SOURCE: Global Aircraft Solutions, Inc.

October 11, 2007 08:30 ET

Global Aircraft Solutions Announces Receipt of Final 737-200 From BCI

TUCSON, AZ--(Marketwire - October 11, 2007) - Global Aircraft Solutions, Inc. (OTCBB: GACF) today announced that BCI Aircraft Leasing, Inc. transferred clear title to Global to the final aircraft specified in the settlement agreement between BCI and Global.

BCI failed to transfer clear title to Global prior to the September 20, 2007 deadline specified in the settlement agreement between BCI and Global. In consideration for the tardy delivery of the final aircraft, the parties negotiated an amendment to the settlement agreement wherein Global's interest in JetGlobal's lawsuit against Aircraft Finance Group (AFG) will increase from 18% to 25%. JetGlobal is suing AFG for non-performance on an agreement to purchase twelve of the 737-200 aircraft purchased by JetGlobal from Delta Airlines. Global's interest in JetGlobal's Delta bankruptcy claim will remained unchanged from the 18% amount specified in the original settlement agreement between BCI and Global.

John Sawyer, President of Global Aircraft Solutions commented, "We are very pleased that, apart from our trailing interest in JetGlobal's Delta bankruptcy claim and the AFG lawsuit, we have now successfully finalized our settlement with BCI and JetGlobal. As indicated in our previous conference call, we are actively pursuing transactions that should result in the sale of the MD80 and all five of our 737-200 aircraft before year-end."

About Global Aircraft Solutions

Global Aircraft Solutions provides parts support and maintenance, repair and overhaul (MRO) services for large passenger jet aircraft to scheduled and charter airlines and aviation leasing companies. Hamilton Aerospace and World Jet, both divisions of Global Aircraft Solutions, operate from facilities comprising about 25 acres located at Tucson International Airport. These facilities include hangars, workshops, warehouses, offices and other buildings. Notable customers include Avolar Airlines, Jetran International, Goodrich Corporation, AAR, the Mexican Presidential Fleet, Azteca Airlines, Pegasus Aviation, Aloha Airlines, Alant Soyuz, United Breweries Holdings and Global Aircraft Leasing Partners.

Global's website is located at www.globalaircraftsolutions.com. The Hamilton Aerospace website is located at www.hamaerotech.com.

Except for the historical information presented, this press release contains "forward-looking statements" made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 or regulations thereunder including, but not limited to expected and estimated revenue and earnings. Forward-looking statements are made based upon management's expectations and belief concerning future developments and their potential effect upon the Company. There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management.

The words "believes," "expects," "intends," "plans," "anticipates," "hopes," "likely," "will," and similar expressions identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company or its subsidiaries or industry results, to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. These risks include the economic health of the airline industry, demand for Global Aircraft Solutions' services, and competitive pricing pressures.

In addition, other risks are detailed in Global's Form 10-K for the year ended December 31, 2006, Global's Form 10-Q for the quarter ended March 31, 2007, and Global's 10-Q for the quarter ended June 30, 2007. These statements speak only as of above date, and Global disclaims any intent or obligation to update them.

Contact Information

  • Contact:
    Global Aircraft Solutions
    Ian Herman
    (520) 275-6059
    Email Contact
    or
    Alliance Advisors, LLC
    Alan Sheinwald
    914-669-0222
    Email Contact