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[[image]] 25 Passenger, 150 m.p.h. V-107 excess of 150 miles per hour The Vertol 107, in addition to its greater capacity and speed, will afford improved passenger appeal and comfort. Most importantly, lower seat-mile and ton-mile costs are expected to result from the operation of this advanced equipment. Ultimate instrumentation will permit New York Airways to fly with minimum interference from the weather and thus bring reliability of operation to a new high standard. With its inherent dependability, the twin-turbine V-107, by flying in a more direct course, will compound its speed advantage by avoiding the circuitous routing pattern now mandatory for the slower, single-engined piston-powered helicopters. It is the intention of your Company to introduce five of the V-107's into service by the Spring of 1961. The acquisition of these aircraft will entail a capital expenditure of about $4.5 million. In part payment, the Vertol Division of the Boeing Airplane Company has agreed to accept, at book value, your Company's present fleet of five Vertol 44B helicopters and spare parts. The balance of funds required are expected to be obtained through a government loan guaranty administered by the Civil Aeronautics Board. The delivery schedule for the remaining five V-107's will be dictated by traffic requirements. Your Company will by that time have fully explored the desirability of such additional financing as may be required. Looking still further ahead, the availability of the Fairey Rotodyne--a 65-passenger Direct Service airliner--in 1965 should place New York Airways in an improved position to meet the growing demand for its services on an economically sound basis. Your Company has signed a letter of intent with the Fairey Aviation Company of England covering the right to buy five of these machines along with a preferred production line position for fifteen additional aircraft of this type should circumstances warrant. Heliport Facilities Operations to Manhattan have been confined to the West 30th Street Heliport. Only five minutes from the General Post Office, this facility is ideal for the provision of mail 7
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