Posted by John McHale ATLANTA, 18 Oct. 2010. Embraer and NetJet officials announced during a press conference at the National Business Aviation Association (NBAA) show in Atlanta that they signed a purchase agreement for 50 Phenom 300 executive jets, plus 75 options. The aircraft will be developed by Embraer in cooperation with NetJets and be called the Phenom 300 Platinum Edition. The total value of the deal could exceed $1 billion. The new jet will feature technology and comfort based on the requirements of NetJets' fractional share owners. It will replace older jets that are being phased out, said David Sokol, chairman and chief executive officer of NetJets during the press conference. The typical life for a light- to medium-cabin size aircraft is about 12 years, he added. Sokol declined to say what the avionics will be like on the Phenom 300 Platinum, saying that he prefers to hold those details for NetJets marketing roll out.Deliveries are expected to being in 2013, he added. NetJets made their order based on long-term market outlooks, Sokol said. The last three years have been tough for many in the business jet community, but the market has stabilized and the next 10 to 20 years look strong for business aviation, he added. The new jets will join NetJets' existing worldwide fleet of about 800 light, midsize, and large-cabin aircraft. In conjunction with the sale, NetJets and Embraer have signed comprehensive maintenance support agreements providing a broad scope of logistics, material, and maintenance services for the new fleet in North America and Europe. About 20 percent of the Phenom 300 Platinum will be slated for European owners, Sokol noted.