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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 received a new contract from Boeing
Aerospace for nacelle strut fittings for Boeing's 767 aircraft. Terms
of the contract were not disclosed.
"The commercial aerospace market is experiencing a global
resurgence. Participating in that growth is an essential element of
Gales' overall growth strategy," said Peter Rettaliata, Chief
Executive Officer of Gales. "Today, a concentration of our revenues is
derived from highly demanding military prime contractors. We have
leveraged this expertise and are now focused on securing our share of
new business from the major commercial aerospace contractors. AIM has
a history of working with Boeing, and this new contract demonstrates
important progress towards reestablishing our relationship with
Boeing."
Boeing is a leading player in the global commercial aerospace
resurgence, with an extensive fleet of aircraft provided for passenger
as well as cargo flights. In its most recent World Air Cargo Forecast,
released in September 2006, Boeing forecasts international air cargo
growth to average 6.1 percent during the next 20 years, with
Asia-related routes leading that growth. Intra-Asia markets will
expand by 8.6 percent, North America-Asia will increase 7.2 percent
and Europe-Asia will average 6.9 percent growth.
The 767 family of aircraft is an important component of the Boeing
fleet and its attributes play an important role in encouraging and
contributing to the expansion of the global commercial aerospace
market. According to Boeing, the 767 burns significantly less fuel
than comparable planes which enables better environmental performance
and improved operating economics. 767s produce less pollutant
emissions per pound of fuel than any comparably sized jetliner and are
cleaner than industry standards for all categories of emissions --
nitrogen oxides, hydrocarbons, smoke and carbon monoxide.
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. 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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