Avantair 8-K Avantair to Present at the 9TH Annual Icr Xchange Conference

Ardent Acquisition Corp.

to acquire

January 2007

September 27, 2006

Exhibit 99.2

2

Road Show Presentation

Commencing shortly after the filing of this current report on form 8-K, Ardent Acquisition Corp. ("Ardent”) intends

to hold presentations for certain of its stockholders, as well as other persons who might be interested in purchasing

Ardent securities, regarding its acquisition of Avantair as described in this report. This current report on form 8-K,

including some or all of the exhibits hereto, will be distributed to participants at such presentations.

Ardent

engaged

EarlyBirdCapital,

Inc.

("EBC"),

the

managing

underwriter

of

Ardent's

initial

public

offering

("IPO"),

to

assist

it

in

connection

with

its

merger

with

Avantair.

As

compensation

for

these

services,

Ardent

agreed

to

issue

to

EBC,

upon

consummation

of

the

merger,

shares

of

Ardent's

common

stock

equal

to

three

percent

(3%)

of

the

legal

consideration

paid

in

the

transaction.

and

a

fractional

card

equal

to

50

hours

of

flight

time.

EBC

also

received

$730,000

and

will

be

issued

warrants

to

purchase

146,000

shares

of

Ardent's

common

stock

upon

consummation

of

the

merger

for

assisting

Avantair

in

raising

funds

in

its

bridge

offering.

Additionally,

an

affiliate

of

EBC

invested

in

Avantair's

bridge

offering

and

will

convert

its

securities

into

shares

of

Ardent's

common

stock

upon

consummation

of

the

merger

with

Avantair.

Stockholders

of

Ardent

and

other

interested

persons

are

advised

to

readArdent

's

preliminary

proxy

statement

and,

when

available,

definitive

proxy

statement

in

connection

with

Ardent

's

solicitation

of

proxies

for

the

special

meeting

because

these

proxy

statements

will

contain

important

information.

Such

persons

can

also

read

Ardent

's

final 

prospectus

dated

February

24,

2005,

for

a

description

of

the

securities

holdings

of

the

Ardent

officers

and

directors

and

of

EBC

and

their

respective

interests

in

the

successful

consummation

of

this

business

combination.

The

definitive

proxy

statement

will

be

mailed

to

stockholders

as

of

a

record

date

to

be

established

for

voting

on

the

merger.

Stockholders

will

also

be

able

to

obtain

a

copy

of

the

definitive

proxy

statement,

without

charge,

by

directing

a

request

to:

Ardent

Acquisition

Corp.,

1415

Kellum

Place,

Suite

205,

Garden

City,

NY

11530.

The

preliminary

proxy

statement

and

definitive

proxy

statement,

once

available,

and

the

final

prospectus

can

also

be

obtained,

without

charge,

at

the

Securities

And

Exchange

Commission's

Internet

site

(Http://www.sec.gov).

3

Safe Harbor

This

document

contains

forward-looking

statements

within

the

meaning

of

Section

27A

of

the

Securities

Act

of

1933,

as

amended,

and

Section

21E

of

the

Securities

Exchange

Act

of

1934,

as

amended.

All

statements,

other

than

statements

of

historical

fact,

including,

without

limitation,

statements

regarding

Ardent

Acquisition

Corp.’s

(“Ardent”)

financial

position,

business

strategy,

plans

and

Ardent’s

management’s

objectives

and

its

future

operations,

and

industry

conditions,

are

forward-looking

statements.

Although

Ardent

believes

that

the

expectations

reflected

in

such

forward-looking

statements

are

reasonable,

Ardent

can

give

no

assurance

that

such

expectations

will

prove

to

be

correct.

Important

factors

that

could

cause

actual

results

to

differ

materially

from

Ardent’s

expectations

(“Cautionary

Statements”)

include,

without

limitation,

the

effect

of

existing

and

future

laws

and

governmental

regulations,

the

results

of

future

financing

efforts,

and

the

political

and

economic

climate

of

the

United

States.

