SOURCE: Global Aircraft Solutions, Inc.

March 13, 2008 14:43 ET

Global Aircraft Solutions Announces the Sale of an MD82

TUCSON, AZ--(Marketwire - March 13, 2008) - Global Aircraft Solutions, Inc. (OTCBB: GACF) today announced that it has sold one MD82 aircraft (MSN 49364) to an undisclosed Ukrainian operator. The Company is using the sale proceeds for working capital and to permanently reduce the principal amount of its senior debt.

John Sawyer, President of Global Aircraft Solutions, commented, "We are pleased to have sold the MD82 aircraft that was part of our settlement agreement with BCI. We continue to aggressively pursue the sale of the four 737-200s still remaining from our settlement with BCI and we hope to finalize and announce these additional sales transactions in the near term. Once completed, the sale of these aircraft will allow the Company to continue improving its operating liquidity and further reduce its senior debt."

About Global Aircraft Solutions, Inc. -

Global Aircraft Solutions, Inc. is an integrated aviation company engaged in aircraft trading, aircraft parts sales, and scheduled maintenance, repair and overhaul (MRO) services for commercial airlines, charter airlines and aviation leasing companies. Hamilton Aerospace and World Jet, both wholly owned divisions of Global Aircraft Solutions, operate from facilities comprising approximately 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 Government, Afrijet 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, and Global's Form 10-Q for the quarter ended September 30, 2007. These statements speak only as of above dates, 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