Madera International to Buy Las Vegas Air

Madera International Inc., a Calabasas-based harvester and exporter of Latin American timber, announced it has signed an agreement to acquire Las Vegas Airlines for $2 million.

Madera said it will pay $1.5 million in preferred stock, with the remaining $500,000 to be financed with the aid of Madera’s investment bankers.

Madera said it has formed a subsidiary to operate Las Vegas Airlines, which offers scheduled flights to the Grand Canyon as well as chartered services. The subsidiary will sell a portion of its stock to Madera shareholders in a registered offering, creating a new public company.