All

subsequent

written

and

oral

forward-

looking

statements

attributable

to

Ardent,

or

persons

acting

on

Ardent’s

behalf,

are

expressly

qualified

in

their

entirety

by

the

Cautionary

Statements.

4

Ardent Acquisition Corp. Overview

•

Listing:  OTC.BB: AACQ, AACQU, AACQW*

•

Ardent is a Specified Purpose Acquisition Company (“SPAC”),

formed for the purpose of effecting a business combination with an

operating business

•

Each AACQ unit, issued at $6.00, consists of one share of common

stock and two warrants

–

Cash in trust of $5.54 per share at September 30, 2006 (totaling

$38.2 million); increases with additional interest earned

•

Insider shares locked up until February 24, 2008

*Combined entity to seek NASDAQ listing upon closing

5

Avantair Overview

Business:

5th largest company in the North American

fractional aircraft industry

•

Only standalone fractional operator

•

Operating 29 aircraft as of December 15, with 74 on order

•

Expect to end F2007 (June 30) with approximately 40 in fleet

•

Operates two fixed base operations (FBO)

Founded:

2002, by current CEO Steven Santo

HQ:

Clearwater, FL

Employees:

264, as of September 30, 2006

6

Why Avantair?

•

Fractional jet ownership is an increasingly accepted mode of

transport that management believes will continue growing in

future years

•

Avantair has an aggressive entrepreneurial management team,

aligned with shareholders, that has grown the fleet from start-up

to 29 aircraft in five years.  It has met its challenges despite

having minimal equity capital.

•

The Ardent transaction positions Avantair to expand its market

share as it grows its fleet to approximately 40 by the end of the

June fiscal year, with over 70 additional aircraft on order

•

Fractional

jet

economics

are

sensitive

to

fleet

size

–

which

creates

economies

of

scale,

generates

recurring

monthly

management

fees,

and

reduces

non-revenue

repositioning

flights

7

Why Avantair? (continued)

•

Avantair is the exclusive fleet operator of the Piaggio P.180

Avanti

–

lowest fuel burn, largest cabin in category and short

runway capability

•

Avantair is well positioned to participate in the expected

expansion of the fractional industry into the Very Light Jet (VLJ)

sector, with orders for 20 Embraer Phenom 100s (deliveries

scheduled to begin in 2009)

•

It currently operates FBOs

in two hubs –St. Petersburg/

Clearwater, FL and Camarillo, CA.

FBOs

provide operating and

maintenance efficiencies, lower fuel costs, and have attractive

economics

•

Only pure play in the industry sector

8

The Transaction

•

Proposed Ardent/Avantair business combination

–

Definitive agreement signed October 2, 2006; amended December 15, 2006

–

Expected closing February 2007

•

Transaction terms

–

6.68 million AACQ common shares on closing

–

Assumption of outstanding debt at closing ($32.2 million on 9/30/06)

–

No adjustment for current assets plus customer deposits ($33.3 million on 9/30/06)

•

Future milestone incentives

–

955 thousand shares if Cash EBITDA* is  

$6 million in F2007 (June 30)

–

4.77 million shares if Cash EBITDA* is 

$20 million in F2008

–

4.77 million shares if stock trades at or above $8.50/share for 20 of 30 trading days at

any time prior to February 23, 2009

*Cash EBITDA is a non-GAAP measure of earnings before interest, taxes, depreciation and amortization adjusted for

cash generated on sales of aircraft.

By GAAP rules, revenues and profits from

fractional share sales are amortized

over 60 months.

