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Various news media have reported that the crew reported engine failure shortly before the aircraft presumably crashed into the Caribbean Sea. Search and rescue operations have been unsuccessful in locating the crash site, and have found neither wreckage nor any sign of those on board.
Both pilots are believed to be Venezuelan nationals.
UPDATE January 10, 2008: According to an article published this morning by SignOnSanDiego.com , "Authorities have found no sign of survivors from an airplane crash and are calling off active search efforts for the 14 aboard, including eight Italians and a Swiss citizen."