Former Cessna chairman and CEO Jack Pelton is among a half-dozen veteran business and military aviation executives who have joined forces to offer remanufactured turbine-powered aircraft to the aviation and defense industries. The newly formed company, The Aviation Alliance, also announced its first business aviation offering yesterday: the Excalibur 421.

The remanufactured Cessna 421C will feature Pratt & Whitney PT6A-135A turboprop engines, Garmin G600 avionics, winglets, new tires and brakes, and new cabin, de-icing, hydraulic and electrical systems. Including airframe, the aircraft will retail for $2.5 million, complete with a new-aircraft warranty. Preliminary specifications include a 327-knot top speed and 1,420-nm range. A prototype Excalibur 421 is now flying, and FAA STC approval and deliveries are expected by year-end. In addition, a similar program is in the works for the Cessna 414.

The company also plans to announce a Gulfstream GII/IIB/III/IV remanufacturing program in April, Geoff Miller, the firm’s managing director for administration and marketing, told AIN. He said the price for such a remanufactured Gulfstream, including airframe, will be approximately $18.5 million. Expected range for a remanufactured GII/IIB/III is 4,600 nm, and 5,100 nm for an updated GIV. First flight is planned for late this year, with STC approval slated for late 2014.

Aircraft Technical Service/Ventura Aerospace, Capital Aviation, Oklahoma Jet Center and Clay Lacy Aviation are also partners in The Aviation Alliance.