Continental Information Systems Unit Purchases Philippine Airlines DC-10 Parts Inventory.NEW YORK--(BUSINESS WIRE)--June 11, 1998--Continental Information Systems 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 :CISC (Complex Instruction Set Computer) Pronounced "sisk." The traditional architecture of a computer which uses microcode to execute very comprehensive instructions. ) announced today that a joint venture formed by its aviation subsidiary, CIS Cis (sĭs), same as Kish (1.) (1) (CompuServe Information Service) See CompuServe. (2) (Card Information S Air Corporation, has acquired the 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. DC-10 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. inventory of Philippine Airlines Philippine Airlines, also known historically as Philippine Air Lines (PAL), is the national airline of the Philippines.[1] It is the first commercial airline in Asia and the oldest of those currently in operation. . JetAir Capital, Inc., a privately-owned aviation leasing and parts sales company located in San Francisco, which originated the transaction, is the other participant in the joint venture. Philippine Airlines' decision to sell the inventory followed the phase out of its DC-10 fleet. "This transaction further extends the activities of CIS Air, and represents additional investment in our Company's core businesses," said Jonah M. Meer, Continental Information Systems' Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and Chief Financial Officer. "This joint venture with JetAir, whose principals we have had an association with for over 10 years, capitalizes on the financial, marketing and operations skills of our two companies in the spare parts business," commented Thomas J. Prinzing, President of CIS Air Corporation. CIS has been involved with the sale of engine parts for more than seven years, and is currently selling parts from two 737 aircraft. JetAir is actively involved in trading and leasing of commercial aircraft, engines and the sale of aviation spare parts for the Boeing 737, 727, DC-9, DC-10, 747 and Fokker F28 aircraft. More than 50 airlines are estimated to have approximately 410 DC-10 aircraft in service. "We obviously believe there is a sizable existing market for these parts," said Mr. Prizing. Continental Information Systems Corporation is engaged in buying and selling commercial aircraft and engines, and certain other industrial equipment, in addition to providing real estate financing and leasing services. This press release contains forward-looking statements that involve risks and uncertainties. The actual results may differ significantly from those currently anticipated. Among the factors that could cause actual results to differ materially are those set forth above and the other risk facts described from time to time in the Company's reports filed with the SEC. The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which statements are made pursuant to 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 and, as such, speak only as of the date made. CONTACT: Continental Information Systems Corporation Jonah M. Meer, 212/771-1000 |
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