Aerospace Products International Announces Paul Fanelli as Chief Operating Officer - a New Position; Glen Golden Vice President, Materials and Vendor Relationships.

Business Editors

MEMPHIS, Tenn.--(BUSINESS WIRE)--March 3, 2004

Aerospace Products International Inc. ("API"), a majority-owned subsidiary of First Aviation Services, Inc. (NASDAQ - FAVS), announce that Paul J. Fanelli has joined API as Senior Vice President - Chief Operating Officer. Paul reports to Gerald Schlesinger, President & Chief Executive Officer, Aerospace Products International, and Senior Vice President, First Aviation Services. Fanelli's hire adds momentum to API's revised market focused strategy that will drive growth of the Company's aviation supply chain services business.

Paul Fanelli comes to API from Amsterdam, Netherlands where he served as President - Europe for Brightpoint, Inc. (Nasdaq: CELL), a global leader in the distribution of wireless voice and data products, and a premier supplier of outsourced services. Reflecting on his decision to join API, Mr. Fanelli points to the opportunities available to the Company; "API will continue to take advantage of changes in the aviation industry, especially outsourced supply chain management, in which the company excels. API has built a solid reputation based on its ability to execute, an excellent management team, and the right infrastructure with which the company can capitalize on as market changes occur with increased rapidity."

During his twenty-year tenure in the electronics industry, Mr. Fanelli demonstrated the ability to achieve results and performance improvements in both IT and supply chain operations. In this position, Mr. Fanelli will assume responsibility over API's operations. API's Chief Executive Officer, Gerald Schlesinger adds "As the Company continues to build an agile market-focused organization, Paul provides API with leadership skills, and global experience in the rapidly changing wireless market."

Paul, a native of Bronx, New York, holds a BS in Electrical Engineering from Manhattan College and an MBA from the University of Dallas.

Announced jointly, is the appointment of Glen Golden as Vice President - Materials and Vendor Relations. Glen Golden's new responsibilities will encompass the management of API's product portfolio, including procurement, warranty administration, and other functions involving the management of API's vendor relationships. Glen has over two decades of experience in aviation distribution and has been an invaluable API employee since the company's inception in 1988. Jerry Schlesinger stated that "Glen has been a leading part of our senior management team for many years, and that continues in his new role." "Glen's experience with API's vendors and his knowledge of our product offering make him the natural choice to lead our market-focused, product-based business development efforts going forward."

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. With locations in the U.S., Canada and Asia Pacific, plus partners throughout the world, API continues to be one of the premier suppliers of aviation products, supply chain management services and technology solutions in the industry.

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.