Pemco Aviation Group, Inc. (NASDAQ: PAGI) announced today that its
Dothan, Alabama subsidiary, Pemco World Air Services, Inc., has
entered into a contract with Europe Airpost, for the conversion of two
(2) B737-300 aircraft from passenger to quick-change (QC),
configuration. In addition, Pemco will be performing heavy maintenance
and paint on both aircraft. Inductions will occur beginning in August
of this year. Europe Airpost, based at Charles de Gaulle International
Airport in Paris, France, is a European combination carrier providing
both passenger and express freight services with a fleet of 22
aircraft.
Kevin Casey, Vice President, Commercial Business Development said,
"We are very pleased to announce the return of Europe Airpost to our
customer list. Our companies' history of technical cooperation dates
back to the early '90's when then-L'Aeropostal took delivery of their
first of many 737-300QC's. Today, with their new well capitalized
ownership, their successful and progressive senior leadership and
fleet of modern, well-maintained Pemco-converted 737-300QC and -300F
aircraft, Europe Airpost is well positioned for continued growth and
success. We look forward to partnering with them on this new program
and providing them with the highest possible quality, service and
value for which Pemco is recognized."
Yves Groshenry, Director of Engineering & Maintenance for Europe
Airpost, said, "We look forward to the delivery of two of Pemco's
newest generation 737-300 QC aircraft. These two modifications are
completely in line with the continuous relationship we have built with
Pemco over the last fifteen years."
Pemco Aviation Group, Inc., with executive offices in Birmingham,
Alabama, and facilities in Alabama and California, performs
maintenance and modification of aircraft for the U.S. Government and
foreign and domestic commercial customers. The company also provides
aircraft parts, support and engineering services and develops and
manufactures aircraft cargo systems, rocket vehicles and control
systems, and precision components.
This press release contains forward-looking statements made in
reliance on the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These statements may be identified
by their use of words, such as "believe," "expect," "intend" and other
words and terms of similar meaning, in connection with any discussion
of the Company's prospects, financial statements, business, financial
condition, revenues, results of operations or liquidity. Factors that
could affect the Company's forward-looking statements include, among
other things: the possibility that the sale of Pemco may not close on
the terms described in this release, or at all; changes in global or
domestic economic conditions; the loss of one or more of the Company's
major customers; the Company's ability to obtain additional contracts
and perform under existing contracts; the outcome of pending and
future litigation and the costs of defending such litigation;
financial difficulties experienced by the Company's customers;
potential environmental and other liabilities; the inability of the
Company to obtain additional financing; material weaknesses in the
Company's internal control over financial reporting; regulatory
changes that adversely affect the Company's business; loss of key
personnel; and other risks detailed from time to time in the Company's
SEC reports, including its Annual Report on Form 10-K for the fiscal
year ended December 31, 2006. The Company cautions readers not to
place undue reliance on any forward-looking statements, which speak
only as of the date on which they are made. The Company does not
undertake any obligation to update or revise any forward-looking
statements and is not responsible for changes made to this release by
wire services or Internet services.
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