9

The Transaction (continued)

•

Two-year lock up agreements in place with Avantair

management and certain shareholders (excluding equity

raised concurrently with this transaction)

•

Employment agreements with key members of senior

management

•

15.1 million primary shares outstanding post-merger

•

$84 million market value assuming Ardent liquidation

value of $5.54/share (as of Sept 30, 2006)

•

Will seek NASDAQ listing upon closing

10

,

Post-closing, the Board will consist of three Ardent

nominees, three Avantair nominees, and one selected by

Avantair and approved by Ardent

•

Barry Gordon –

non-executive Chairman

•

Steven Santo –

CEO

•

John Waters –

CFO

•

A. Clinton Allen

•

Stephanie Cuskley

•

Arthur Goldberg

•

Robert Lepofsky

The Board of Directors

11

Post-transaction Cap Table

9.9%

1.50

Ardent Management

45.8%

6.90

2

Ardent Investors

1

Does not include contingent payments or management options

2

Does not include warrants or underwriter purchase option and assumes 100% acceptance of the

transaction

27.9%

4.21

1

Other Avantair Shareholders

16.4%

2.47

1

Avantair Management

% Owned

Shares (millions)

Shareholders

12

Benefits of the Merger

•

Provides significant capital for growth near term

–

Financing

of

additional

Piaggio

Avanti

aircraft

–

Financing of Embraer Phenom 100 aircraft

–

Expansion of the emerging FBO business

–

Increased sales and marketing efforts

•

Strengthens and deleverages

balance sheet

–

Repay bridge loan and part of outstanding debt balance

–

Balance of debt to be termed out at 10% interest

•

Provides operational advantages

–

Permits purchasing of fuel and aircraft on more favorable terms

–

Attract and retain high quality professionals

–

Elevates profile within the industry

13

Large and Growing Market

•

Fractionally owned aircraft fleet has grown from 8 aircraft in 1986

to 963 as of August 2006*

•

Fractional shareholders have grown from 3 in 1986 to 5,902 today*

•

Target market is large and growing due to favorable industry

dynamics

–

Increasing number of affluent individuals

–

2 million households with net worth between $5 million and $30 million**

–

Unfavorable conditions for travelers in commercial aviation market

o

Fewer flights, less convenient, more time-consuming, long lines, poor customer

service, security and safety issues

*Source: AvData

**Source:

Federal

Reserve

Board

-

www.federalreserve.gov/pubs/oss/oss2/2004/scf2004home.html

14

Avantair Strengths

•

Exclusive

fractional

operator

in

North

America

of

the

Piaggio

Avanti

P.

180

(“Piaggio Avanti”)

•

Unique aircraft design that uses forward wing technology and compares

favorably to light jets

–

Lowest fuel burn in category*

•

Operates one plane, creating economies of scale/lower costs:

–

Repositioning (i.e., fewer non-revenue producing trips)

–

Maintenance

–

Pilot-related cost

–

Pilot training/Flight simulator

–

Fewer parts to inventory

•

Short

runway

capability

–

accessible

to

more

airports

*Source: Business & Commercial Aviation

15

Avantair Strengths

•

Utilize owned FBO, which is also a revenue generator: fuel

services, maintenance and refurbishment services; hanger

rental, office space rental, ramp fees, etc.

–

Current FBO locations at St. Petersburg/Clearwater airport and

Camarillo, CA

–

Other acquisitions probable in the future

•

Ordered 20 Phenom 100s VLJs

(Very Light Jets)

¯

Targets

a

different

market

than

Avanti

–

retail

price

$2.85

million

(January 2005 base) opens up a lower cost segment to Avantair

¯

As fleet grows will benefit from economies of scale

¯

Range with 4 occupants is 1,160 nautical miles (NY-Miami)

¯

Most ample cabin in its class; private lavatory

¯

First deliveries in 2009

16

Sole Fractional Provider of Piaggio Avanti

17

Piaggio Avanti

Features and Advantages

•

Stand-up cabin and private lavatory, unique in this category

•

Only aircraft in category that can fly 1,500 nautical miles

with five adults, luggage and full fuel load

•

Fastest turboprop made, with jet-like speed of 450 mph and

short runway capability

•

Sound dampening interior and rear mounted props deliver a

quiet ride

18

Benefits of Avantair Fractional Ownership

•

Advantageous pricing for fractional owners vs. competitors

with similar aircraft

•

30%-50% more fuel efficient than comparable jets and more

than 25% more efficient than other twin turboprops*

•

In addition to a modestly lower acquisition cost, the annual

operating costs are:

