Air Industries Announces $429,000 in New Orders.First Award from New Commercial Customer BAY SHORE, N.Y. -- Air Industries Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AIRI AIRI Atomic Industry Research Institute ), 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 An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , 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 Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. from Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. , a commercial division of Boeing Co., Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. , a division of the world's leading aircraft landing gear manufacturer, and a division of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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 For other meanings and similar spellings, see . Sikorsky is an American aircraft and helicopter manufacturer. It was founded 1923 by a Ukrainian born American aircraft engineer Igor Sikorsky, who made the first stable, single-rotor, fully-controllable helicopter to enter 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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 metallurgy (mĕt`əlûr'jē), science and technology of metals and their alloys. Modern metallurgical research is concerned with the preparation of radioactive metals, with obtaining metals economically from low-grade ores, with . 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. from liability established by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. 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 Government spending or government expenditure consists of government purchases, which can be financed by seigniorage, taxes, or government borrowing. It is considered to be one of the major components of gross domestic product. . 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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