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Air Industries Group, Inc. (OTCBB: AIRI) today announced that its
wholly-owned subsidiary, Air Industries Machining Corp. (AIM), has
received a $15 million order from Sikorsky Aircraft Corporation. The
award is in the form of a long term general purchase agreement
spanning five years. This agreement calls for AIM to manufacture
subassemblies and parts such as mixer assemblies, pedal assemblies and
instrument panels relating to Sikorsky's BLACK HAWK helicopter
program. AIM continues to be one of the largest suppliers of flight
safety components to Sikorsky for BLACK HAWK helicopters.
The long term agreement announced today represents 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 other order announcements made subsequent to that time.
"We are very pleased to have received our latest long term general
purchase agreement from Sikorsky. This brings the total value of all
contracts from Sikorsky announced this year to over $75 million," said
Peter Rettaliata, Chief Executive Office of Air Industries Group. "Air
Industries continues to be the supplier of choice for long term work
share relating to the BLACK HAWK program, a helicopter platform which
remains the primary mode of transport for military operations. The
continuance of our important relationship with Sikorsky provides
substantial operational strength and financial visibility, and serves
as a complement to the growth we have experienced in other areas of
our manufacturing business as well as in our raw materials and welding
and fabrication operations. Through both organic initiatives and
acquisitions, we expect continued growth in all facets of Air
Industries Group."
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 an integrated manufacturer of precision components and
provider of supply chain services for the aerospace and defense
industry. The Company has over 35 years of experience in the industry
and has developed leading positions in several important markets that
have significant barriers to entry. With embedded relationships with
many leading aerospace and defense prime contractors, the Company
designs and manufactures structural parts and assemblies that focus on
flight safety, including landing gear, arresting gear, engine mounts
and flight controls. Air Industries Group also provides sheet metal
fabrication, tube bending, and welding services, as well as
distributing specialty metals that are a critical component in the
aerospace supply chain. Information on the Company and its products
may be found online at www.airindustriesgroup.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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