–

40% less than Citation CJ3*

–

37%-39% less than Hawker 400XP*

•

Absence of hourly charges (other than fuel surcharge),

creates more predictable monthly billing

*Source:

Business

and

Commercial

Aviation,

ARG/US

(http://www.aviationresearch.com/Free/fracprgms.asp)

and

company

pricing

sheets

as

of

September

2006

19

Competition

•

Other Fractionals

–

NetJets

(Berkshire Hathaway -

BRK)

–

Flight Options (Raytheon -

RTN)

–

FlexJet

(Bombardier -

BBD.TO)

–

CitationShares

(Textron -

TXT)

•

Other Segments:

–

Charters

–

Air Taxis

–

Commercial Airlines

20

Competitive Pricing Structure

*Based on 1/16th

share size. Costs and fees may be subject to discount.

1

As of September 2006.  Avantair’s monthly management fee increased to $8,900 as of October 1, 2006.

Source:

ARG/US

(www.aviationresearch.com/Free/fracprgms.asp),

Business

&

Commercial

Aviation

May

2006

Purchase

Planning

Handbook

(Based

on

“max

fuel

w/available

payload”),

2006

Conklin

&

de

Decker

Aircraft

Performance

Evaluator

(Landing

Distance

Required

Under

Part

135

Subpart

K

with

Maximum

Weight),

and

company

pricing

sheets

Acquistion

Cost*

1

Monthly

Management

Fee*

1

Hourly

Rate

1

Yearly

Operating

Cost

Avantair

Savings

High Speed

Cruise 

(mph)

Range

(nm)

Minimum

Runway

Needed

Avantair

Avanti

P.180

$405,000

$8,400

$0

$100,800

458

1,575

4,000

CitationShares

CJ3

$430,000

$6,200

$1,900

$169,400

40%

480

1,875

4,750

Citation XLS

$681,000

$8,450

$2,150

$208,900

52%

486

1,724

5,350

NetJets

Hawker 400XP

$406,250

$6,820

$1,554

$159,540

37%

518

1,433

5,800

Citation Encore

$528,125

$7,800

$1,550

$171,100

41%

490

1,652

4,775

Citation XLS

$685,000

$9,716

$1,925

$212,842

53%

486

1,484

5,350

Flight Options

Hawker 400XP

$407,500

$6,797

$1,650

$164,064

39%

518

1,433

5,800

Flexjet

Lear 40XR

$527,875

$6,260

$1,625

$156,370

36%

534

1,484

4,600

Lear 45XR

$661,125

$6,985

$1,865

$177,070

43%

534

1,764

4,600

21

Fixed Base Operations (FBO)

•

Airport-based provider of fuel, maintenance and refurbishment services, hangar

rental, office space rental, ramp fees, etc.

–

Lowers cost for Avantair fractionalized aircraft

–

Provides services for non-Avantair aircraft

•

Opportunity to participate in the servicing of the growing very light jet market.

•

Provides geographic diversification

–

Reduces

repositioning

costs

by

providing

additional

maintenance,

cleaning

and

fueling

facilities

•

110,000 sq. ft. hanger and 40,000 sq. ft. office space in Clearwater, FL (Tampa

metro) at HQ

•

Operations in Camarillo, CA (LA metro) began in Q2 F2007

•

In negotiations for an FBO in Caldwell, NJ (NYC metro)

•

Have identified a number of possible additional locations

•

Initial revenues began in Q2 F2007

22

Sales and Marketing

•

Significant lead growth

–

2005 averaged 83 leads/month

–

2006 averaged 210 leads/month

–

Assuming a 3 month lag from lead to closing, shares sold in 2005

were equal to 7.5% of trailing leads

•

Main sources of sales and leads are referrals and

advertisements

•

17% of owners historically (2002 –

2006) purchase

additional share within one year of ownership

•

Average purchase is approximately 1.2 shares, or 60 hours

•

Demo-to-close ratio is approximately 80%

23

Financial Results

•

On Income Statement, revenues and expenses from aircraft sales

are amortized over a 60-month period, thus matching term of

management contract

–

No impact on cash flows

$8.0

$5.1

$22.8

$11.6

$3.5

Management Fees

($20.7)

