Air Industries Announces $505,000 in Orders from United States Department of Defense Unit.BAY SHORE, N.Y. -- Air Industries Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : GLDS GLDS Great Lakes Data Systems, Inc. GLDS General Dynamic Land Systems GLDS Ground Laser Designator System ) (formerly Gales Industries), 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 replacement parts orders from the Defense Supply Center Richmond valued at $505,000. Defense Supply Center Richmond (DSCR DSCR See: Debt-service coverage ratio ) is the aviation supply and demand chain manager for the Defense Logistics Agency Noun 1. Defense Logistics Agency - a logistics combat support agency in the Department of Defense; provides worldwide support for military missions Defense Department, Department of Defense, DoD, United States Department of Defense, Defense - the federal department and serves within the Defense Department as the primary source of supply for more than 1.2 million repair parts and operating supply items. DSCR's mission is to provide best value aviation weapon systems and environmental logistics support to America's armed forces--on land, at sea and in the air. DSCR's core mission is to supply products with a direct application to aviation. These items include a mix of military-unique items supporting over 1,300 major weapons systems and other items readily available in the commercial market. They range from critical, safety-of-flight air frame structural components, bearings, and aircraft engine parts, to electric cable and electrical power products; lubricating oils; batteries; industrial gases, bearings; precision instruments; environmental products; metalworking machinery and consumable A material that is used up and needs continuous replenishment, such as paper and toner. "The low-tech end of the high-tech field!" items. DSCR also operates an industrial plant equipment repair facility in Mechanicsburg, Pa. ABOUT AIR INDUSTRIES GROUP, INC. Air Industries Group, Inc. (OTCBB: GLDS) (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 synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. 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 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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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