Visiteur non identifié - Connexion - Inscrivez-vous
Global Aircraft Solutions, Inc. (OTCBB: GACF) today announced that
it has finalized its previously announced settlement agreement with
BCI Aircraft leasing and that it has received clear title to the first
of the six aircraft specified in that agreement. The Company
anticipates receipt of clear title to the remaining five aircraft
within 10 business days. Global also announced that it has entered
into a consignment agreement with Azteca Airlines for its wholly owned
subsidiary, World Jet, Inc. to sell Azteca's inventory of 737-300 and
737-700 aircraft parts.
Under the terms of the final agreement and settlement with BCI, in
consideration for the Company's 30% ownership interest in JetGlobal,
the Company will receive title, free and clear, to five aircraft
valued at $1,500,000 each. A sixth aircraft purchased from Global by
JetGlobal, and which had MRO work performed by HAT, will be returned
to the Company in satisfaction of money due to the Company,
$1,150,000, for that particular aircraft. The Company will also retain
a trailing interest of 18% of any amount paid JetGlobal under (i)
satisfaction of the claim against Delta and (ii) the JetGlobal claim
against AFG for breach of contract. The terms of the final agreement
with BCI did not result in any impairment to the Company. However,
contrary to previous public disclosures, final determination of the
effect on operating results will most likely NOT be determined in the
2nd quarter 2007 since, contrary to its expectations, there has not
yet been a determination with regard to the results of JetGlobal's
Delta Airlines bankruptcy claim.
The aircraft parts consignment is the first of several
transactions that the Company anticipates executing with the new
owners of Mexico's original low cost airline, Azteca. Under the terms
of the consignment agreement, Azteca will ship an inventory of 737-300
and 737-700 parts to Tucson, Arizona, where Global's wholly owned
subsidiary, World Jet, will warehouse and sell the inventory in
exchange for 35% of the proceeds of sales. The inventory being
consigned to World Jet has an estimated replacement value of
approximately fifteen million dollars.
The Company also wishes to advise its investing public that,
notwithstanding earlier statements of their intention to purchase
shares of Company stock, Mr. Herman and Mr. Sawyer currently possess
material non-public information regarding the Company, and therefore,
have refrained from the purchase of any Company stock to avoid
violating any insider trading regulations of the Securities and
Exchange Act.
Ian Herman, Chairman of Global Aircraft Solutions, said, "We are
very pleased to have reached an amicable and equitable settlement with
BCI on our JetGlobal joint venture. We anticipate selling all six
aircraft before year-end. The sale of these assets will provide
working capital important to the Company and, most likely, will have
the added bonus of generating additional business for our Hamilton
Aerospace and World Jet subsidiaries."
John Sawyer, President of Global Aircraft Solutions, commented,
"The aircraft parts consignment agreement that we have signed with
Azteca Airlines is the first step in what we believe will be a very
valuable relationship between Global and a revitalized Azteca
Airlines. I am impressed with the new management of Azteca and am
excited about the positive role we believe Global can play in their
new business plan. We look forward to announcing additional
transactions with Azteca in the near 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 Airlines, BCI Aircraft Leasing, Jetran
International, Goodrich Corporation, AAR, the Mexican Presidential
Fleet, Pegasus Aviation, Aloha Airlines, Iraqi Airways, and Alant
Soyuz.
Global's website is located at www.globalaircraftsolutions.com.
The Hamilton Aerospace website is located at www.hamaerotech.com.
Except for the historical information presented, this press
release contains "forward-looking statements" made in reliance upon
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 or regulations thereunder including, but not limited to
expected and estimated revenue and earnings. Forward-looking
statements are made based upon management's expectations and belief
concerning future developments and their potential effect upon the
Company. There can be no assurance that future developments will be in
accordance with management's expectations or that the effect of future
developments on the Company will be those anticipated by management.
The words "believes," "expects," "intends," "plans,"
"anticipates," "hopes," "likely," "will," and similar expressions
identify such forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other
important factors that could cause the actual results, performance or
achievements of the Company or its subsidiaries or industry results,
to differ materially from future results, performance or achievements
expressed or implied by such forward-looking statements. 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 for
the year ended December 31, 2005, Global's Form 10-Q for the quarter
ended March 31, 2006, Global's 10-Q for the quarter ended June 30,
2006 and Global's Form 10-Q for the quarter ended September 30, 2006.
These statements speak only as of above date, and Global disclaims any
intent or obligation to update them.
Sélectionnez votre lecteur de news préféré ci-dessous :
Ou bien intégrez le flux XML dans votre agrégateur RSS par défaut : 
