Toronto Port Authority Disappointed by Jazz TCCA Comments

The President and CEO of the Toronto Port Authority today expressed disappointment at remarks made by Air Canada Jazz in relation to the termination of their lease by City Centre Aviation Ltd (CCAL), a wholly-owned subsidiary of REGCO Holdings Inc.

"Air Canada has been on a month-to-month lease with CCAL since 2004. They didn't contact the Toronto Port Authority until February 3, 2006, to inquire about the possibility of renting space from us," said Ms. Raitt. "We have been in contact with representatives of Air Canada Jazz on almost a daily basis since then."

"As early as Feb. 6, we indicated our space limitations and urged them to hold discussions with the Toronto City Centre Airport's two major tenants, CCAL and Stolport Ltd. After further discussions on Feb. 7, we informed them on Feb. 9, that the TPA could not be of assistance, as we don't control enough space to support a passenger terminal facility."

"On Feb.13, we provided them with a Commercial Carrier Operators Agreement in anticipation of successful negotiations with either of these two tenants."

"We sincerely hope they can make the appropriate arrangements with one of the tenants and we look forward to the outcome of their discussions," said Ms. Raitt.

Contact:

Janet MacDonald
(416) 863-2003