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Airlease Ltd. to Cease Operations, Dissolve and Liquidate
SAN FRANCISCO, June 21 /PRNewswire-FirstCall/ -- Airlease Ltd., A California
Limited Partnership, (OTC:AIRL) (BULLETIN BOARD: AIRL) , announced today that
the Board of Directors of its General Partner has approved the cessation of the
Partnership's business and the dissolution and liquidation of the Partnership.
The Board's decision was prompted by the Partnership's sale last month of its
three remaining aircraft. The Board is in the process of conducting a review
to estimate and provide for the final liabilities of the Partnership. In
addition, the Board currently anticipates making only two more distributions to
Unitholders. First, the Board anticipates declaring, at the time it files its
second quarter Form 10-QSB with the SEC, a distribution to the Unitholders of a
majority of the net available funds. Second, the Board anticipates terminating
the Partnership and making a final cash distribution to Unitholders out of its
remaining net available funds by the end of 2004. The Partnership will
continue to file its periodic reports with the Securities and Exchange
Commission until the Partnership is terminated.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995:
The Partnership has included in this press release certain "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 concerning the Partnership's business, operations and financial
condition. The words or phrases "can be," "may affect," "may depend,"
"expect," "believe," "anticipate," "intend," "will," "estimate," "project" and
similar words and phrases are intended to identify such forward-looking
statements. Such forward-looking statements are subject to various known and
unknown risks and uncertainties and the Partnership cautions you that any
forward-looking information provided by or on behalf of the Partnership is not
a guarantee of future performance. Actual results could differ materially from
those anticipated in such forward-looking statements due to a number of
factors, some of which are beyond the Partnership's control, in addition to
those discussed in the Partnership's filings with the Securities and Exchange
Commission, including (i) changes in the aircraft or aircraft leasing market;
(ii) the economic downturn in the airline industry; (iii) default by lessees
under leases causing the Partnership to incur uncontemplated expenses or not to
receive rental income as and when expected; (iv) the continued impact of the
events of September 11, 2001, as well as war or other military involvement by
the U.S. or others in Iraq or other regions, on the aircraft or aircraft
leasing market and on the airline industry; (v) changes in interest rates; (vi)
the timing of asset sales, the prices received by the Partnership for its
assets, and the costs of selling assets, satisfying Partnership liabilities and
contingencies, and dissolving the Partnership; and (vii) legislative or
regulatory changes that adversely affect the value of aircraft. All such
forward-looking statements are current only as of the date on which such
statements were made. The Partnership does not undertake any obligation to
publicly update any forward- looking statement to reflect events or
circumstances after the date on which any such statement is made or to reflect
the occurrence of unanticipated events.
DATASOURCE: Airlease Ltd.
CONTACT: Jad Mansour of Airlease Ltd., +1-415-765-1814