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Luxaviation Switzerland

Press Release

Issued by Luxaviation Switzerland.

May 8, 2007

Dermot Desmond acquires majority shareholding in ExecuJet

ExecuJet Aviation Group today revealed they had reached agreement with international investor Dermot Desmond on a management lead initiative resulting in Mr. Desmond acquiring a majority shareholding in the subsidiaries and associated companies constituting the ExecuJet Aviation Group.

In an announcement, ExecuJet's CEO, Mr. Niall Olver, reported that, "Mr. Desmond's investment serves to strengthen ExecuJet's balance sheet, and further significant investment is planned to fuel the company's global business growth plans."

Mr. Olver added that, "In addition to providing ExecuJet with the capital needed for future growth, we look forward to drawing upon Mr. Desmond's experience in business aviation, notably through former ownership of London City Airport, and generally as a successful investor in fast–growing companies. "

Strategic and tactical management of ExecuJet's business will remain unchanged; Mr. Olver emphasizing that, "the investment is premised as much on Mr. Desmond's confidence in ExecuJet's current management team as it is on his confidence in the company's product, services portfolio and future plans. Mr. Desmond will become Chairman of ExecuJet with Brendan Murphy of IIU appointed as Deputy Chairman."

Further announcements in the short term concerning ExecuJet's business aviation investments and activity can be expected.

About Dermot Desmond

Mr. Desmond was born in Ireland in 1950. Before setting up his own company in 1981, he worked for Citibank, Investment Bank of Ireland and as a banking consultant for PriceWaterhouseCoopers on a World Bank project in Afghanistan.

He founded NCB Stockbrokers in 1981 and grew the business to become Ireland's largest independent stockbroker. In 1994, he sold NCB to National Westminster Bank (now Royal Bank of Scotland).

Mr. Desmond is credited as the original promoter of the International Financial Services Centre in Dublin, which now has more than 400 companies and 15,000 employees operating in Dublin's docklands.

Mr. Desmond is regarded as one of Ireland's leading entrepreneurs and has been a successful private investor for many years. He has been a founding or early stage investor in many companies, particularly in the technology sector. Previous such technology investments include Baltimore Technologies and Esat Digifone.

Another landmark investment was London City Airport which Mr. Desmond acquired in October 1995 and sold in November 2006.