Ricky Sitomer’s Star Jets reported $3 million in Q3 sales, but says major acquisitions are in the pipeline that with make it a major player in the private jet charter market
Ricky Sitomer’s Star Jets International rang up $2.97 million in revenues in the third quarter after posting $6 million in sales during the first half of the year.
However, the big news is discussions to acquire companies that would make it a major player in the private jet charter market.
In a release, the small-cap charter broker noted, “Because of the Covid pandemic, travelers are looking to get away and have business meetings in a safe, clean environment. As predicted, the company continues a big growth trend as the demand for private air travel is not showing any signs of slowing down.”
Sitomer, who rose to fame as a co-founder of Blue Star Jets, said poor commercial airline service along with pandemic concerns is continuing to drive new customers into the market.
The CEO said Star Jets is in discussion with a company that owns and manages 15 private jets, which he described as a $100 million deal.
He also disclosed a letter engagement with an unnamed investment banking firm to raise $20 million. He expects it to close by February.
“Once those two transactions are finished, I’ll look to make more transactions. The goal is to get to $200 million, $300 million in revenues in short term. That’s going to happen through acquisitions.”
Sitomer said he is close to finalizing the company’s long-awaited audited financial statements for 2019 and 2020. It intends to apply to the OTCQB upon release of the completed audit.
“The market is huge. It’s worldwide. It’s leisure travel, business travel, concert tours, and more,” the Sitomer told an investor call.