Aviation Sales Company Announces Merger With Caribe Aviation Inc.MIAMI--(BUSINESS WIRE)--Feb. 12, 1998--Aviation Sales Company (NYSE NYSE See: New York Stock Exchange :AVS (Audio Video Coding Standard) A video compression technique developed by Chinese companies and supported by the Chinese government. Expected to provide better compression than MPEG-2, AVS was created to avoid paying royalties to the MPEG licensors, which are outside ) announced today that it had signed an agreement to merge with Miami based Caribe Aviation Inc. and Caribe Aviation's 100% owned subsidiary Aircraft Interiors Inc. The transaction is subject to receipt of Hart-Scott-Rodino approval. The purchase price was not disclosed. Caribe Aviation Inc. is a FAA licensed repair station serving commercial airlines worldwide specializing in the maintenance, repair and overhaul Maintenance, Repair and Overhaul or MRO is a multi-billion dollar industry which works on international authorization rules to deliver a safe airline operation and to assure reliability and availability of customer fleets. of hydraulic, pneumatic, electrical and electro-mechanical aircraft components as well as avionics and instruments used on Airbus and Boeing aircraft. Aircraft Interiors Inc. manufacturers plastic cabin interior replacement parts under FAA-PMA approval and refurbishes aircraft interior components including passenger and crew seats. Dale Baker, Chairman 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. , commented, "This acquisition continues our drive to broaden our overhaul and repair capabilities and further enhances AVS's ability to provide Total Inventory Solution for our airline customers." Aviation Sales is a recognized worldwide leader in the 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. market, manufacturing, selling and repairing parts for Boeing, McDonnell Douglas McDonnell Douglas was a major American aerospace manufacturer and defense contractor, producing a number of famous commercial and military aircraft. It merged with Boeing in 1997 to form The Boeing Company. , Lockheed and Airbus aircraft, and Pratt & Whitney, General Electric and Rolls Royce Rolls Royce the millionaire’s vehicle. [Trademarks: Brewer Dictionary, 928] See : Luxury jet engines. Offering inventory management services, including purchasing services, repair and repair management, warehouse management, aircraft disassembly dis·as·sem·ble v. dis·as·sem·bled, dis·as·sem·bling, dis·as·sem·bles v.tr. To take apart: disassemble a toaster. v.intr. 1. services and consignment and leasing of aircraft spare parts, Aviation Sales is a leader in Total Inventory Solutions designed to meet the diverse needs of its customers. -0- This press release contains forward-looking statements, which involve risks and uncertainties. Aviation Sales' actual results could differ materially from the results anticipated herein. For further information, please see Aviation Sales' Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , as amended, for the 1996 fiscal year. CONTACT: Aviation Sales Company, Miami Dale S. Baker, Chairman/Chief Executive Officer 305/599-6619 Joseph E. Civiletto, Chief Financial Officer 305/599-6693 Home Page Address: http://www.avsales.com Corporate News on the Net: http://www.businesswire.com/cnn/avs.htm or Morgen-Walke Associates June Filingeri/Johnathan Schaffer Media contact: Stan Froelich 212/850-5600 or For Acquisition Inquiries contact William H. Alderman, Senior Vice President Corporate Development 305/599-6765 888/866-5912 |
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