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POGO Jet Discloses IPO Terms

Pogo Jet Inc. (NASDAQ:  POGO) disclosed the expected terms of its proposed initial public offering in a filing with the SEC and is led by Robert Crandall, former chairman, president and CEO of AMR Corp.

Pogo expects the IPO to total 7 million shares and price between $12.50 and $16.50 apiece and will have a market capitalization of $132.9 million to $175.4 million. The company expects net proceeds of about $94.6 million, based on an IPO price of $14.50.

Pogo plans to use proceeds from the IPO to fund its initial fleet of aircraft.

Pogo expect to provide jet charter service in the following areas:

• New York
• Philadelphia
• Washington
• Boston
• Cleveland
• Pittsburgh
• Detroit
• Toronto

The fleet will consist of newly manufactured Eclipse 500 aircraft.