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Global Aircraft Solutions Reports 2007 Financial Results and Announces 2007 Fourth Quarter and Year End Earnings Conference Call

--  Revenue of $24.7 million for 2007
--  Net loss of $3 million, or $.08 per share for 2007
--  GACF writes down $4.0 million in bad debt and inventory
--  Total Stockholders Equity decreased 12.8% to approximately $.34 per
    share
    

Other significant 2007 and first quarter 2008 developments include:

--  GACF reaches settlement agreement with JetGlobal and severs ties with
    BCI
--  GACF sold one 737-200 and retained an additional $1.5 million in
    deposits on two 737-200s as liquidated damages
--  GACF reaches an agreement with Jetran to exchange the MD82 airframe
    acquired from the JetGlobal settlement for an equivalent MD82 airframe plus
    additional cash consideration in the amount of approximately $750,000
--  GACF and Global Aircraft Leasing Partners (GALP) agree on terms for
    GACF to acquire a 40% equity interest in GALP
--  Ian Herman (CEO) and John Sawyer (President) voluntarily forego
    250,000 GACF award shares due under the terms of their employment
    agreements
--  Gordon Hamilton appointed CEO of Hamilton Aerospace Technologies (HAT)
    and World Jet effective January 1, 2008
--  GACF projects return to profitability in first quarter 2008
    

Operating Results

Year-end 2007 results:

Total annual revenue for 2007 was 24.7 million, down 28% compared to $34.5 million for 2006. EBITDA for 2007 was minus $3.6 million compared to $2.5 million in 2006. In 2007 the Company lost $4.9 million from operations compared to a loss of $2,109 in 2006. Net loss before income taxes for 2007 was $5.1 million, compared to net profit before income taxes of $1.2 million in 2006. Net loss for 2007 was $3 million, compared to net profit of $826,000 in 2006. The Company's total capital expenditures in 2007 were $86,000 down 82% from capital expenditures of $487,000 in 2006.

Fourth Quarter results:

The Company reported consolidated revenue for the fourth quarter ended December 31, 2007 of $2.7 million compared to $4.9 million for the fourth quarter 2006, a decrease of 45%. Consolidated gross profit for the fourth quarter of 2007 was $292,000, an increase of 496% from the $49,000 gross profit for the same period in 2006. The Company suffered a loss from operations for the fourth quarter of 2007 in the amount of $5.65 million, versus a loss of $2.7 million in the fourth quarter of 2006. Net loss for the quarter was $3.6 million versus a net loss $1.6 million in the fourth quarter of 2006.

The operating loss taken by the Company in the fourth quarter 2007 was principally due to the write down of $3,610,776 in past due accounts receivable as bad debt. This amount included the write-off of money due from the Falcon bankruptcy in the amount of $283,940. Of the receivable balance due from BCI, $562,384 was allocated to Bad Debt, as well as about $929,000 for Avolar, and about $775,000 in aged receivables from various customers. Our reserve balance was increased by about $950,000 for accounts over 90 days and another $54,000 was reserved for current accounts. The majority of these accounts receivable write-downs were made at this time due to the extreme age of the accounts. Nonetheless, apart from the $283,940 written-off for the Falcon bankruptcy, Management intends to continue to vigorously pursue the collection of these accounts in the belief that a significant portion of them ultimately will be collectible.

Other unusual SG&A expenses that contributed to the loss suffered in the fourth include expenses in the amount of $581,282 related to the warrants issued as part of the new $10 million senior debt obtained by the Company at year-end. The issuance of these warrants triggered a clause in some of our existing warrants that required they be re-priced. The expense recorded due to the re-pricing was $69,241. Also, the Company paid $130,528 in various fees to extend the M&I loan and to locate and secure the senior debt referenced above. Finally, the default by Pamir Airways on its agreement to purchase two 737-200 aircraft from the Company reduced revenues anticipated in the fourth quarter by approximately $3.1 million. The shut down of maintenance work on these two Pamir aircraft also had a serious negative impact on the fourth quarter performance of both HAT and World Jet.

Other significant developments during the fourth quarter 2007 and the first quarter 2008 include finalizing a $10 million senior debt instrument and payoff of the Company's credit line with M&I Bank, a settlement in the amount of $200,000 for a claim by the Company for damage to an engine during shipping, and a court date of June 17, 2008 was set in the Company's suit seeking the return of 1,500,000 shares of GACF common stock. In view of the loss incurred by the Company in 2007, Ian Herman and John Sawyer volunteered to forgo 125,000 shares each of GACF common stock earned during 2007 under the terms of their employment contracts. Effective January 1, 2008, Gordon Hamilton became the CEO of the Company's wholly owned operating subsidiaries HAT and World Jet. The Company estimates that in the first quarter 2008, it will book close to $7 million in revenue and projects a profit for the first quarter 2008 on a consolidated basis.

