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Gales Industries Incorporated (OTCBB: GLDS) today announced that
its name has been changed to Air Industries Group, Incorporated. The
name "Air Industries" was selected because of the strong brand
recognition enjoyed by the Company's first operating subsidiary, Air
Industries Machining Corp., within the aerospace industry. The
Company's Board of Directors believes that the new name better conveys
the reputation for engineering and manufacturing excellence built by
the Company over almost four decades of service to many of the world's
preeminent aerospace companies. The name change was ratified by a
shareholder vote and is effective immediately.
"Our name Air Industries Group, Inc. better characterizes the
Company's successful expansion through acquisitions, consolidation and
internal growth strategies," said Peter Rettaliata, Chief Executive
Officer of Air Industries Group Incorporated. "The name change is
accompanied by a recently launched branding campaign that has
generated a new logo for the parent company as well as new logos and
other initiatives for the Company's subsidiaries. Shortly, we will be
introducing a new website for the parent company which can be accessed
by customers, business partners, investors and other interested
parties to learn about the broadening scope of Air Industries."
Air Industries Group employs over 200 people in its two operating
subsidiaries, located in various sites on Long Island.
ABOUT AIR INDUSTRIES GROUP INCORPORATED
Air Industries Group Incorporated (OTCBB: GLDS) (formerly Gales
Industries) is a holding company established to consolidate
manufacturers, engineering integrators and specialized 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
is to execute its consolidation principally amongst middle market
aerospace/defense subcontractors. Air Industries Group offers a
tailored exit strategy or management continuity strategy in exchange
for qualified acquisitions, and targets technically superior
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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