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Global Aircraft Solutions Provides Update on Status of JetglobalSettlement Agreement

Aug 30, 2007 08:30:39 (ET)


TUCSON, AZ, Aug 30, 2007 (MARKET WIRE via COMTEX) -- Global Aircraft Solutions, Inc. (GACF, Trade ) today announced that BCI Aircraft Leasing, Inc. has confirmed that on or before September 20, 2007, BCI will transfer clear title to Global of the sixth and final aircraft specified in the settlement agreement between BCI and Global.

BCI also advised Global that BCI has been notified by Delta that Jetglobal's claim in the Delta bankruptcy has been approved in an amount of approximately $9.1 million. Under the terms of the settlement agreement between BCI and Global, Global will receive 18% of the bankruptcy claim, or approximately $1.6 million. BCI stated that Delta is expected to pay out this claim by the end of October 2007.

In a related manner, the senior lender on two 737-300 input by BCI for maintenance at Hamilton Aerospace has provided Global written notice that it has assumed all interest in and rights to those two aircraft. Global and the senior lender are now in discussion to arrange for payment in full of the approximately $1.9 million due for maintenance work provided by Hamilton Aerospace on the two above referenced 737-300 aircraft. Global anticipates delivering the two aircraft and receiving payment for the outstanding balance within 30 days.

John Sawyer, President of Global Aircraft Solutions, commented, "We have taken this step of updating the public on the status of our Jetglobal settlement agreement and the resolution of our outstanding receivables with BCI because of the importance of these issues to our company and our investing public. In view of these recent developments, I believe that we are now very close to completing a satisfactory resolution to our business relationship with Jetglobal and BCI."

About Global Aircraft Solutions

Global Aircraft Solutions provides parts support and maintenance, repair and overhaul (MRO) services for large passenger jet aircraft to scheduled and charter airlines and aviation leasing companies. Hamilton Aerospace and World Jet, both divisions of Global Aircraft Solutions, operate from facilities comprising about 25 acres located at Tucson International Airport. These facilities include hangars, workshops, warehouses, offices and other buildings. Notable customers include Avolar Airlines, Jetran International, Goodrich Corporation, AAR, the Mexican Presidential Fleet, Azteca Airlines, Pegasus Aviation, Aloha Airlines, Alant Soyuz, United Breweries Holdings and Global Aircraft Leasing Partners.

Global's website is located at www.globalaircraftsolutions.com . The Hamilton Aerospace website is located at www.hamaerotech.com .

Except for the historical information presented, this press release contains "forward-looking statements" made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 or regulations thereunder including, but not limited to expected and estimated revenue and earnings. Forward-looking statements are made based upon management's expectations and belief concerning future developments and their potential effect upon the Company. There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management.

The words "believes," "expects," "intends," "plans," "anticipates," "hopes," "likely," "will," and similar expressions identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company or its subsidiaries or industry results, to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. These risks include the economic health of the airline industry, demand for Global Aircraft Solutions' services, and competitive pricing pressures.

In addition, other risks are detailed in Global's Form 10-K for the year ended December 31, 2006, Global's Form 10-Q for the quarter ended March 31, 2007, and Global's 10-Q for the quarter ended June 30, 2007. These statements speak only as of above date, and Global disclaims any intent or obligation to update them.


Contact:

Global Aircraft Solutions
Ian Herman
[phone]
Email Contact
or
Alliance Advisors, LLC
Alan Sheinwald
914-669-0222
Email Contact




SOURCE: Global Aircraft Solutions, Inc.