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Gales Industries Incorporated (OTCBB: GLDS), a holding company
established to consolidate manufacturers, engineering integrators and
specialized service providers to the aerospace/defense industry, today
announced that its wholly-owned operating subsidiary, Air Industries
Machining Corp. (AIM), has executed a contract extension with Sikorsky
Aircraft Corporation through 2012. The agreement calls for the
extension of existing long term general purchase agreements for a
period of up to five years and covering $50 million in parts to be
supplied to Sikorsky for its BLACK HAWK helicopter program.
Sikorsky's BLACK HAWK helicopter derivatives serve in 25
governments around the world in a diverse range of missions such as
combat assault, peacekeeping, border patrol, drug interdiction,
disaster relief and medical evacuation. The legendary BLACK HAWK is
the first choice for military operations worldwide. More than 2,800
S-70 and H-60 variants have accumulated more than five million flight
hours for the U.S. military and Sikorsky's international customers.
Under the terms of the agreement with Sikorsky, Gales' Air
Industries subsidiary will be the sole source supplier of over 100
parts and subassemblies for BLACK HAWK helicopters from 2007 through
2012. These production items include structural components and
critical flight safety parts. In many cases, Air Industries is the
only qualified source to manufacture these products. For other parts,
Air Industries secured long term contracts as a result of successfully
emerging from a competitive bidding process.
"We are very pleased to enter into another long term agreement
that strengthens our relationship with Sikorsky Aircraft. This
agreement represents the largest contract ever signed by our
subsidiary Air Industries," said Gales CEO Peter Rettaliata. "Spanning
five years and covering $50 million in orders, this agreement enables
Gales to have substantial production and revenue visibility,
particularly when complemented by our record projected backlog."
"Air Industries, as the initial platform company acquired by
Gales, has throughout the course of its history continuously executed
a capital investment program and maintained the highest level of
manufacturing integrity. This strategy has been validated by our
latest agreement with Sikorsky. To this end, we have achieved
important milestones reflected in both the long term agreement and the
increasing level of commitment from a leading prime contractor. Among
our growth initiatives, it is our intention to replicate the approach
taken with Sikorsky in securing business from other prime aerospace
contractors as we expand the Gales operating platform."
On November 8, 2006, the Company announced its firm backlog as
well as its projected backlog, two indicators of future activity. At
that time, Gales Industries' firm backlog, representing fully
authorized orders for products to be delivered within 18 months,
exceeded $30 million. Additionally, Gales' projected backlog, which
included both the firm backlog as well as anticipated order releases,
totaled approximately $60 million for the same 18-month period.
Today's announcement, coupled with several other announcements
subsequent to November 8, represent additions to the November 2006
reported levels.
ABOUT SIKORSKY AIRCRAFT CORPORATION
Sikorsky Aircraft Corporation, a subsidiary of United Technologies
Corporation, is a world leader in the design and manufacture of
advanced helicopters for commercial, industrial and military uses.
Sikorsky's products have been saving lives since 1944, when a Sikorsky
performed the world's first helicopter rescue mission.
Based in Stratford, Connecticut, Sikorsky has major facilities in
other Connecticut locations as well as in Florida, Alabama and
Wisconsin. Revenues in 2005 were $2.8 billion.
ABOUT GALES INDUSTRIES INCORPORATED
Gales Industries Incorporated (OTCBB: GLDS) is a holding company
established to engage in the consolidation of manufacturers,
engineering integrators and related service providers to the
aerospace/defense and commercial aviation industries. The Company is
focused on flight safety and other critical componentry. The Company's
first acquisition was of Air Industries Machining Corp., a leading
aerospace/defense manufacturer and engineering integrator based in Bay
Shore, Long Island, NY. Consolidation opportunities include companies
operating within highly synergistic disciplines of manufacturing,
technical services and strategic products distribution. The Company's
strategy and attendant tactical plan is to execute its consolidation
principally amongst Tier III, IV and V aerospace/defense
subcontractors. Gales offers a tailored exit strategy or management
continuity strategy in exchange for qualified acquisitions, and
targets technically superior middle market organizations with revenues
of up to $100 million annually. Information on the Company and its
products may be found online at www.airindmc.com.
Certain matters discussed in this press release are
'forward-looking statements' intended to qualify for the safe harbors
from liability established by the Private Securities Litigation Reform
Act of 1995. In particular, the Company's statements regarding trends
in the marketplace, firm backlog, projected backlog, potential future
results and acquisitions, are examples of such forward-looking
statements. The forward-looking statements include risks and
uncertainties, including, but not limited to, the timing of projects
due to the variability in size, scope and duration of projects,
estimates, projections and forecasts made by management with respect
to the Company's critical accounting policies, firm backlog, projected
backlog, regulatory delays, government funding and budgets, matters
pertaining to potential and pending acquisitions subject to and after
closings, and other factors, including results of financial audits and
general economic conditions, not within the Company's control. Certain
of the Company's forward looking statements, with the projected
backlog in particular, are formulated based on management's extensive
industry experience and understanding and assessment of industry
trends, customer requirements, and related government spending.
Projected backlog may be subject to variability and may increase or
decrease at any time based on a variety of factors, including but not
limited to modifications of previously released orders, acceleration
of orders under general purchase agreements, etc. The factors
discussed herein and expressed from time to time in the Company's
filings with the Securities and Exchange Commission could cause actual
results and developments to be materially different from those
expressed in or implied by such statements. The forward-looking
statements are made only as of the date of this press release and the
Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances.
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