SOURCE: Three Sixty, Inc.

October 02, 2007 08:58 ET

Three Sixty, Inc. (Soon to Be Renamed IAH Corporation) Announced That It Has Agreed to Acquire Integrity Aircraft Holdings Limited

CAPE CORAL, FL--(Marketwire - October 2, 2007) - Three Sixty, Inc. (Soon to be renamed (IAH Corporation) (PINKSHEETS: TSXT) today announced that it has agreed to acquire Integrity Aircraft Holdings Limited.

The transaction will be consummated with a share swap; where as the ownership of Integrity Aircraft Holdings Limited will receive restricted preferred shares in exchange for 100% of all the outstanding stock of the privately held Integrity Aircraft Holdings Limited, this will be a straight share swap with no cash involved. Upon the completion of the transaction the company's current share structure will remain the same 70M shares authorized with 20M preferred shares restricted (for 2 years) and 50M of common shares. The transaction is expected to be completed within the next 14 days.

Mr. Peter Van Dyke, CEO of Integrity Aircraft Holdings Corporation, today stated that it has been in the process of developing, manufacturing and marketing of a low cost 20 seat, high performance, single engine turbo prop aircraft to be known as "INTEGRITY."

"The Integrity will be powered by a high horse power turbine (Honeywell TPE 331-12, 1100 Hp using Jet-A fuel (located high up in the tail fin)). The company holds a patent in the United States that protects the Integrity engine installation and the new overall design concept. The company expects this patent to be extended world-wide.

"The company expects massive savings will be realized in the certification of the basic airframe design, certifications and capabilities as we have already acquired certain Intellectual Properties of previously developed aircraft that will be utilized in the manufacturing of this aircraft.

"The Integrity is a unique aircraft. It has the most economical means, both in acquisition and operational costs (1.9M per Aircraft) and (cost per seat, per mile) of moving 18 to 20 passengers by air. There is nothing like it on the market. It is my opinion that we will have no direct competition. Additionally, no new aircraft design could possibly recoup the massive development cost and compete with the acquisition costs. It will be produced at a low cost and will sell with an excellent margin, priced so that small airlines will be able to acquire it.

"Furthermore, the Integrity can, on a regular basis, have a take off and landing capability of short take offs and landings (STOL), and can land on grass, sand, and unimproved runways. Most importantly, Integrity creates the possibility to service areas previously inaccessible for this size aircraft," said President and CEO Mr. Peter Van Dyke.

In the words of a senior Honeywell executive: "Regarding the Integrity Aircraft program, it appears they have the right airframe for the right market at the right time."

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

  • Three Sixty,Inc.
    Investor Relations
    Phone: 239-283-5779
    Fax: 239-283-4848