Aerospace Products International Announces New CIO.

MEMPHIS, Tenn. -- Aerospace Products International Inc. ("API"), a subsidiary of First Aviation Services, Inc. (NASDAQ - FAVS), today announced the appointment of David S. Currence as Chief Information Officer.

David Currence comes to API from United Parcel Service, where he most recently served as Vice President, International Technology and Strategy, UPS Supply Chain Solutions. Prior to this assignment Dave was Senior VP/Chief Information Officer, UPS Logistics Group and in addition, formally served as Executive Vice President, Chief Information Officer for Brightpoint, Inc.

Dave's new responsibilities as CIO for API will encompass the management of Information Technology which includes leading the development and deployment of global supply chain technology solutions for our customers. "Dave is a visionary leader with vast experience in IT, Supply Chain Management and Distribution." says Paul Fanelli, President & CEO of API. "Dave's experience with global supply chain services companies and with distribution make him a great choice to lead API's Information Technology strategy and implementations. We are excited to have Dave as a key member of the API leadership team"

Reflecting on his decision to join the API team, Dave points out the challenges and opportunities facing companies in today's aviation industry: "API's broad and deep experience in the aerospace industry positions us extremely well to take advantage of changes in the industry, especially as it relates to technology and outsourced supply chain management".

First Aviation Chief Executive Officer, Michael Culver adds, "Dave's successful record as CIO of several major integrated supply chain service companies, provides API with invaluable technology leadership, knowledge and experience. I am impressed not only with his technical knowledge but his ability to take this knowledge and develop practical business solutions for customers"

About Aerospace Products International and First Aviation

First Aviation, located in Westport, Connecticut and its principal operating subsidiary, Aerospace Products International Inc. ("API"), based in Memphis, Tennessee, is one of the premier suppliers of products and services worldwide to manufacturers and aircraft operators of some of the most widely used commercial and general aviation aircraft. In addition to its parts and components supply services, API is a leading provider of supply chain management and customized third party logistics services and technology solutions, including inventory management services. API also offers overhaul and repair services for brakes and starter/generators, and builds custom hose assemblies. API has locations in the U.S., Canada and Asia Pacific, plus partners throughout the world, and offers its customers global solutions to their supply chain requirements..

More information about API and First Aviation can be found on the World Wide Web at http://www.favs.com and http://www.apiparts.com .

Forward-Looking Statements

Certain statements discussed in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but rather reflect the Company's current expectations concerning future events and results. Such forward-looking statements, including those concerning the Company's expectations, involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control, that may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: the Company's ability to obtain parts and components from its principal suppliers on a timely basis; depressed domestic and international market and economic conditions; especially those currently facing the aviation industry as a whole; the impact of changes in fuel and other freight related costs; relationships with its customers; the ability of the Company's customers to meet their financial obligations to the Company; the ability to obtain and service supply chain management contracts; changes in regulations or accounting standards; the ability to consummate suitable acquisitions and expand; other items that are beyond the Company's control may cause actual results to differ from management's expectations; and other factors as are described in Item 7, (Management's Discussion and Analysis of Financial Condition and Results of Operations) in the Company's Annual Report on Form 10-K for the year ended January 31, 2003. In addition, specific consideration should be given to the various factors described in this release.