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Air Industries Group, Inc. (OTCBB: AIRI), 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 new orders and multiple follow-on
awards valued at $429,000. These manufacturing requirements include
original production, replacement and spare parts from Northrop
Grumman, a commercial division of Boeing Co., Lockheed Martin, a
division of the world's leading aircraft landing gear manufacturer,
and a division of the United States Military.
As part of the new orders announced today, AIM received its first
award from a new commercial customer. The contract pertains to the
customer's program of rebuilding/retrofitting the Sea King Helicopter,
a commercial aircraft originally manufactured by Sikorsky Aircraft
Corporation that is used for search and rescue, passenger and cargo
transport, and communications. As a result of AIM's longstanding
relationship with Sikorsky, it has the requisite proficiency to handle
the requirements of its new customer for the initial provision of
parts. AIM intends to expand its presence as a supplier of parts for
the Sea King Helicopter rebuilding/retrofitting program.
As of June 30, 2007, Air Industries Incorporated had a firm
18-month backlog that was in excess of $48.0 million. This backlog
level, which is derived from business relating to the Company's AIM
subsidiary, is the largest in the Company's history. The backlog at
June 30th reflects a 29% increase as compared to the prior firm
backlog of $37.3 million as of March 31, 2007. Today's announcement
along with other contract awards disclosed since June 30, 2007,
represents additions to the reported backlog level.
The firm backlog at June 30, 2007, represents fully authorized
orders for products to be delivered within the next 18 months.
Additionally, Air Industry Group's projected backlog, which includes
both the firm backlog as well as anticipated order releases, totaled
approximately $65 million at June 30, 2007. These figures do not
include orders relating to Sigma Metals, which was acquired in April
2007, or the pending acquisition of Welding Metallurgy.
ABOUT AIR INDUSTRIES GROUP, INC.
Air Industries Group, Inc. (OTCBB: AIRI) (formerly Gales
Industries) 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. Air Industries Group 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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