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Southern Airways Meeting with New Capital Investors

October 17, 2013 Corporate No Comments Email Email

Memphis-based Southern Airways today announced that it is embarking on its secondary capital raise in order to further expand the carrier’s increasing demand for flights across its five-state footprint.

Credited with helping secure a new tower for the Destin Airport due to its daily passenger service there, Southern has been a welcome amenity to those Memphis and Oxford beach homeowners and vacationers wanting direct and convenient flights.

“Our demographics support what we know people are looking for, and that is direct service without bag fees, security hassles, or parking charges,” said Stan Little, Chairman of Southern Airways Corporation. “However, the airline is not just for vacationing travelers. It also serves many of the metro area’s business men and women trying to get to meetings within the southeast region.”

The airline wants to continue to boost travel to Destin, Gulf Shores, and Panama City but also to serve other markets. With Delta having already cut non-stop destinations out of Memphis from 93 to 29, and with more anticipated cuts coming to Memphis International Airport in the future, Southern is counting on rapid growth and hoping to move quickly to meet demand.

“We need the next round of funding to secure more aircraft, expand our routes, and add the resources we need to do it right,” said Little. To date, funding has come initially from private Mississippi investors, but the next level is being considered by a group of venture capitalists out of New York.

“We’ve enjoyed being a Mid-South airline, and our corporate headquarters will remain here. Obviously, future growth plans will be dictated in large part by the wishes of our investors, and I know that the New York group is interested in our duplicating the Memphis-Destin model in the New York-Hamptons-Cape Cod markets,” Little continued. “Until this year, Memphis was an airline hub in the Southeast region for the better part of half a century. Under our model, it can be once again.”

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