SOURCE: Global Aircraft Solutions, Inc.

December 12, 2007 08:30 ET

Global Aircraft Solutions Announces $600,000 Settlement on Delta Air Lines Claim

TUCSON, AZ--(Marketwire - December 12, 2007) - Global Aircraft Solutions, Inc. (OTCBB: GACF) today announced that they have reached a settlement on their ownership stake in the Delta Air Lines bankruptcy claim. BCI Aircraft Leasing ("BCI"), the managing partner of the JetGlobal Joint Venture, which owns the Delta claim, will pay out Global's 18% interest in four monthly payments of $150,000 each. Global has already received the first of the four payments of $150,000 from BCI and will receive the additional payments in January, February, and March of 2008. Global's 18% interest in JetGlobal's Delta bankruptcy claim is a result of a previously announced settlement agreement between BCI, JetGlobal and Global dated April 20, 2007. The payment terms and schedule accepted by Global are subject to written verification of BCI's representations to Global regarding the amount and terms of the settlement of JetGlobal's claim by Delta. In the event that there is a variance in the actual settlement terms by Delta to JetGlobal, BCI will have the responsibility of paying any additional claim owed to Global. Global still retains its previously announced 18% interest in JetGlobal's lawsuit against AFG for breach of contract.

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.

Safe Harbor

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