Message #27 From:
Stock News Bot Date: September 5, 2006 05:30:00 AM
GACF News Global Aircraft Solutions Inc. (GACF) Announces Completion of Seventh Avolar 737-300
TUCSON, Ariz.--(BUSINESS WIRE)--Sept. 5, 2006--Global Aircraft Solutions Inc. (OTCBB: GACF) today announced that its wholly owned subsidiary, Hamilton Aerospace, has completed fleet integration and return-to-service maintenance for Avolar's seventh 737-300 aircraft. Avolar's eighth 737-300 aircraft is currently in work at Hamilton Aerospace, and is scheduled for induction into Avolar's fleet before the end of September. The induction maintenance work provided by Hamilton Aerospace on Avolar's seventh and eighth aircraft will generate revenues of approximately $2 million for Hamilton Aerospace and Global's wholly owned aircraft parts sales subsidiary, World Jet.
Hamilton Aerospace also announced that it is scheduled to receive its first routine heavy maintenance check from Avolar in October of this year. This upcoming scheduled heavy maintenance visit has an estimated total value of approximately $500,000 for Hamilton Aerospace and World Jet.
John Sawyer, president of Global Aircraft Solutions and Hamilton Aerospace, stated, "As projected, Avolar is becoming a very significant customer for Hamilton Aerospace and World Jet. Avolar is now operating profitably and is on schedule to have 10 aircraft in service by year-end. It is important to note, that now that Avolar is mature enough, its first aircraft are starting to come due on their first scheduled heavy maintenance visits. This development, together with the continuing growth of Avolar's fleet, should translate into increasing aircraft maintenance revenue for Hamilton Aerospace, and increasing aircraft parts sales revenue for World Jet for the foreseeable future."
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 Avolar, AerCap, BCI Aircraft Leasing, Q Aviation, Jetran International, Goodrich Corp., AAR, National Jet Systems, Pemco, San Antonio Aerospace, Shaheen Airlines, Iraqi Airways and Alant Soyuz.
Except for the historical information presented, the above statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 or regulations thereunder. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. 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-KSB filed on April 4, 2005. These statements speak only as of above date, and Global disclaims any intent or obligation to update them.
