Air T, Inc. Announces Business Expansion
MAIDEN, N.C., Oct. 8 /PRNewswire-FirstCall/ -- Air T, Inc. (Air T)
(Nasdaq: AIRT) today announced the formation of Global Aviation Services,
LLC (GAS), a new wholly owned subsidiary. The formation of GAS is a result
of a major expansion of the Ground Support Equipment (GSE) maintenance
services business sector of the company. GAS is finalizing a three (3) year
maintenance services contract with Northwest Airlines (NWA). Under that
arrangement, GAS will be providing ground support equipment services and
facility maintenance services at a number of locations, including Memphis,
TN, and will initially employ over 50 mechanics.
Walter Clark, Chairman and Chief Executive Officer of the Company,
commented, "We look at this expansion as the logical next step in moving
our company forward. We are adding a line of business that complements both
of our existing lines of business. We are delighted to be entering this
arrangement with Northwest Airlines and look forward to a long and mutually
rewarding partnership with them."
The Company operates in two business segments. 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 (MAC) and CSA, Air subsidiaries currently operate a
fleet of single and twin- engine turbo-prop aircraft nightly in the eastern
half of the United States, Puerto Rico and the Caribbean Islands. Air T's
GSE operations, including its Global Ground Support subsidiary, manufacture
and service aviation support and other specialized military and industrial
equipment and 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 the terms of the final arrangements, if any, with NWA will differ from
terms previously discussed, including the scope of services to be provided
by GAS, any such contracts may be terminated or not extended, and future
economic conditions, inflation rates, competition, changes in technology or
government regulation may impact GAS business and operations. 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.
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