Air T, Inc. Announces Receipt of $14.7 Million Order from the United States Air Force
MAIDEN, N.C., Feb. 6 /PRNewswire-FirstCall/ -- Air T, Inc. (Nasdaq: AIRT) announced today that its wholly owned subsidiary Global Ground Support, LLC has received an order for 44 mobile deicing trucks to be supplied to the United States Air Force for a total of approximately $14.7 million. The order is pursuant to Global's existing multi-year contract with the Air Force and includes the actual units, shipping costs and training courses associated with the units.
Walter Clark, Air T's CEO, stated that, 'This is outstanding news on the heels of our recent quarterly earnings report. We very much appreciate the Air Force's continued confidence in Global's deicing equipment and services. This delivery order along with our existing backlog will serve us well in the coming months and provide a good foundation for our next fiscal year.'
Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, and manufactures, sells and services aircraft ground support and special purpose industrial equipment. Air T is one of the largest, small-aircraft air cargo operators in the United States. Air T's Mountain Air Cargo and CSA Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft daily in the eastern half of the United States, Puerto Rico and the Caribbean Islands. Air T's ground support operations, including its Global Ground Support and Global Aviations Services subsidiaries, manufacture and service aviation support and other specialized military and industrial equipment, in addition to providing airport facilities maintenance. Global Ground Support is one of the largest providers of deicing equipment in the world.
Statements in this press release, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) which are subject to risks and uncertainties. Actual results may differ materially from those expressed in the forward-looking statements because of important potential risks and uncertainties, including but not limited to the risk that contracts with major customers will be terminated or not extended, uncertainty regarding legal actions involving the Company, future economic conditions, inflation rates, competition, changes in technology or government regulation, and the impact of future terrorist activities in the United States and abroad. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Air T, Inc.
Source: PR Newswire (February 6, 2008 - 4:08 PM EST)
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