Priority Aviation Inc (OTCMKTS:PJET) experience a very volatile day and finally, closed at the end of the last trading session with a not insignificant gain of 62.50%. The volume of the day at 98 million was not only many times higher than the daily average of 6.8 million but also the highest in the last 12 months. The stock made the day high at $0.01, exactly where the intermediate resistance waited after being formed in last March. The final closing price came a huge 74% lower from the day high and reflected the sharp rejection at the higher levels.
Priority Aviation Inc (OTCMKTS:PJET) is a real business with a fully functioning operation and a strong revenue base and current, thorough filings. A few moths ago, the company turned from non-existent to fully transparent reporting firm in exceptional way. It is hard to locate a micro-cap firm that submits financial reports with the scope and depth which Priority Aviation has presented.
The details
Priority Aviation is a private jet sales & chartering service working from its office in lower Manhattan and a satellite office in Los Angeles. The company provides services to corporate clients and high net-worth persons habituated to secure traveling in lavish aircraft.
Priority Aviation does not own the aircrafts, but tracks an international network of charters and owners in order to maintain an extensive range of planes available to their customers on short notice, featuring all the amenities they demand. It is a form of business that needs strong personalities to operate successfully. Attention to every small detail, timeliness, service and alacrity, aviation and airport knowledge must be delivered or customers’ book can quickly fall to pieces.
The highlights
Peter Minikes was engaged as CEO in November 2013, bringing his extensive clients book and Wall Street background into the fold. Before joining Priority Aviation, Mr. Minikes served in the financial services market and in the thoroughbred racing and breeding industry, where he definitely developed some important contacts. The client list, as it is mentioned in charter parlance, is vital.
It is a network operation, both for the clients and the operators. Reputation matters considerably in the respective sector. Anyone can establish a web site and start the booking business of private jets, but they would lack the two major elements the company brings to the competition, clients and capital. Funds are an absolute necessity to pre-book charter flights.
