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Timco Aviation Services, Inc. Adds Leonard Singer to Its Board Of
Directors
GREENSBORO, N.C., Oct. 20 /PRNewswire-FirstCall/ -- TIMCO Aviation Services,
Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS) today announced the appointment of
Leonard Singer to its Board of Directors.
Mr. Singer, age 57, is one of the principal owners of Choir Capital Ltd, a firm
that advises multinational financiers and investors throughout the world on
corporate and structured finance transactions primarily in the aviation finance
sector. Prior to establishing Choir Capital in 1996, Mr. Singer was a managing
director with Citigroup where over a 20-year period he was involved in many
areas of domestic, international and cross border financing, including a
three-year period in which he managed Citigroup's aviation business.
Roy T. Rimmer, Jr., Chairman and Chief Executive Officer of TIMCO, commented:
"We are excited to have Leonard join our Board of Directors. We believe that
his broad experience in many facets of the aviation industry will be an asset
to our Board and our management as we continue to focus on improving the
products and services that we offer to our customers."
Mr. Singer stated: "I am pleased to become a member of TIMCO's Board of
Directors. TIMCO is a market leader in airframe heavy maintenance market and is
poised to significantly expand its engine, interiors and line maintenance
operations. This is a very exciting time for TIMCO, and a period of dynamic
change for many of its customers and for the outsourced MR&O industry
generally. I look forward to working with TIMCO's Board of Directors and
management and to helping TIMCO meet the current and future needs of its
customers."
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 certain 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 Annual Report on Form 10-K for the year ended December 31, 2003, its
Quarterly Report on Form 10-Q for the quarter ended June 30, 2004, and those
identified below, could adversely affect the Company's ability to obtain these
results: the Company's ability to continue to generate sufficient working
capital from operations to meet its operating requirements and service its
indebtedness, the Company maintaining good working relationships with its
vendors and customers, competitive pricing for the Company's products and
services, the Company's ability to achieve gross margins at which it can be
profitable, including margins on services the Company performs on a fixed price
basis, competition in the aircraft maintenance, repair and overhaul market, the
Company's ability to attract and retain qualified personnel in its business,
utilization rates for the Company's MR&O facilities, the Company's ability to
integrate future acquisitions, the Company's ability to effectively manage its
business, economic factors which affect the airline industry generally and
thereby affect our business (since our customer base consists primarily of
airlines and freight carriers), including the amount of aircraft maintenance
being outsourced, the price of jet fuel and the ongoing war on terrorism, and
changes in government regulations. 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 Gil
West, President and Chief Operating Officer of TIMCO Aviation Services, Inc.,
+1-336-668-4410
Web site: http://www.timco.aero/