full year 2022, inclusive of $(33.4) million one-time transaction related expenses and $(38.2) million in stock based compensation
Cash on hand at July 27, 2023 of $34.7 million, with the ability to draw $100 million in cash advances under the GEM share subscription facility3
Aircraft financing facility with Jetstream for up to $450 million to finance further expansion
Fleet order with Textron Aviation Inc. to enable the growth of SAM’s fleet by up to 150 Cessna Grand Caravans
Exclusive provider to Textron Aviation Inc. of battery electric and hybrid electric powertrain technology for the Cessna Grand Caravan
Surf Air Mobility also announced that it will release its financial results for the second quarter of 2023 and provide outlook for the full year 2023 the week of August 14, 2023.
“Surf Air Mobility is building a regional air mobility platform to sustainably connect the world’s communities. We are thrilled to announce the completion of our transaction, combining Surf Air and Southern into Surf Air Mobility, the largest commuter airline in the US by scheduled departures. We are now well-positioned to build a platform that delivers accessible, affordable, and sustainable regional travel for our customers,” said Stan Little, CEO of Surf Air Mobility. “Our public listing is just the beginning, and we look forward to sharing our journey as we execute on our vision to advance the future of flight.”
Surf Air Mobility intends to accelerate the adoption of green flying by developing, together with its commercial partners, hybrid-electric and fully-electric powertrain technology to upgrade existing fleets. By creating a financing and services infrastructure to enable this transition at an industry-wide level, Surf Air Mobility believes it can bring electrified aircraft to market at scale and substantially reduce the cost and environmental impact of regional flying. Surf Air Mobility believes such cost and environmental impact reductions are achievable by the end of the decade, and that operating as a publicly-traded company and having efficient access to growth capital will enable and accelerate the implementation of its strategic plan.
Sudhin Shahani, co-founder of Surf Air Mobility, continued, “Our end-state is electrification, but our flywheel begins with flying more passengers via network expansion and providing solutions to operators via Aircraft-as-a-Service (ACaaS), which we believe will drive growth in the near- and mid-term. Surf Air Mobility is a scaled – and growing – regional air travel company today, and we believe our path to electrification via supplemental type certification (‘STC’) will position us as a capital efficient, technology-enabled, first mover in the regional air ecosystem.”
ABOUT SURF AIR MOBILITY
Surf Air Mobility is a Los Angeles-based regional air mobility platform expanding the category of regional air travel to reinvent flying through the power of electrification. In an effort to substantially reduce the cost and environmental impact of flying and as the operator of the largest commuter airline in the US, Surf Air Mobility intends to develop powertrain technology with its commercial partners to electrify existing fleets and bring electrified aircraft to market at scale. The management team has deep experience and expertise across aviation, electrification, and consumer technology.
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Business Travel
businesswire | August 03, 2023
AlertMedia, the world’s leading provider of threat intelligence, emergency communication, and travel risk management solutions, today launched an integration with Concur Travel. The integration allows joint AlertMedia and Concur Travel customers the ability to automatically sync travel data from Concur® Travel into AlertMedia Travel Risk Management, providing travel risk and security teams a real-time view of employees’ locations while traveling for work along with a powerful suite of tools to prepare employees ahead of business trips, monitor emerging travel risks, and respond quickly to keep travelers out of harm’s way.
“The volume of business trips continues to grow, and more trips mean more risk for organizations—for the traveler and the business itself,” said Christopher Kenessey, CEO of AlertMedia. “Our integration with Concur Travel provides organizations a seamless, unified interface designed to help minimize travel-related risks, rapidly communicate critical information, and protect their most valuable assets—their people—in a world that is constantly changing.”
Available to customers worldwide, the AlertMedia turnkey integration with Concur Travel drastically reduces the time required to identify, correlate, and respond to travel risks that may impact active trips or upcoming trips. Additional benefits include:
Frictionless travel data management: Unify travel safety and risk management workflows within a single pane of glass to enable a faster, more consistent response.
Accurate, non-invasive location monitoring: Know where your traveling employees are at all times and their proximity to emerging risks with the AlertMedia mobile app and powerful mapping features.
Automatic, multichannel notifications to at-risk travelers: Accelerate response times to critical events with automated, multichannel notifications sent directly to impacted travelers or security teams.
AlertMedia Travel Risk Management is now available in the SAP Concur App Center.
