JetSmart cancels letter of understanding to purchase Ultra Air

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JetSmart announced Wednesday that it cancelled the letter of understanding signed on March 16 for the acquisition of Ultra Air.

JetSmart said it decided to cancel the letter of understanding, terminate the process and cancel the purchase of Ultra Air after “the analysis stage of this type of negotiations”.

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“We have moved forward in the process and we believe, due to various factors, it is not possible to continue with the intent to purchase Ultra Air and we have cancelled the letter of understanding and terminated the process,” said JetSmart president and CEO Estuardo Ortiz.