$25.6

2006

($1.6)

$7.9

Q12006*

($3.8)

($8.7)

($5.0)

Losses

$8.6

$11.7

$4.3

Aircraft, other revenue

Q12007*

2005

2004

FY ending June 30

($mms)

•

F2006 loss expanded primarily due to lack of new aircraft delivery

–

deliveries resumed in September

*First quarter financial results are unaudited

24

Financial Results (continued)

•

2

nd

half F2006 and Q1 F2007 negatively impacted by

Piaggio’s inability to deliver its new aircraft model until

September:

–

Delayed certification due to new avionics

package

–

No new fractional sales revenue

–

Oversold capacity resulting in higher charter and

repositioning costs

–

Increased staffing costs in anticipation of new aircraft

25

First Quarter 2007 Results

•

Revenues grew 28% year-over-year to $16.6 million

¯

Maintenance and management fees up 59% to $8.0 million,

reflecting 389 shares vs. 255 shares a year earlier

•

Net loss of $3.8 million up from a loss of $1.6 million in

Q1 F2006

¯

Continuation of F2006 “non-delivery”

problems

¯

Some one-time consolidation and Ardent transaction related

expenses

26

Delivery Schedule

•

Took delivery of five aircraft in 1H F2007

through December 15th

¯

First aircraft received at end of September

¯

29 aircraft in fleet as of mid-December

•

Anticipate approximately 40 aircraft in the fleet

as of June 30, 2007

27

Operating Leverage Potential

•

Anticipated benefits of fleet expansion

–

Increased management fees

–

Reduced repositioning and external chartering costs

–

Better inventory management

–

Ability to leverage existing infrastructure

o

Flight control and call center, training costs/Flight Simulator

–

Larger referral base

–

Phenom 100 targets a lower price point market

•

Anticipated benefits of FBO expansion

–

Lower fuel costs

–

Enhanced brand value

–

Lower repositioning of aircraft for maintenance purposes

28

Business Model

•

Revenues derive from three sources

–

Sales

of

fractional

shares

–

gross

profit

about

$1

million/plane

currently

–

Recurring monthly management fees

–

Other sources -

FBO, remarketing, demos, etc.

•

Keys to profitability

–

Higher

average

monthly

management

fees

–

now

$8,900/month

(raised

by

$500 in October)

–

Cost cutting –

already underway

–

More

aircraft

under

management

–

better

economies

of

scale,

lower

repositioning costs, etc.

•

Breakeven Cash EBITDA

*

is a function of these factors

–

Could occur with as few as 40+ fractionalized planes

*Cash

EBITDA

is

a

non-GAAP

measure

of

earnings

before

interest,

taxes,

depreciation

and

amortization

adjusted

for

cash

generated

on

sales

of

aircraft.

By

GAAP

rules,

revenues

and

profits

from

fractional

share

sales

are

amortized

over

60

months.

29

Recent Financial Transactions

•

Transactions closed concurrently with signing of definitive

agreement with Ardent:

¯

Bridge loan for $7.6 million

¯

Equity investment of $9.0 million

o

Significant participation from non-management Ardent shareholders

o

$2 million of the investment from current Avantair

management/shareholders

•

In November, Avantair repurchased former Chairman’s equity

holdings

¯

Opportunistic investment by Avantair

¯

All investors benefit from reduced share count

30

Management Backgrounds

Barry Gordon, Non-Executive Chairman (upon consummation of merger)

Currently

Mr.

Gordon

is

Chairman

and

President

of

American

Fund

Advisors

and

Chairman

of

Ardent

Acquisition

Corp.

