Banner Aerospace Completes Sale of Solair, Inc., Its Largest Rotables Subsidiary.DULLES, Va.--(BUSINESS WIRE)--Jan. 4, 1999--Banner Aerospace (NYSE NYSE See: New York Stock Exchange : BAR) today reported that on December 31, 1998 it closed on the previously announced sale of its wholly-owned subsidiary, Solair, Inc., a distributor of aircraft rotables, to Kellstrom Industries, Inc. (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 : KELL) for approximately $57 million in cash and a warrant to purchase 300,000 shares of Kellstrom common stock at $27.50 per share. Banner will use the cash proceeds to reduce its debt by $52 million and increase cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has by $8 million. The Company's remaining rotables and engine groups will have estimated fiscal 1999 sales of $140 million. Banner Aerospace is a diversified diversified (di·verˑ·s family of companies providing the aviation community with reliable, single source solutions through a global distribution network delivering aerospace parts and services to the commercial, regional and corporate aftermarkets of the aviation industry. |
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