Pemco Aviation Grp. (MM) (NASDAQ:PAGI)
Historical Stock Chart
From Jun 2019 to Jun 2024
Pemco Aviation Group, Inc. (NASDAQ: PAGI) announced today that its
Dothan, Alabama subsidiary, Pemco World Air Services, has contracted
with International Lease and Finance Corporation (ILFC) for three
additional conversions of B737-300 aircraft from passenger to freighter
configuration. The aircraft are option aircraft which were part of a
modification agreement announced by the parties in September, 2006. Two
of the aircraft are owned by, and one is managed by, ILFC. It is
anticipated that all three aircraft will be redelivered at the facility
of Pemco’s global partner, STAECO, in Jinan,
Shandong Province, China to an Asian operator.
Kevin Casey, Vice President, Business Development for the Commercial
Services Sector, stated, “We couldn’t
be more pleased by the relationship that we have developed with ILFC.
They have become a very important part of Pemco’s
future and we are excited to be a part of theirs. Pemco has also
realized great partners in TAECO and STAECO –
their work is of the highest quality and it is schedule friendly for our
customers. We feel that we are truly able to support our customers in
Asia in a manner worthy of their outstanding operations.”
Richard Poutier, Senior Vice President, ILFC stated, “These
conversions represent the second, third and fourth B737-300
passenger-to-freighter modifications that we will have performed by
Pemco within a 12-month period. Given the projected growth in air cargo
demand, it wouldn’t surprise me to see ILFC
doing more 737 conversions over the next few years. Pemco has proven to
be a reliable supplier, providing a high quality product.”
Pemco Aviation Group, 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 go to www.pemcoaviationgroup.com.
ILFC is the international market leader in the leasing and remarketing
of advanced technology commercial jet aircraft to airlines around the
world. ILFC owns a portfolio valued at more than $ 40 billion,
consisting of more than 800 jet aircraft. For more information go to www.ilfc.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, 2006. 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.