Mr.

Gordon

worked

in

the

airline

industry

from

1967-1971

and

then

went

to

Wall

Street

as

an

analyst

and

portfolio

manager

running

an

aviation

mutual

fund,

of

which

he

was

President

from

1973-1995

(merged

with

another

fund

which

he

continued

to

manage).

He

holds

a

BBA

in

Marketing

from

the

University

of

Miami

and

an

MBA

in

Finance

from

Hofstra

University.

Mr.

Gordon

was

also

named

Long

Island

Entrepreneur

of

Year

in

Financial

Services

in

1992.

Steven F. Santo, Chief Executive Officer

Steven

Santo

founded

Avantair

in

June

2002.

Through

Mr.

Santo’s

entrepreneurial

spirit

and

leadership,

Avantair

has

grown

to

one

of

the

most

unique

fractional

companies

in

the

industry

with

the

world’s

largest

fleet

of

Piaggio

Avanti

P.180’s.

He

is

responsible

for

developing

and

executing

the

strategic

plans

and

policies

of

the

company.

A

former

Assistant

District

Attorney

of

New

York

who

holds

degrees

from

Villanova

University

and

St.

Johns

School

of

Law,

Mr.

Santo

himself

has

flown

more

than

1,000

hours

in

the

Piaggio

Avanti

P.180

and

was

behind

the

controls

of

the

first

owner

flight

in

2002.

John J. Waters, Chief Financial Officer

Most

recently,

Mr.

Waters

founded

John

Waters

Consulting,

L.L.C.

which

provided

mergers

and

acquisition

advisory

services.

Previously,

Mr.

Waters

was

the

CAO

at

Authentidate

Holdings

Corp.

(NASDAQ:

ADAT).

In

addition,

his

financial

background

includes,

but

is

not

limited

to: 

financial

planning

and

budgeting,

strategic

planning,

accounting,

auditing,

mergers,

acquisitions

and

initial

public

offerings.

A

former

Senior

Partner

with

Arthur

Andersen

LLP,

Mr.

Waters

holds

a

degree

in

Business

Administration

from

Iona

College

and

is

a

Certified

Public

Accountant.

31

Management Backgrounds (cont’d)

Tracy L. Chaplin, Chief Operating Officer

Tracy

Chaplin

joined

Avantair

in

2006

and

serves

as

the

company’s

Chief

Operating

Officer.

She

is

responsible

for

managing

Avantair’s

day-to-day

operations

and

activities.

Formerly

Chief

Purchasing

Officer

at

Flight

Options,

Ms.

Chaplin

was

responsible

for

the

development

of

strategy

and

management

of

an

annual

spending

budget

exceeding

$400

million,

which

included

fuel

management,

charter

management,

maintenance

contracts,

avionics,

catering,

logistics,

and

engines.

A

graduate

of

Wright

State

University,

she

holds

a

Bachelor’s

degree

in

Economics.

Kevin V. McKamey, Executive Vice President

As a charter employee of Avantair, Mr. McKamey joined the company in October of 2002. As

Executive Vice President, Mr. McKamey is responsible for developing long range business and

facility strategies that support Avantair’s business plans.  Mr. McKamey has 20 years experience in

the aviation industry including two years as the Flight and Sales Support Manager of Piaggio

America. Mr. McKamey is a certified pilot with over 3,000 hours in the Piaggio Avanti. He holds a

Bachelor’s degree in Aviation Business Administration from Embry-Riddle University.

Matthew Doyle, Vice President, Sales

Matthew Doyle is the Vice President of Sales for Avantair and has been with the company since its

inception. He is responsible for leading and directing Avantair’s sales team. Mr. Doyle has 15 years

in the aviation industry with seven in aircraft sales at PlaneSense.  He is an Airline Transport rated

pilot with over 4,000 hours of aircraft experience of which 400 are in the Piaggio Avanti. Mr. Doyle

holds a degree in Aeronautical Science and Business Administration.