Group pledges to invest $2.5M in Gulfstream International airline

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Gulfstream International Group, Inc., a Fort Lauderdale-based regional airline, Monday said a company has pledged to invest up to $2.5 million that will enable the carrier to expand its service in new and existing markets and refinance its aircraft fleet.

Sah-Vul Strategic Partners, LLC has committed an initial $1.5 million in exchange for a secured convertible note with an option for another $1 million, Gulfstream said in a press release. The transaction is expected to occur shortly and is subject to certain third-party approvals.

Gulfstream International Airlines has more than 150 scheduled daily flights to nine destinations in Florida, 10 destinations in the Bahamas, five destinations from Continental Airline’s Cleveland hub, as well as licensed daily charter flights to Cuba.