Pemco Aviation Grp. (MM) (NASDAQ:PAGI)
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Pemco Aviation Group, Inc. (NASDAQ: PAGI) announced
today that its Dothan, Alabama subsidiary, Pemco World Air Services,
has entered into an agreement with International Lease and Finance
Corporation (ILFC), for the cargo conversion of one B-737-300 aircraft
from passenger to freighter configuration for delivery in 2006, and an
option to convert three additional aircraft in 2007. Pemco currently
operates under an agreement for maintenance and modification services
on ILFC's fleet of transport aircraft, both wide and narrow body.
Ron Aramini, President and Chief Executive Officer of Pemco
Aviation states, "Our relationship with ILFC has grown steadily and
become a very important part of our operations in Dothan. We are very
pleased that they have decided to expand their relationship with us to
include cargo conversion of B737-300 aircraft. ILFC recognizes our
commitment to a quality product, delivered on schedule with cost
effective pricing. ILFC's decision to move forward with Pemco on this
important program is very gratifying."
"We are pleased to continue our longstanding relationship with
Pemco," Richard Poutier, Senior Vice President for ILFC said.
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, 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.