Pemco Aviation Grp. (MM) (NASDAQ:PAGI)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Pemco Aviation Grp. (MM) Charts. Click Here for more Pemco Aviation Grp. (MM) Charts.](/p.php?pid=staticchart&s=N%5EPAGI&p=8&t=15)
Pemco Aviation Group, Inc. (NASDAQ: PAGI) announced
today that its Dothan, Alabama subsidiary, Pemco World Air Services,
Inc., has redelivered the first B737-400 conversion to Alaska Airlines
pursuant to its previously-announced contract. This aircraft
conversion represents the first-ever modification of a B737-400
aircraft from passenger to freighter in the world. Alaska Airlines has
contracted to have another four aircraft converted by Pemco, and has
options available to add two more aircraft to the line.
"We are very proud of this achievement," said Ron Aramini,
President and CEO of Pemco Aviation Group, Inc. "Pemco World Air
Services has provided yet another level of excellence for our
customers by not only meeting emerging market needs, but providing our
customer with the proven reliability and operational excellence Pemco
has become known for over the years. We are proud to provide Alaska
Airlines and the cargo world with the first B737-400 freighter."
"Alaska Airlines' cargo customers will significantly benefit from
the additional capacity on this freighter and the other larger cargo
aircraft on their way from Pemco," said Matt Yerbic, Alaska Airlines'
managing director of cargo. "Pemco's focus on quality during the
retrofitting process resulted in a product that will allow us to
better serve the growing needs of our cargo customers throughout the
state of Alaska and beyond."
Pemco World Air Services has converted over 50 B737-300 aircraft
to freighter and QC configurations in recent history. Together with
this 737-400F delivery, Pemco's total rises to twenty models and over
300 aircraft converted in the past three decades. Pemco is well
positioned in the aircraft modification and maintenance marketplace to
serve its many global customers by providing some of the most reliable
and high quality engineered products available in the industry.
Kevin Casey, Vice President, Business Development, stated, "Eric
Wildhagen, Vice President Engineering, and his team, including both
Pemco and Alaska Airlines personnel, has delivered in just over 1 year
what will undoubtedly prove to be one of the best narrowbody
freighters ever built."
Pemco Aviation Group, Inc., with executive offices in Birmingham,
Alabama, and facilities in Alabama and California, performs
maintenance and modification of aircraft for the U.S. Government and
for foreign and domestic commercial customers. The Company also
provides aircraft parts and support and engineering services, in
addition to developing and manufacturing aircraft cargo systems,
rocket vehicles and control systems, and precision components.
For more information: www.pemcoaviationgroup.com
This press release contains forward-looking statements made in
reliance on the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These statements may be identified
by their use of words, such as "believe," "expect," "intend" and other
words and terms of similar meaning, in connection with any discussion
of the Company's prospects, financial statements, business, financial
condition, revenues, results of operations or liquidity. Factors that
could affect the Company's forward-looking statements include, among
other things: changes in global or domestic economic conditions; the
loss of one or more of the Company's major customers; the Company's
ability to obtain additional contracts and perform under existing
contracts; the outcome of pending and future litigation and the costs
of defending such litigation; financial difficulties experienced by
the Company's customers; potential environmental and other
liabilities; the inability of the Company to obtain additional
financing; material weaknesses in the Company's internal control over
financial reporting; regulatory changes that adversely affect the
Company's business; loss of key personnel; and other risks detailed
from time to time in the Company's SEC reports, including its Annual
Report on Form 10-K for the fiscal year ended December 31, 2005. The
Company cautions readers not to place undue reliance on any
forward-looking statements, which speak only as of the date on which
they are made. The Company does not undertake any obligation to update
or revise any forward-looking statements and is not responsible for
changes made to this release by wire services or Internet services.