Temas Resources (CSE:TMAS)
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TIMCO Aviation Services, Inc. Announces Commencement of Offer of
Premium for Early Conversion of Its Outstanding Senior and Junior Subordinated
Convertible PIK Notes Into Common Stock
GREENSBORO, N.C., Jan. 26 /PRNewswire-FirstCall/ -- TIMCO Aviation Services,
Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS) today announced that it has commenced
its previously announced offer to the holders of its 8% senior subordinated
convertible PIK notes due 2006 ("Senior Notes") and to the holders of 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"). In connection with the
offer, the Company is also soliciting consents from the holders of the Notes to
proposed amendments to the indentures governing the Notes. The proposed
amendments will remove all material covenants contained in the indentures
governing the Notes. The offer and consent solicitation will expire at 5:00
p.m., New York City time on Tuesday, March 1, 2005, unless extended.
This press release is not an offer or solicitation for the early conversion of
the Notes into Common Stock, which can only be made on the terms and subject to
the conditions described in the Tender Offer Statement (including an offering
circular, a related letter of transmittal and other offer documents) filed with
the U.S. Securities and Exchange Commission ("SEC"). The Tender Offer
Statement is being made available to all holders of Notes at no expense to
them. The Tender Offer Statement is also available at no charge at the SEC's
website at http://www.sec.gov/ . The Tender Offer Statement contains important
information that should be read carefully before any decision is made with
respect to the offer and consent solicitation.
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: 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; Aircraft Interior Design and Brice Manufacturing, which specialize in
the refurbishment of aircraft interior components and the manufacture and sale
of aftermarket parts and new aircraft seats; TIMCO Engineered Systems, which
provides engineering services both to our other MR&O operations and to 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 satisfaction of the
conditions to completion of the tender offer contained in the Tender Offer
Statement and those identified in the Company's 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 and Corporate Controller, or Kevin Carter,
Vice President-Planning and Treasurer of TIMCO Aviation Services, Inc.,
+1-336-668-4410
Web site: http://www.timco.aero/