HALIFAX, Sept. 17 /CNW/ -- Jazz Air Income Fund (TSX: JAZ.UN ) announced today that its September cash distribution of $0.05 per Fund unit covering the period from September 1, 2009 to September 30, 2009 will be paid on October 15, 2009 to unitholders of record at the close of business on September 30, 2009.
Jazz is the second largest airline in Canada based on fleet size and the only airline serving all 10 provinces and two territories. Jazz operates more flights and flies to more Canadian destinations than any other Canadian carrier. Jazz forms an integral part of Air Canada's domestic and transborder market presence and strategy.
Jazz is not a typical airline. The airline has a commercial agreement with Air Canada that is the core of its business. Under the Capacity Purchase Agreement (CPA), Air Canada currently purchases substantially all of Jazz's fleet capacity based on predetermined rates. The CPA provides commercial flexibility, low trip costs and connecting network traffic to Air Canada. Also, the CPA significantly reduces Jazz's financial and business risks, and provides a stable foundation for day-to-day operations and future growth.