The story
The airline was established in 2003 and started operations on 18 March of that same year. The owners of Air Armenia were Versand Hakobyan and Gagik Tsarukyan. Since all passenger rights were granted in 2003 on an exclusive basis to Armavia, Air Armenia could only operate freight aircraft.
After the liquidation of Armavia in 2013, Air Armenia announced plans to launch passenger services, and became the largest air carrier of Armenia. In July 2013, General Department of Civil Aviation of Armenia granted Air Armenia to operate passenger flights.
On 29 October 2014, the airline suspended all operations until at least 20 December due to financial problems.
In December 2014 a Ukrainian investment fund announced the purchase of a 49% stake, pledging to help restart soon its operations under Air Armenia Cargo brand. Vladimir Bobylev, the chief executive of the East Prospect Fund, pledged to invest at least $30 million in the troubled air carrier. Armenian news agencies quoted him as saying that he had plans to replace and expand the company's small fleet of aircraft in the coming months. However, as of 2024, these plans have not come to fruition.
From Wikipedia’s article on Air Armenia, shared under CC BY-SA 4.0.4