SOURCE: Global Aircraft Solutions, Inc.

April 28, 2008 08:30 ET

Global Aircraft Solutions Announces Sale of One 737-200 Aircraft to Pamir Airways

TUCSON, AZ--(Marketwire - April 28, 2008) - Global Aircraft Solutions, Inc. (OTCBB: GACF) today announced that it has executed a new agreement to sell one 737-200 aircraft from its inventory, ready to go into service, to Pamir Airways for a fixed price of $2,300,000.

Pamir Airways has paid the purchase price in full, plus an additional non-refundable deposit of $500,000 for a second 737-200 Global aircraft. The second aircraft is also being sold for $2,300,000. Each aircraft purchased will be delivered with over $700,000 in new maintenance services, including fresh paint, a fresh heavy maintenance check, and other integration maintenance required by Pamir's regulatory agencies. The paint and integration maintenance will be provided by Global's wholly owned subsidiary Hamilton Aerospace Technologies, Inc. (HAT). All required parts will be provided by Global's wholly owned subsidiary World Jet. Work on the second 737-200 aircraft will begin only after receipt of payment in full of the fixed purchase price for that aircraft.

The purchase price paid by Pamir includes payments made to Global under a previous agreement on which Pamir defaulted. Global agreed to credit those previous payments to the current purchase price in exchange for Pamir agreeing to pay a premium on the new contract.

The Company also announced that it has applied $1,000,000 of the aircraft sale proceeds to its senior debt, which has now been paid down by nearly $2,500,000, to approximately $7.5 million, since the beginning of this year.

Alden Crowley, Director of International Sales for Global Aircraft Solutions, commented, "We are very pleased to have been able to get back on track with Pamir Airways and look forward to selling additional aircraft and aircraft parts to Pamir above and beyond these initial two aircraft."

John Sawyer, President of Global Aircraft Solutions, added, "This sale of another 737-200 aircraft from our ex-JetGlobal inventory has further enhanced our cash position and significantly reduced our senior debt. We look forward to continuing this positive trend by finalizing the sale of a third 737-200 in the near future."

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 adjacent facilities comprising about 35 acres located at Tucson International Airport. These facilities include hangars, workshops, warehouses, offices and other buildings. Notable customers include Pamir Airways, Wind Rose Aviation, Jetran International, the Mexican Presidential Fleet, SEDENA, Canadian North Airlines, CanJet Airlines, Iraqi Airways, Ryan International Airlines and Alant Soyuz.

Global's website is located at The Hamilton Aerospace website is located at

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-KSB for the year ended December 31, 2007, Global's Form 10-Q for the quarter ended March 31, 2007, Global's 10-Q for the quarter ended June 30, 2007 and Global's Form 10-Q for the quarter ended September 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, Inc.
    Ian Herman
    (520) 275-6059
    Email Contact
    Alliance Advisors, LLC
    Alan Sheinwald
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