SAKER AVIATION SERVICES, INC. Item 1.01 Entry into a Material Definitive Agreement.
On
Pursuant to the Agreement we have been granted the exclusive right to operate as
the fixed base operator for the Heliport. Under the Agreement we have not leased
or otherwise been conveyed any land, building, space, improvements, or equipment
but have been granted the exclusive right to occupy and operate the Heliport and
be in possession thereof during the term of the Agreement. The Agreement has a
term of one year. In addition to terminations for an event of default, the
Agreement may be terminated at any time by the Commissioner of the DSBS or
suspended at any time by the
During the term of the Agreement we have the sole and exclusive right to collect
all revenue derived from the operation of the Heliport and are required to remit
a monthly administrative fee to the NYCEDC in the amount of
The Agreement sets forth the annual number of tourist flights allowed at the
Heliport; our responsibilities for maintenance, repairs, alterations and
renovations of the Heliport; flight tracking, reporting, and insurance
requirements; as well as dictates that contracts we enter into related to use of
the Heliport are subject to review and approval by the NYCEDC or
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is included as exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The Company expects that the NYCEDC will conduct a request for proposal for a new concession agreement to govern the operation of the Heliport. The Company is in negotiations with the NYCEDC regarding an additional agreement that will govern its use of the Heliport while the RFP process is ongoing, which it expects will clarify the economic relationship between the parties, including additional fees for the Company's operation of the Heliport.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description
10.1* Temporary Use Authorization Agreement by and between FirstFlight
Heliports, LLC and the City of New York by and through the New York
City of Department of Small Business Services , effective as of May 1,
2023 .
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
* Schedules and similar attachments have been omitted pursuant to Item 601(a)(5)
of Regulation S-K.
similar attachment to the
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K includes "forward-looking statements" within the
meaning of the safe harbor provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements are all statements
other than those of historical fact, and generally may be identified by the use
of words such as "expect," "will," or other similar expressions that indicate
future events or trends. These forward-looking statements include, but are not
limited to, statements regarding any request for proposal process by the NYCEDC,
any future agreement between the Company and the NYCEDC, and the Company's
expectations regarding any terms of any future agreement with the NYCEDC. These
statements are based on various assumptions, whether or not identified in this
document, and on the current expectations of the Company's management. These
forward-looking statements are not intended to serve as, and should not be
relied on as, a guarantee of actual performance or an assurance or definitive
statement of fact or probability. Actual events and circumstances are difficult
or impossible to predict and may differ materially from those contained in or
implied by such forward-looking statements. These forward-looking statements are
subject to a number of risks and uncertainties, many of which are beyond the
control of the Company. Factors that could cause actual results to differ
materially from the results expressed or implied by such forward-looking
statements include, among others: the impact of pandemics, including the
COVID-19 pandemic, or other epidemics or widespread health crises; if the
Temporary Use Authorization Agreement were to be terminated; increases in the
price, or decreases in the availability, of jet fuel; extensive governmental
regulation; our ability to maintain and add key management and other personnel;
our operating costs if our employees were to unionize; changes in minimum wage
laws; environmental laws that we are subject to and those factors discussed in
the Company's most recent Annual Report on Form 10-K and in subsequent Quarterly
Reports on Form 10-Q or other reports filed with the
--------------------------------------------------------------------------------
© Edgar Online, source
