TIMCO Aviation Services, Inc. Announces Closing of Tender Offer

TIMCO Aviation Services, Inc. Announces Closing of Tender Offer



GREENSBORO, N.C., March 15  /PRNewswire-FirstCall/ -- TIMCO Aviation Services,
Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS)  today announced that its tender offer
to the holders of its 8% senior subordinated convertible PIK notes due 2006
("Senior Notes") and its 8% junior subordinated convertible PIK notes due 2007
("Junior Notes", and collectively with the Senior Notes, the "Notes") to
receive a 15% premium for agreeing to an early conversion of their Notes into
shares of the Company's authorized but unissued common stock ("Common Stock")
has closed. In the tender offer, the Company received tenders and related
consents from holders of 47% in aggregate principal amount of its outstanding
Senior Notes and tenders and related consents from holders of $75% in aggregate
principal amount of its outstanding Junior Notes.

At the closing of the offer, the Company issued 145.9 million shares of its
authorized but unissued common stock to the holders of the Senior Notes who
tendered in the offer (including 19.0 million premium shares), 8.1 million
shares of its authorized but unissued common stock to the holders of the Junior
Notes who tendered in the offer (including 1.1 million premium shares), and
70.9 million shares to LJH Ltd. in connection with its partial exercise of the
LJH Warrant. After the closing, the Company has 256.6 million shares
outstanding and Lacy Harber holds approximately 57% of the outstanding common
stock.

After consummation of the tender offer, the Company will have $61.4 million of
Senior Notes and $0.9 million of Junior Notes remaining on the books and
presented as long-term notes payable.  All such notes will convert at their
maturity (December 31, 2006 with respect to the Senior Notes and January 2,
2007 with respect to the Junior Notes) into an aggregate of 145.7 million
shares of common stock without any obligation by the Company for cash payment. 
Further, upon the conversion of the remaining Senior Notes and Junior Notes
into shares of common stock at their maturity, LJH Ltd. will receive an
additional 62.4 million shares of common stock upon the final exercise of the
LJH Warrant.  At such time, the Company will have 464.7 million shares of
common stock outstanding and LJH Ltd. will own approximately 44.9% of the
outstanding common stock.

TIMCO Aviation Services, Inc. is among the world's largest providers of fully
integrated aviation maintenance, repair and overhaul (MR&O) services for major
commercial airlines, regional air carriers, aircraft leasing companies,
government and military units and air cargo carriers.  The Company currently
operates four MR&O businesses: Triad International Maintenance Corporation
(known as TIMCO), which, with its four active locations (Greensboro, NC, Macon,
GA, Lake City, FL and Goodyear, AZ), is one of the largest independent
providers of heavy aircraft maintenance services in the world and also provides
aircraft storage and line maintenance services; Brice Manufacturing and
Aircraft Interior Design, which specialize in the manufacture and sale of new
aircraft seats and aftermarket parts and in the refurbishment of aircraft
interior components; TIMCO Engineered Systems, which provides engineering
services both to our MR&O operations and our customers; and TIMCO Engine
Center, which refurbishes JT8D engines and performs on-wing repairs for both
JT8D and CFM-56 series engines. Visit TIMCO online at http://www.timco.aero/ .

This press release contains forward-looking statements. Forward-looking
statements involve known and unknown risks and uncertainties, which may cause
the Company's actual results in future periods to differ materially from
forecasted results. A number of factors, including those identified in the
Company's Tender Offer Statement relating to its tender offer, its Annual
Report on Form 10-K for the year ended December 31, 2003 and its Quarterly
Report on Form 10-Q for the quarter ended September 30, 2004, could adversely
affect the Company's ability to obtain these results. Copies of the Company's
filings with the U.S. Securities and Exchange Commission are available from the
SEC or may be obtained upon request from the Company. The Company does not
undertake any obligation to update the information contained herein, which
speaks only as of this date. 

DATASOURCE: TIMCO Aviation Services, Inc.



CONTACT:  Roy T. Rimmer, Jr., Chairman & Chief Executive Officer, or

Fritz Baumgartner, Vice President Finance, Controller, or Kevin Carter, Vice

President-Planning and Treasurer of TIMCO Aviation Services, Inc.,

[phone]



Web site:  http://www.timco.aero/ 

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