SOURCE: IAHL Corporation

January 23, 2008 08:59 ET

IAHL Corporation Executes Contract to Acquire Bays - Hughes Properties, Inc.

CAPE CORAL, FL--(Marketwire - January 23, 2008) - IAHL Corporation (PINKSHEETS: IAHL) announced today that it has now executed the contract to acquire Bays - Hughes Properties, Inc.

The Bays - Hughes Properties, Inc. include 120 acres immediately adjacent to and fronting a common border of several thousand feet with the SW Georgia Regional Airport. Access to the airport's facilities is from a private entrance from the factory's facilities to the runways.

SW Georgia Regional Airport is serviced by two major runways: (1) 6,600' X 150' running NE to SW and (2) 5,201' X 150' running NW to SE. These runways enable the largest jetliners to access the area. (President Carter had the larger runway extended to service Airforce One). Also 767's arrive on a daily basis.

The factory's facilities consist of approximately 15 acres. Housed there is the main plant, offices, model shops, paint shops, engineering facilities and a complete manufacturing operation for parts and the building of aircraft from raw material to finished aircraft. To accomplish this capability, there are 227,000 square feet of buildings (5.2 acres plus) under roof, housing a modern facility equipped with a full complement of machinery for aircraft manufacture, including water jet, laser cutter, CNC brake, CNC machining centers, turning centers, roll form, hydro form, punch presses (largest press east of the Mississippi River), heat treat, age, chemical treat processing and more.

These facilities enable manufacturing of up to 6 complete Thrush aircraft per week and / or certified contract work for aircraft parts and parts for other industries.

There are approximately 2,800 Thrush aircraft in service in 80 countries worldwide. Thrush Aircraft supplies these aircraft with all the parts to keep them in operation.

The remaining extremely valuable property acreage will insure an inventory of adjacent land for future growth and expansion.

"The acquisition of this property will broaden IAHL's capabilities in the small turboprop segment of aviation," said Peter Van Dyke, president and chief executive officer of IAHL Corporation. "It will also allow the company to produce other types of aircraft, specifically short range 20 seat commuter/cargo aircraft, thus expanding our product line while increasing revenues," said Mr. Peter Van Dyke President & CEO of IAHL Corporation.

This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Contact Information

  • IAHL Corporation
    Investor Relations
    Phone: 239-277-3883
    Fax: 239-283-4843