Ashlin Development Unit Wins Landing Gear Components Contract for F-35 Joint Strike Fighter (JSF); Contract Has Potential Yield of $10.5 Million Through 2011; Ashlin Has Filed for Name Change to Gales Industries Incorporated.BAY SHORE, N.Y. -- Ashlin Development Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on BB: ASHN ASHN American Specialty Health Networks ) announced today that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Air Industries Machining Corporation (AIM) has been awarded a second, follow-on contract by the premiere U.S. manufacturer of military and civilian landing gear systems. This contract is for the drag brace assemblies and retract TO RETRACT. To withdraw a proposition or offer before it has been accepted. 2. This the party making it has a right to do is long as it has not been accepted; for no principle of law or equity can, under these circumstances, require him to persevere in it. fitting assemblies on the main landing gear for the Marine Corps' F-35 JSF (JavaServerFaces) A standard framework of components for building rich user interfaces for Java applications. JavaServer Faces run on the server, but are displayed on the client. JSF - JavaServer Faces Short Take Off and Vertical Landing Aircraft (STOVL STOVL short takeoff and vertical landing aircraft (US DoD) ). This US Marine Corps contract has an initial procurement value of approximately $625,000 but could potentially yield as much as $10.5 million in revenue in anticipated expanded contracts through Low Rate Initial Production (LRIP LRIP Low Rate Initial Production LRIP Limited Rate Initial Production LRIP Logistics Readiness Improvement Program ) ending in 2011. This award follows AIM's successful delivery of similar drag braces for the F-35 Conventional Take Off and Landing Aircraft (CTOL CTOL Conventional Takeoff & Landing CTOL Cataloging Tools On Line ) to be deployed by the US Air Force. AIM had been awarded the USAF contract in October 2004, and delivered the product during 2005. AIM also expects additional follow-on contracts for 2006; these contracts could yield as much as $6.6 million through LRIP, also ending in 2011. The F-35 JSF is being developed by 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. Aeronautics Company for the US Air Force, Navy and Marine Corps as well as Britain's Royal Navy. The JSF is being built in three variants: the CTOL version for use by the USAF, a carrier-based variant (CV) for the US Navy, and the STOVL version involved in this contract which will be used by both the USMC and Royal Navy. A 70-90% compatibility is required for all variants. The F-35 JSF is also designated as an international export aircraft with participations from several NATO NATO: see North Atlantic Treaty Organization. NATO in full North Atlantic Treaty Organization International military alliance created to defend western Europe against a possible Soviet invasion. allies including the UK, Canada, Denmark, Italy, the Netherlands, Turkey and Norway as well as non-NATO allies, Singapore and Australia. ABOUT AIM AIM is a wholly owned subsidiary of Ashlin Development Corporation. AIM manufactures aircraft structural parts and assemblies for prime defense and commercial contractors in the aerospace industry. AIM was founded in 1969, and in November 2005, AIM completed a reverse merger with Ashlin and has completed all required filings for a corporate relocation to Delaware from Florida and to change its name to Gales Industries Incorporated. ABOUT GALES INDUSTRIES INCORPORATED Gales was organized in 2004 to execute an aerospace consolidation strategy among Tier III and IV subcontractors in the defense/aerospace industry. Gales offers a tailored exit strategy in exchange for qualified acquisitions and targets technically superior organizations in the $15-100 million annual revenue range. Gales is an operating-holding and management services integrator group within the defense/aerospace field. Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors 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 and potential future results 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 made by management with respect to the Company's critical accounting policies, regulatory delays, and other factors, including general economic conditions, not within the Company's control. 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 circumstance. |
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