Aviation Sales Company Completes Merger With Caribe Aviation, Inc.MIAMI--(BUSINESS WIRE)--March 9, 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 ) reported today that it has completed its previously announced merger with Caribe Aviation, Inc. and Caribe's 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. Aircraft Interiors, Inc. Caribe Aviation and Aircraft Interiors had combined fiscal 1997 revenues of approximately $27 million. The purchase price was approximately $25 million; consisting of $5 million in cash, and $5 million in promissory notes payable over two years; the issuance of 176,939 shares of the Company's authorized, but unissued, common stock; and the repayment of approximately $7.5 million of indebtedness owed by Caribe Aviation, Inc. to a financial institution. The acquisition is expected to be modestly accretive to Aviation Sales' earnings in fiscal 1998. Caribe Aviation, Inc. is a Miami based FAA-licensed repair station serving commercial airlines worldwide and specializing in the maintenance, repairs and overhaul of hydraulic, pneumatic, electrical and electromechanical The use of electricity to run moving parts. Disk drives, printers and motors are examples. Electromechanical systems must be designed for the eventual deterioration of moving components that wear over time. The first TVs were electromechanical systems (see video/TV history). aircraft components, as well as avionics and instruments on Airbus and Boeing Aircraft. Aircraft Interiors, Inc. manufactures plastic cabin interior replacement parts under FAA-PMA approval and refurbishes aircraft interior components including passenger and crew seats. Dale Baker, chairman and chief executive officer commented, "This merger increases the breadth of our service offerings to our customers and further enhances our 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. capabilities. We look forward to working with Ben Quevedo, Caribe's president, and his team to continue to develop innovative component repair and service programs." Aviation Sales Company 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 Company is a leader in Total Inventory Solutions(r) designed to meet the diverse needs of its customers. Aviation Sales Company also manufactures certain aircraft parts for sale to original equipment manufactures, including precision engine parts, and provides certain aircraft repair services at its FAA licensed repair facilities. 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 the company's Annual Report or 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. for the 1996 fiscal year. CONTACT: Aviation Sales Company, Miami Dale S. Baker Chairman and Chief Executive Officer (305) 599-6619 or 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/Jonathan Schaffer Media contact: Stan Froelich (212) 850-5600 |
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