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River Hawk Aviation, Inc. (Pink Sheets: RHWA)("River Hawk")
announced today that it has completed a stock purchase agreement with
privately held Southland Holding Corp. ("Southland") that provides for
the sale of all of River Hawk's equity interest in its subsidiaries,
Puerto Rico based Eastern Caribbean Airlines Corporation and Santo
Domingo, Dominican Republic based Viva Air Dominicana, S.A. The
agreement provides for the assignment of certain recorded liabilities
of the Company, having an aggregate value of approximately $1.25
million, to Southland. Additionally, Southland has assumed any damages
awarded against River Hawk in the outstanding litigation matter of
Ivan Figueroa versus Eastern Caribbean Airlines Corporation and Viva
International, Inc. (predecessor name of River Hawk Aviation, Inc.).
Calvin Humphrey, CEO of River Hawk, stated , "I am pleased to
announce that River Hawk has reached a sale agreement of its interest
in Eastern Caribbean Airlines and Viva Air Dominicana, which will
enable River Hawk to focus on its aviation business and in the process
strengthening our balance sheet. Our Board of Directors decided that
Eastern Caribbean and Viva Air did not fit the strategic business plan
of the Company and negotiations with the Southland group and their
predecessors were initiated."
Mr. Humphrey, further stated, "The Southland agreement removes a
number of obstacles that were blocking and inhibiting our path to
developing our business and access to capital. As such, I expect a
renewed sense of urgency and attention to our project; I look to
moving this organization forward."
About River Hawk Aviation, Inc.
River Hawk Aviation, Inc., is an aviation parts and components
supplier in the aviation industry, currently specializing in Saab and
other commuter aircraft parts and components as well as a provider of
consulting services, marketing and appraisals to the aviation
community. At present, the Company maintains executive offices in
Michigan and also has offices and inventory warehousing in San
Antonio, Texas.
The Company's plan for future growth and development will focus on
the acquisition of aviation-related operating businesses and airlines
that display the potential for restructuring into profitable and
sustainable aviation-related growth concerns.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended ("the
Exchange Act"), and as such, may involve risks and uncertainties.
Forward-looking statements which are based upon certain assumptions
and describe future plans, strategies and expectations, are generally
identifiable by the use of words as "believe", "expect", "intend",
"anticipate", "project", or other similar expressions. These
forward-looking statements relate to, among other things, future
performance, and perceived opportunities in the market and statements
regarding the Company's mission and vision. The Company's actual
results, performance and achievements may differ materially from the
results, performance, and achievements expressed or implied in such
forward-looking statements. Additional factors that could materially
affect these forward-looking statements and/or predictions include,
among other things: (1) managing acquisitions and expansion of
operations; (2) our ability to obtain necessary financing and to
manage existing debt; (3) the risks inherent in the investigation,
involvement and acquisition of a new business opportunity; (4) the
Company's ability to comply with federal, state and local government
and international regulations; and (5) other factors over which we
have little or no control. Further information on potential factors
that could affect River Hawk Aviation, Inc. is found in the Company's
Form 10-K and other documents filed with the U. S. Securities and
Exchange Commission.
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