Gordon Hamilton, CEO of HAT and World Jet, stated, "After three months as CEO of Hamilton Aerospace and World Jet, I can state categorically that these are both solid companies with good business models and, more importantly, committed and competent personnel at all levels. In 2007, both HAT and World Jet were hampered by liquidity issues arising from defaults and other business dealings outside the control of either company. HAT and World Jet will both enjoy improved business opportunities as the parent company continues to improve its liquidity. Nonetheless, both HAT and World Jet are now positioned to meet their respective day-to-day financial requirements through internal cash flow independent of the timing the sale of aircraft assets or the collection of existing past due accounts receivable by Global. Barring unanticipated changes in the business circumstances of the Company, I anticipate that, starting the first quarter 2008, both HAT and World Jet will return to profitability and will show year-to-year revenue growth."

John Sawyer, President of Global, commented, "The recent sale of one of our 737-200s and an MD82 has allowed the company to pay down our senior debt by over 1.5 million dollars while also improving the cash position of the Company. We will continue to pay down our senior debt and increase our operating capital as we sell off the four 737-200s remaining on our books and collect on some of our larger accounts receivable. I want to make it clear that now that we have incurred the expense of the 10 million dollars in new financing obtained at the end of last year, we intend to resist the temptation to liquidate our aircraft inventory or settle past due accounts receivable quickly on a discounted basis. Rather, we intend to sell these assets and pursue the collection of past due receivables in a measured manner designed to optimize our return on those assets we received from the JetGlobal settlement and maximize our return on our past due accounts receivable, including those that were written down in the fourth quarter of 2007."

Ian Herman, CEO and Chairman of Global, added, "Clearly, 2007 was a difficult year for the Company. The challenges that we have had to overcome arise largely from issues of non-performance by our clients; such as the failure of AFG to perform on their purchase agreement with JetGlobal for twelve 737-200s, Pamir's default on its purchase agreement on two 737-200s and the failure of BCI, Avolar and other customers to timely pay invoices for contracted work. By the same token, we as Management must also take responsibility for failing to properly manage the risk associated with our aircraft trading, maintenance and parts sales activities. I remain convinced that we will eventually recapture a significant portion of the revenue lost or written down as a result of the issues described above. In the meantime, we have taken concrete steps to insure that there is no repeat of these types of management shortcomings. Specifically, we have implemented a review and approval requirement by the executive committee of the board of directors for all transactions over one million dollars. We have also broadened our internal review and approval process for all contracts to ensure that all participating departments have the opportunity to comment and agree with the terms of each contract prior to execution. And finally, we have significantly restricted credit terms offered to any of our customers. I won't pretend that aerospace is not a challenging business environment. However, I am confident that Global Aircraft Solutions has the personnel, business relationships and technical resources to take advantage of the many exciting business opportunities that can be found in the current aerospace industry environment."

Conference Call Today at 4:15 p.m. EDT

Global Aircraft Solutions also announced that Mr. Ian Herman, Chairman and CEO, Mr. John Sawyer, President, and Gordon Hamilton, CEO of Hamilton Aerospace Technologies, Inc. and World Jet Corporation will host a conference call to discuss the Company's financial results for the fiscal year ended December 31, 2007.

The conference call will take place today, Monday, April 14, 2008 at 4:15 p.m. EDT. Anyone interested in participating should call 1-800-762-8779 if calling within the United States, or 1-480-629-9031 if calling internationally. Please dial in approximately 5-10 minutes prior to 4:15 p.m. to ensure timely participation on the call. There will be a playback available until April 21, 2008. To listen to the playback, please call 1-800-406-7325 if calling within the United States, or 1-303-590-3030 if calling internationally. Please use pass code 3869093 for the replay.

This call is being webcast by ViaVid Broadcasting and can be accessed at Global's Web site at http://www.globalaircraftsolutions.com. The webcast may also be accessed at ViaVid's Web site at http://www.viavid.net. The webcast can be accessed through May 14, 2008, on either site.

About Global Aircraft Solutions -

Global Aircraft Solutions provides parts support and maintenance, repair and overhaul (MRO) services for large passenger jet aircraft to scheduled and charter airlines and aviation leasing companies. Hamilton Aerospace and World Jet, both divisions of Global Aircraft Solutions, operate from adjacent facilities comprising about 35 acres located at Tucson International Airport. These facilities include hangars, workshops, warehouses, offices and other buildings. Notable customers include Wind Rose Aviation, Jetran International, the Mexican Presidential Fleet, SEDENA, Canadian North Airlines, CanJet Airlines, Iraqi Airways, Ryan International Airlines and Alant Soyuz.

Global's website is located at www.globalaircraftsolutions.com. The Hamilton Aerospace website is located at www.hamaerotech.com.