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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 contracts from Sikorsky
Aircraft Corporation valued at $700,000. These contracts are for spare
parts relating to flight control mixer assemblies for the BLACK HAWK
helicopter.
AIM produces the BLACK HAWK helicopter mixer assembly for primary
flight control. The assembly requires over 250 details and
sub-assemblies, and involves close tolerance and torque requirements
to assure flight safety and control.
The orders announced today represent additional requirements over
and above the $50 million in long term general purchase agreements
between Sikorsky and Air Industries that were announced in March 2007
for the BLACK HAWK helicopter program as well as subsequent order
announcements.
ABOUT SIKORSKY AIRCRAFT CORPORATION
Sikorsky Aircraft Corporation, a subsidiary of United Technologies
Corporation (NYSE:UTX), is a world leader in the design and
manufacture of advanced helicopters for commercial, industrial and
military uses. Sikorsky's products have been saving lives since 1944,
when a Sikorsky performed the world's first helicopter rescue mission.
Sikorsky's BLACK HAWK helicopter derivatives serve in 25
governments around the world in a diverse range of missions such as
combat assault, peacekeeping, border patrol, drug interdiction,
disaster relief and medical evacuation. The legendary BLACK HAWK is
the first choice for military operations worldwide. More than 2,800
S-70 and H-60 variants have accumulated more than five million flight
hours for the United States military and Sikorsky's international
customers.
Based in Stratford, Connecticut, Sikorsky has major facilities in
other Connecticut locations as well as in Alabama, Florida, New York,
Pennsylvania, Texas, Wisconsin, and in Poland. With revenues in 2006
of $3.2 billion, Sikorsky employs approximately 13,000 worldwide.
ABOUT AIR INDUSTRIES GROUP, INC.
Air Industries Group, Inc. (OTCBB: AIRI) (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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