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Renegade Venture's Subsidiary, Hamilton Aerospace, Announces the Purchase and Sale of Two Boeing 737 Aircraft
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28 September 2004, 5:57pm ET
TUCSON, Ariz.--(BUSINESS WIRE)--Sept. 28, 2004--Renegade Venture (NEV.) Corp. (OTCBB:RDVN.OB) today announced that its wholly owned subsidiary, Hamilton Aerospace Technologies, purchased two former US Airways Boeing 737-2B7 aircraft from Jetran International. Hamilton Aerospace concurrently announced the sale of the aircraft to Teebah Airlines, a Jordanian company.
Hamilton Aerospace is also carrying out major maintenance on the aircraft ("HMV" checks), together with the refurbishment, integration and painting of the aircraft in the livery of the new Iraqi Airways, the flag carrier of Iraq. The maintenance work required to place these aircraft in service exceeds $1,200,000, which Hamilton Aerospace expects to book in the third and fourth quarter. This revenue was already part of our previous financial guidance.
John Sawyer, Renegade and Hamilton president, stated, "We are very honored and excited to have this opportunity, through the auspices of Teebah Airlines, to be able to play a role in the rebuilding of Iraq's national airline. We are hopeful that this is the beginning of a long and fruitful relationship between Hamilton Aerospace, Teebah Airlines and Iraqi Airways."
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General Manager of Teebah Airlines Othman Al-Absi said, "We are pleased to have found in Hamilton Aerospace a full-service facility capable of assisting us to identify aircraft, evaluate them, purchase them, and then perform the maintenance and modification services to configure the aircraft for service by Teebah Airlines or any other end user we may be involved with."
About Renegade Venture
Through its Hamilton Aerospace and World Jet subsidiaries, Renegade 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 operate from adjacent facilities comprising about 30 acres located at Tucson International Airport. These facilities include hangars, workshops, warehouses, offices and other buildings. Notable customers include United Parcel Service, Falcon Air Express, Jetran International, Goodrich Corp., AAR, National Jet Systems, Pemco, San Antonio Aerospace, Pegasus Aviation, Northern Air Cargo and Asia Pacific Airlines.
Renegade's member Web site is located at www.renegadeventurecorp.com . The Hamilton Aerospace Web site is located at www.hamaerotech.com .
Except for the historical information presented, the above statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 or regulations thereunder. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. These risks include the economic health of the airline industry, demand for Hamilton Aerospace's services, and competitive pricing pressures. In addition, other risks are detailed in Renegade's Form 10-KSB filed on April 15, 2003. These statements speak only as of above date, and Renegade disclaims any intent or obligation to update them.
CONTACT: Renegade Venture Corp., Tucson
Gordon Hamilton, 520-294-3481
dhamilton@hamaerotech.com
SOURCE: Renegade Venture Corp
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