Aviation Sales Company Increases Line of Credit.MIAMI--(BUSINESS WIRE)--Aug. 26, 1997--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 ) today announced that it amended its bank lending agreement Lending agreement A contract regarding funds transferred between a lender and a borrower. to increase its working capital line of credit from $80 million to $125 million. The company also extended the maturity of the facility from December 1999 to July 2002. At June 30, 1997, the company's borrowings totaled $61.9 million outstanding under the arrangement. Currently, the company utilizes the bank facility to fund acquisitions and to provide working capital for internal growth. 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. redistribution market, selling 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 jet engines. Offering inventory management services, including purchasing services, 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 designed to meet the diverse needs of its customers. This press release contains forward-looking statements which involve risks and uncertainties. The company's 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. -0- NOTE TO EDITORS: In the World Wide Web address noted in this news release, there is a double slash between http: and www.avsales.com; and between http: and www.businesswire.com/cnn/avs.htm. These symbols may not appear properly in some systems. CONTACT: Aviation Sales Company Dale S. Baker, Chairman and 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/Jonathan Schaffer Media contact: Stan Froelich 212/850-5600 |
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