Mercury Air (AMEX:MAX)
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Mercury Air Group, Inc. Announces the Retirement of the Chairman
of the Board of Directors
LOS ANGELES, July 26 /PRNewswire-FirstCall/ -- Mercury Air Group, Inc.
(AMEX:MAX) announced today that as a result of the recently completed
successful recapitalization of the Company in connection with the closing of
the sale of Mercury Air Centers, Inc. for cash consideration received at
closing of approximately $76,350,000, Philip J. Fagan, Jr., M.D. has retired as
a Director and Chairman of the Company's Board of Directors. Pursuant to the
terms of Fagan's contract with the Company, $1,680,000 in termination benefits
were paid to Fagan. Commenting on the announcement, Joseph A. Czyzyk, Mercury
Air Group, Inc.'s Chief Executive Officer said, "Phil played a key role in
achieving our stated goal of debt retirement, including being instrumental in
sourcing the buyer for Mercury Air Centers, Inc. With that disposition
completed Phil has decided to pursue other interests. His contributions and
leadership to the Company are deeply appreciated and we all wish him the very
best in his future endeavors." Czyzyk will assume the duties of Chairman on an
interim basis.
About Mercury Air Group
Los Angeles-based Mercury Air Group (AMEX:MAX) provides aviation petroleum
products, air cargo services and transportation, and support services for
international and domestic commercial airlines, general and government aircraft
and specialized contract services for the United States government. Mercury
Air Group operates three business segments worldwide: MercFuel, Inc., Maytag
Aircraft Corporation and Mercury Air Cargo, Inc. For more information, please
visit http://www.mercuryairgroup.com/.
Certain statements contained in this news release which are not historical
facts are forward looking statements as that item is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results to differ
materially from estimated results. Such risks and uncertainties are detailed
in the Company's filings with the Securities and Exchange Commission. The
Company intends these forward looking statements to speak only as of the time
of the news release and does not undertake to update or revise them, as more
information becomes available.
For further information, please contact: Joseph Czyzyk, +1-310-827-2737, or
Public Relations, Larry Barrios, or David Herbst, +1-213-486-6560, both of
Mercury Air Group, Inc.
DATASOURCE: Mercury Air Group, Inc.
CONTACT: Joseph Czyzyk, +1-310-827-2737, or Public Relations, Larry
Barrios, or David Herbst, +1-213-486-6560, both of Mercury Air Group, Inc.
Web site: http://www.mercuryairgroup.com/