Arizona Aircraft Spares and Wolfe and Turner Investments Expand Funding Agreement.Business Editors TUCSON, Ariz.--(BUSINESS WIRE)--Jan. 27, 2004 Arizona Aircraft Spares, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AZAA AZAA American Zoo and Aquarium Association AZAA Airman Apprentice, Aviation Maintenance Administrationman Striker (Naval Rating) ) -- one of the leading military aircraft 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. manufacturers -- announced today Wolfe and Turner Investments has agreed to expand and increase the Company's non-equity asset-backed loan that was previously announced on October 20, 2003 by an additional $15 million bringing the total commitment to $21 million. The additional capital has been ear-marked solely for the future purpose of corporate acquisitions. Vito Peppitoni, AZAA's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated that, "While the second phase of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and the negotiations to increase the loan has somewhat delayed the initial $6 million capital infusion Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. , the delay has produced new opportunities for AZAA and its shareholders." AZAA has identified two potential acquisition targets that are specialists in the military aerospace industry and who are geographically located in the Southwest U.S. The potential acquisitions would greatly enhance AZAA's manufacturing capabilities enabling it to bid and win larger government contracts. Mr. Peppitoni went on to state, "The Company's acquisition strategies for these two targets and possibly other smaller ones would enable AZAA to reach its 5 year $53 million sales projections on an accelerated schedule." AZAA is currently conducting due diligence in cooperation with Wolfe and Turner Investments on the potential acquisition targets and their qualifications to meet the loan requirements. Finally Mr. Peppitoni stated, "With the expected cooperation of Wolfe and Turner Investments and the additional $15 million for acquisitions, I am confident that our pursuit of potential acquisitions will be successful in the near future once our due diligence is completed. We will continue to update our shareholders as to our progress, time schedule and specific information on each potential targeted acquisition via our website www.arizonaaircraftspares.com and press releases." AZAA specializes in airframe structures and skins, sheet metal and machined parts, plastic formed parts, windows and canopies, small and large assemblies, electronics and communication products as well as bonded assemblies. For complete information, please visit AZAA's Web site at www.arizonaaircraftspares.com. Safe Harbor 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. Statement Note: Certain statements in this news release may contain "forward-looking" information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release may include 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. that involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. AZAA undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or to reflect unanticipated events or developments. |
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