Message #37 From:
NewsBot Date: March 14, 2008 09:23:04 PM
Global Aircraft Solutions Announces the Sale of an MD82
Global Aircraft Solutions, Inc. (OTCBB: GACF)
today announced that it has sold one MD82 aircraft (MSN 49364) to an
undisclosed Ukrainian operator. The Company is using the sale proceeds for
working capital and to permanently reduce the principal amount of its
senior debt.
John Sawyer, President of Global Aircraft Solutions, commented, "We are
pleased to have sold the MD82 aircraft that was part of our settlement
agreement with BCI. We continue to aggressively pursue the sale of the four
737-200s still remaining from our settlement with BCI and we hope to
finalize and announce these additional sales transactions in the near term.
Once completed, the sale of these aircraft will allow the Company to
continue improving its operating liquidity and further reduce its senior
debt."
Global Aircraft Solutions, Inc. is an integrated aviation company engaged
in aircraft trading, aircraft parts sales, and scheduled maintenance,
repair and overhaul (MRO) services for commercial airlines, charter
airlines and aviation leasing companies. Hamilton Aerospace and World Jet,
both wholly owned divisions of Global Aircraft Solutions, operate from
facilities comprising approximately 25 acres located at Tucson
International Airport. These facilities include hangars, workshops,
warehouses, offices and other buildings. Notable customers include Avolar
Airlines, Jetran International, Goodrich Corporation, AAR, the Mexican
Government, Afrijet Airlines, Pegasus Aviation, Aloha Airlines, Alant
Soyuz, United Breweries Holdings and Global Aircraft Leasing Partners.
Except for the historical information presented, this press release
contains "forward-looking statements" made in reliance upon the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995
or regulations thereunder including, but not limited to expected and
estimated revenue and earnings. Forward-looking statements are made based
upon management's expectations and belief concerning future developments
and their potential effect upon the Company. There can be no assurance that
future developments will be in accordance with management's expectations or
that the effect of future developments on the Company will be those
anticipated by management.
The words "believes," "expects," "intends," "plans," "anticipates,"
"hopes," "likely," "will," and similar expressions identify such
forward-looking statements. Such forward-looking statements involve known
and unknown risks, uncertainties and other important factors that could
cause the actual results, performance or achievements of the Company or its
subsidiaries or industry results, to differ materially from future results,
performance or achievements expressed or implied by such forward-looking
statements. These risks include the economic health of the airline
industry, demand for Global Aircraft Solutions' services, and competitive
pricing pressures.
In addition, other risks are detailed in Global's Form 10-K for the year
ended December 31, 2006, and Global's Form 10-Q for the quarter ended
September 30, 2007. These statements speak only as of above dates, and
Global disclaims any intent or obligation to update them.
