SOUTHWEST AIRLINES TO SERVE
NORTHWEST FLORIDA’S NEW
The St. Joe Company Leads
Regional Effort to Facilitate Service at the Newest
Jacksonville, Florida, October 21, 2009 --
The St. Joe Company (NYSE: JOE) and Southwest Airlines (NYSE: LUV)
today announced a strategic alliance providing for the commencement
of air service to Northwest Florida’s new international airport near
Panama City Beach, Florida in May 2010. The airport, currently
under construction, is the first international airport built in the
St. Joe is the largest landowner in
St. Joe intends to aggressively leverage Southwest’s service at the
new international airport to drive tourism, economic development and
job growth in the region and real estate absorption in the company’s
“History has shown that the ‘Southwest Effect’ can have a
dramatically positive economic impact on a market and a region,”
said Greene. “We believe Southwest’s entry into
“In the past,
Given the current state of the
St. Joe and Southwest have entered into a strategic alliance agreement to facilitate air service to the new airport. As part of the agreement, St. Joe has agreed to reimburse Southwest if it incurs losses at the new airport during the first three years of service. It also provides for any profit from the air service during the term of the agreement to be shared with St. Joe up to the amount of St. Joe’s prior payments.
The Agreement provides for conditions to the commencement of the air service to the new airport, including the timely completion of the airport and Southwest reaching satisfactory agreements with the local airport authority regarding the use of the new airport and agreements with regional tourism groups regarding coordinated marketing efforts.
Additional information regarding the terms of the Agreement, including conditions to the proposed air service, termination rights and air service exclusivity provisions, may be found in St. Joe's Form 8-K to be filed today with the Securities and Exchange Commission, which will be available on our web site at www.joe.com.
About St. Joe
The St. Joe Company (NYSE: JOE), a publicly held company based in Jacksonville, is one of Florida’s largest real estate development companies and Northwest Florida’s largest private landowner. We are primarily engaged in real estate development and sales, with significant interests in timber.
More information about St. Joe can be found on our web site at www.joe.com.
Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our beliefs, plans, goals, expectations and intentions. Forward-looking statements involve risk and uncertainty, and there can be no assurance that the results described in such statements will be realized. Such statements are based on our current expectations and we undertake no obligation to publicly update or reissue any forward-looking statements. Risk factors that may cause the actual results to differ are described in this press release and in various documents we have filed with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2008, and our Quarterly Reports on Form 10-Q. Additional information regarding the terms of our Agreement with Southwest, including conditions to the proposed air service and termination rights, may be found in our Form 8-K to be filed today.