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Global Aircraft Solutions, Inc. (OTCBB: GACF) today announced that
it has executed an agreement to sell two 737-200 aircraft to the newly
reorganized Azteca Airlines. The two 737-200 aircraft are owned by
Global as a result of a previously announced settlement agreement with
BCI Aircraft Leasing.
Both aircraft will be delivered ready to go into service with
fresh paint, a fresh 'C' check, and any other integration maintenance
required by Azteca's regulatory agencies. The paint and integration
maintenance will be provided by Global's wholly owned subsidiary
Hamilton Aerospace. All required parts will be provided by Global's
wholly owned subsidiary World Jet. The aircraft are being input into
maintenance work within the next 30 days and are anticipated to
require approximately 45 days to complete. Each aircraft is being
delivered to Azteca Airlines, ready for service, for a fixed price
which is being placed in escrow and payable on closing. To fund this
acquisition, Azteca are selling a Boeing 737-700 to Global Aircraft
Leasing Partners and part of the proceeds will be used to fully fund
the escrow.
Pablo Gonzales Ulloa, President and CEO of Azteca Airlines
commented, "We are focused on returning Azteca Airlines to its
original model of providing high quality service as a low cost
carrier. For us, establishing a strong business relationship with a
proven high quality, low cost maintenance provider like Hamilton
Aerospace, is an important first step in that direction."
John Sawyer, President of Global Aircraft Solutions added,
"Successful customers are our best customers. We believe that Azteca
can be a tremendous success story, and Global Aircraft Solutions is
committed to helping make that happen."
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, Azteca Airlines, Pegasus Aviation, Aloha Airlines, 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.
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