GLDS - Air Industries Announces $4.1 Million Order From Goodrich Division for Airbus A380 Landing Gear Parts
Jul 12, 2007 10:43:00 AM
Copyright Business Wire 2007
BAY SHORE, N.Y.--(BUSINESS WIRE)--
Air Industries Group, Inc. (OTCBB: GLDS) (formerly Gales Industries), a holding company established to consolidate manufacturers, engineering integrators and specialized service providers to the aerospace/defense industry, today announced that its wholly-owned operating subsidiary, Air Industries Machining Corp. (AIM), received orders totaling $4.1 million from Goodrich Aerospace Canada Ltd, a Landing Gear division of Goodrich Corporation (NYSE: GR). The orders are for Landing Gear Drag Strut Assemblies on the Airbus A380 aircraft. These orders are incremental contractual releases against a long term agreement announced earlier in the year.
"Today's announcement highlights continued important and sizeable awards for AIM as a supplier of critical aircraft parts," said Peter Rettaliata, Chief Executive Officer of Air Industries Group. "Our recent contract awards reflect our strengthened position within the supply chain supporting the world's leading commercial aircraft builders. Furthermore, we have markedly progressed in our overarching business pursuits of internally generated revenue growth and diversification for our manufacturing platform."
The A380 is a double-deck, four-engine airliner manufactured by Airbus Corporation, a division of European Aeronautic Defence and Space Company EADS N.V. (EADS). Hailed as Airbus' 21st century flagship, the A380 Aircraft Family introduces a new era of airline transportation, carrying 525 passengers aboard the most advanced, spacious and efficient aircraft ever conceived, according to the company. Designed as the largest passenger airliner in the world, the A380 has been modified as a freighter plane for commercial cargo shipments. The jetliner has a maximum takeoff weight of 590 metric tons (1,300,000 lbs.) and a range of 15,200 km/8,200 nm. The A380's maiden flight was on April 27, 2005 from Toulouse, France. Since its introduction, a total of 165 A380 airplanes have been ordered to date.
Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to the aerospace, defense and homeland security markets. With annual revenues of $5.9 billion, Goodrich is headquartered in Charlotte, North Carolina, and employs more than 23,000 people worldwide in over 90 facilities across 16 countries.
Goodrich Landing Gear is the leading producer of aerospace landing gear components, assemblies and associated hydraulic systems. Its production of world class landing systems is based largely on a network of approved purchased product suppliers, including Air Industries Machining Corp., located throughout the world. These suppliers have been selected and approved based on their ability to meet Goodrich Landing Gear's highest standards in supplier quality systems and product. The Landing Gear Division supports commercial, military, regional and business customers throughout the world. Customers include Boeing Commercial and Military, Lockheed-Martin, Airbus, Bombardier, Gulfstream, Agusta, Sikorsky and the United States government.
ABOUT AIR INDUSTRIES GROUP, INC.
Air Industries Group, Inc. (OTCBB: GLDS) (formerly Gales Industries) is a holding company established to consolidate manufacturers, engineering integrators and specialized service providers to the aerospace/defense and commercial aviation industries. The Company is focused on flight safety and other critical componentry. Consolidation opportunities include companies operating within highly synergistic disciplines of manufacturing, technical services and strategic products distribution. The Company's strategy is to execute its consolidation principally amongst middle market aerospace/defense subcontractors. Air Industries Group offers a tailored exit strategy or management continuity strategy in exchange for qualified acquisitions, and targets technically superior organizations with revenues of up to $100 million annually. Information on the Company and its products may be found online at www.airindmc.com.
Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, firm backlog, projected backlog, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates, projections and forecasts made by management with respect to the Company's critical accounting policies, firm backlog, projected backlog, regulatory delays, government funding and budgets, matters pertaining to potential and pending acquisitions subject to and after closings, and other factors, including results of financial audits and general economic conditions, not within the Company's control. Certain of the Company's forward looking statements, with the projected backlog in particular, are formulated based on management's extensive industry experience and understanding and assessment of industry trends, customer requirements, and related government spending. Projected backlog may be subject to variability and may increase or decrease at any time based on a variety of factors, including but not limited to modifications of previously released orders, acceleration of orders under general purchase agreements, etc. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Source: Air Industries Group, Inc.
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Darrow Associates
Inc.
Jordan M. Darrow
631-367-1866
jdarrow@darrowir.com
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