SOURCE: Global Aircraft Solutions, Inc.

October 16, 2007 08:30 ET

Global Aircraft Solutions Announces Sale of Two 737-200 Aircraft to an Undisclosed Foreign Airline

TUCSON, AZ--(Marketwire - October 16, 2007) - Global Aircraft Solutions, Inc. (OTCBB: GACF) today announced that it has executed an agreement and received a large initial deposit to sell two 737-200 aircraft to an undisclosed foreign airline. The two 737-200 aircraft are owned by Global as a result of a previously announced settlement agreement with BCI Aircraft Leasing.

Both aircraft will be delivered ready to go into service with fresh paint, a fresh 'C' check, and any other integration maintenance required by the new operator's regulatory agencies. The paint and integration maintenance will be provided by Global's wholly owned subsidiary Hamilton Aerospace. All required parts will be provided by Global's wholly owned subsidiary World Jet. The aircraft are being input into maintenance work within the next 10 days and are anticipated to require approximately 35 days to complete. The aircraft are being delivered, ready for service, for a combined price in excess of $4.5 million.

Alden Crowley, Vice President, International Sales, commented, "For strategic reasons, the airline buying these two aircraft has asked to remain anonymous at this time. This airline has indicated that we will be authorized to identify them at the time the aircraft are delivered. Notwithstanding the anonymity of the buyer, with this sale Global Aircraft Solutions continues to build its reputation as a leading supplier of aircraft and technical support to emerging aviation markets worldwide. We look forward to providing additional aircraft and services to this airline and other growth-oriented airlines throughout the world."

John Sawyer, President of Global Aircraft Solutions, added, "The sale of these two aircraft is an important step in our plan to convert into cash, before year-end, the assets we have acquired as part of our settlement with JetGlobal and BCI. We look forward to reporting the successful conclusion of additional sales of these assets 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 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