The jet card and on-demand private jet brokerage was founded by Ricky Sitomer who rose to fame through Blue Star Jets
Star Jets International (OTCPINK: JETR) in its third full year of operation is reporting revenue increases.
For 2019, the private jet card and on-demand charter broker generated $5.4 million in revenue.
Star Jets followed it up with first-quarter sales of 2020 $1.5 million, and the company now anticipates $2.8 million in revenue in the second quarter.
It says rising concerns about the safety of commercial air travel amidst Covid-19 concerns are driving gains.
CEO Ricky Sitomer said, “We are extremely proud of our continued progress in our third full year of operations. In 2017, Star Jets International became a publicly-traded company with an official name change and a trading symbol change to JETR.”
He continued, “In 2018 and 2019, we have executed our business and operational plan very well and look forward to our continued progress and continued growth in 2020 and beyond.”
COVID-19 driving Private Jet charters
In a release announcing the results, the company said, “Wealthy individuals, families and their elderly parents who were wealthy enough to fly privately in the past and yet did not, are now all starting to fly private jets in order to avoid the myriad of health risks linked to airports and air travel.”
Star Jets said it “is equipped to manage an increased demand in private air travel bookings and prepared to scale the business accordingly” and “anticipates the demand for private jet travel to increase its revenue now and in the immediate future.”
Separately, management engaged an auditing firm to do the 2018 and 2019 audits in order to up-list onto the OTCQB, with an expectation that the audits and up-listing can be accomplished in the second half of this year.
Star Jets is Sitomer’s second entry into private aviation. He was a co-founder of Blue Star Jets. The name Blue Star Jets came from the movie Wall Street and quickly became widely known with the Hamptons and Hollywood crowd.