About AlertMedia
AlertMedia helps organizations protect their people and business through all phases of an emergency. Our award-winning threat intelligence, emergency communication, and travel risk management solutions help companies of all sizes identify, respond to, and recover from critical events faster and with greater confidence. AlertMedia supports critical communication for thousands of leading businesses—including DHL, JetBlue, Coca-Cola Bottling, In-N-Out, and Walmart—in more than 130 countries.
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Hospitality Management
globenewswire | July 19, 2023
Sandman Hotel Group and its parent company, Northland Properties, are excited to announce that the new Sandman Signature Fort Worth Downtown Hotel is now open. Situated at 810 Houston St. in the century-old W.T. Waggoner Building, this opening marks the brand’s second Signature-branded hotel property in Texas.
Originally constructed in 1920, this 20-story building was known for being the tallest in the State of Texas and the Southwest. The building is u-shaped on the upper floors and is one of the few buildings in Fort Worth to position light toward the front of the building and making it a design feature. It is part new-build and part carefully adapted reuse of some of the original 1920 design features, such as its historical exterior, ornate lobby entrance, vaulted towers, banking hall with teller cages, and its beautiful interior marble finishings. Dedicated to preserving this iconic building, the team at Sandman Hotel Group has designed this hotel to perfectly complement the city’s historical heritage and modern creative energy.
Robert Sturns, Economic Development Director for the City of Fort Worth, says he is thrilled with Northland’s commitment to preserving the iconic building, “This project celebrates Fort Worth’s past while still supporting the current and future growth of downtown, and we look forward to the Sandman Signature Fort Worth Downtown Hotel as being part of our growing community.”
Owned and operated by Sandman Hotel Group, Sandman Signature Fort Worth Downtown Hotel features 245 new, premium-style guest rooms complete with spa-inspired bathrooms and modern amenities, and a lively lobby bar to be enjoyed by hotel guests and the local community. Guests will find a modern fitness facility and multi-use meeting space on the mezzanine.
Tom Gaglardi, CEO of Northland Properties, commented: “'The opening of Sandman Signature Fort Worth Downtown Hotel is an exciting addition to our portfolio and strengthens our growth in Texas. Fort Worth offers a vibrant downtown experience rich in culture, history, and southern hospitality. We are incredibly proud to be part of this community and delighted to welcome our hotel guests and local restaurant and bar visitors to enjoy a particularly special hospitality experience that encompasses the beautifully designed historical touchpoints of this iconic building."
In addition to taking advantage of the hotel's Signature branded perks, guests can enjoy a first-class onsite dining experience on the lower ground floor at the famed Musume Restaurant. Owned by Dallas's Rock Libations Restaurant Group, Musume offers contemporary Asian cuisine and world-class sushi. The restaurant also features the country's most extensive premium sake program with over 120 selections and the largest Japanese Whiskey selection in the Dallas/Fort Worth area.
"We're so excited to partner with a prestigious hotel brand such as Sandman Signature. As a born and bred Texas & Dallas Fort Worth native, bringing Musume to Fort Worth means so much to me. Fort Worth has transformed into such a lively city while keeping its southern roots. I think Musume will be a great addition to the vibrant downtown area," said Joshua Babb, Co-Founder, Rock Libations Restaurant Group.
The newest Sandman Signature location offers guests close proximity to some of the city’s most vibrant downtown neighborhoods. Districts such as Sundance Square, Cultural District, and Fort Worth’s historical Stockyards provide fun, culture, ample shopping, and art galleries, with a wide variety of unique dining and entertainment options. Meanwhile, corporate guests will be able to take advantage of being only a block away from Fort Worth Convention Center.
Sandman Signature Fort Worth Downtown Hotel is truly a one-of-a-kind, and our team of dedicated hospitality professionals invites you to be the first to experience this unique guest experience with our Opening Celebration Rate:
Stay between now – September 4, 2023, and save up to 50% off the Standard Rate with our Opening Celebration Offer. Book your reservation now at sandmanhotels.com or call 1-800-SANDMAN. Remember to sign up to RSVP Rewards to begin earning points toward free hotel stays as well as other perks.
About Sandman Hotel Group
Sandman Hotel Group is a collection of economy, midscale, and premium hotel brands found in 5 countries worldwide. It is owned and operated by Northland Properties Corporation - the force behind well-known brands such as The Sutton Place Hotels, Denny's Canada, Moxies, Chop Steakhouse & Bar, Shark Club, Revelstoke Mountain Resort, Grouse Mountain Resort, Dallas Stars NHL Team, and Northland Asset Management Company.
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