RiverOak Investment Corp announces new venture for Manston Airport DCO

STAMFORD, Conn., March 24, 2017 /PRNewswire/ -- US based RiverOak Investment Corp., LLC today announced that RiverOak Strategic Partners Limited, a newly UK-registered joint venture company has acquired all rights and interests and has assumed full financial and operational responsibility for the Development Consent Order in respect of Manston Airport and the future reopening and operation of the airport.

The new operating company which is not affiliated with RiverOak Investment Corp., LLC, is fully resourced and funded to accommodate all costs arising from the Development Consent Order application to acquire and reinstate Manston as a fully operational airport and will be operated, owned and managed completely independently of RiverOak Investment Corp., LLC.

Directors of RiverOak Strategic Partners Limited are Niall Lawlor, Tony Freudmann, George Yerrall, Nick Rothwell, Rico Seitz and Gerard Heusler. Messrs. Lawlor, Freudmann and Yerrall have assumed day-today operational control of the project.

Said Lawlor: "This is an important milestone for the Manston DCO. We have always been aware that, without a fully independent UK operating company, it has been much tougher to convince some of our stakeholders of our genuine commitment to Manston. The creation of RiverOak Strategic Partners Limited should therefore be viewed as a firm indication of our absolute and ongoing determination to revive Manston Airport as a successful and profitable airfreight hub, of national significance, with complementary passenger and engineering services."

"We believe that we can bring a comprehensive approach to the shaping of a stronger economic future for Thanet and the wider East Kent region, creating a vibrant economic air cargo hub which delivers high quality jobs for local people and utilizes the much-needed runway capacity for the South East that Manston is ready and able to provide."

Steve DeNardo, Chief Executive of RiverOak Investment Corp., LLC said that the best course forward for the success of the Manston DCO is to put it in the hands of RiverOak Strategic Partners Limited, the principals of which have worked tirelessly to revive Manston as a viable airport in Southeast England. We wish them and the supporters of the airport every success.

SOURCE RiverOak Investment Corp., LLC