MONTREAL, July 10 /PRNewswire-FirstCall/ -- Air Canada welcomed today's decision by the U.S. Department of Transportation (DOT) to approve the formation of a transatlantic alliance between Air Canada, Continental Airlines, Lufthansa and United Airlines. In its decision, the DOT granted antitrust immunity to the four carriers that allows them to develop an integrated joint venture and strengthen their transatlantic network, creating substantial new service options and fare benefits for customers.
"We welcome the DOT's final approval today that facilitates Air Canada moving forward with the formation of a transatlantic alliance with our partners Continental, Lufthansa and United," said Ben Smith, Air Canada's Executive Vice President and Chief Commercial Officer. "Transatlantic travel represents the world's largest international air transportation market. Obtaining antitrust immunity is a critical step in allowing us to cooperate more fully in order to offer our customers more value, choice and simplicity when making their transatlantic travel plans. Working with our partners, Air Canada's presence in this important market will be enhanced and our competitive position will be strengthened with improved access to an extended global network when the transatlantic alliance is implemented. Air Canada customers will benefit from more options between Canada and Europe, Africa, the Middle East, India, the Commonwealth of Independent States (CIS) and western Russia."
Air Canada will continue to cooperate with regulatory authorities in other jurisdictions as required to ensure compliance of the transatlantic alliance arrangements, as the carrier and its partners prepare to move forward as an integrated joint venture in the months to come.
Forward Looking Information
Air Canada's public communications may include written or oral forward-looking statements within the meaning of applicable securities laws. Forward-looking statements, by their nature, are based on assumptions and are subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including without limitation, industry, market, credit and economic conditions, the ability to reduce operating costs and secure financing, pension issues, energy prices, currency exchange and interest rates, employee and labour relations, competition, war, terrorist acts, epidemic diseases, insurance issues and costs, changes in demand due to the seasonal nature of the business, supply issues, changes in laws, regulatory developments or proceedings, pending and future litigation and actions by third parties as well as the factors identified throughout Air Canada's public disclosure file available at http://www.sedar.com/. The forward-looking statements contained in this news release represent Air Canada's expectations as of the date of this news release and are subject to change after such date. However, Air Canada disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
AIR CANADA - CORPORATE - FINANCIAL
CONTACT: Isabelle Arthur (Montreal), (514) 422-5788; Peter Fitzpatrick
(Toronto), (416) 263-5576; Angela Mah (Vancouver), (604) 270-5741; Internet:
aircanada.com
