Pemco Aviation Grp. (MM) (NASDAQ:PAGI)
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Pemco Aviation Group (NASDAQ: PAGI) announced today that
their Dothan, AL based subsidiary, Pemco World Air Services, has
entered into a contract with East Pacific Airlines Co., Ltd. (EPA) to
convert four B737-300 passenger aircraft to B737-300 full freighters.
East Pacific is an all-cargo airline based in Shenzhen, China. The
contract calls for two immediate conversions and two option aircraft.
With capacity increasingly tight at Pemco's MRO and conversion
facility in Dothan, the aircraft are being converted at STAECO/TAECO
(in close cooperation with Pemco) at their facility in Jinan, Shandong
Province, China. This unique collaboration between the companies
allows Pemco to expand their global reach and offer their core
conversion services regionally across Asia. The aircraft are already
on-site, with the first conversion underway and the second conversion
scheduled to begin in May. Pemco has trained STAECO/TAECO employees in
production, sheet metal, engineering, quality and mechanics and the
employees from each company will be working closely together to ensure
the quality performance and quick turn-around for which Pemco has
become known.
Ron Aramini, President and CEO of Pemco Aviation Group, Inc.,
explained the significance, "This contract is a major expansion of our
ability to win new contracts and secure new allegiances in a region
that is becoming heavily dependent on cargo carriers. Additionally,
our partnership with TAECO and STAECO is just the beginning of what we
believe will be a long, and decidedly successful production
partnership."
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
foreign and domestic commercial customers. The company also provides
aircraft parts, support and engineering services and develops and
manufactures aircraft cargo systems, rocket vehicles and control
systems, and precision components.
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.