The aircraft was on its expected flight path and the crash occurred just before it reached its next destination and landing at Poolburn airstrip.
The company had temporarily suspended its commercial operations while it focused on providing support to family, staff and the passengers involved, and was working closely with the Transport Accident Investigation Commission (TAIC), the police and all relevant authorities.
It was "a hugely difficult time for Glenorchy Air" as it came to terms with yesterday's events, the Rutherfords said in a statement.
"Ray was a good friend and colleague who will be very sorely missed by us all," Mr Rutherford said.
"He was a very experienced and careful pilot who had worked for us for about six years and was well experienced at flying in the mountains. He had flown this particular route many, many times."
Mr Rutherford extended his deepest condolences to Mr Crow's family and friends, and said the company's priorities at this time were supporting those involved and their families, and assisting investigators to determine what had gone so tragically wrong.
Glenorchy Air had been in direct contact with the passengers involved in the accident to ensure they were offered all possible care and support.
Mr Rutherford asked that Mr Crow's family and Glenorchy Air be given time to grieve and to work with investigators.
Mr Crow loved flying and enjoyed being a tour guide, sharing his wealth of knowledge of the area and its history with his passengers, he said.
He did his commercial flight training in the area, obtained his Commercial Pilot Licence in 2008 and began working for Glenorchy Air in 2009.
The TAIC began its investigation into the crash today.