Fields Aircraft Spares Signs Letter of Intent to Acquire Flightways Manufacturing Inc.
SIMI VALLEY, Calif--(BUSINESS WIRE)--Jan. 7, 1998--Fields Aircraft Spares Inc. (NASDAQ:FASI - news) Wednesday announced that it has signed a Letter of Intent, subject to entering into definitive agreement and completion of due diligence, to acquire Flightways Manufacturing, Inc., a Van Nuys, Calif.-based manufacturer of high- quality plastic replacement components for commercial aircraft seats and interiors.
Terms of the deal were not disclosed, however, the deal will include a cash payment plus the assumption of debt.
Alan Fields, president of Fields Aircraft, stated, ''We are very pleased to be aligning ourselves with such a high-quality, complementary company as Flightways. Their reputation and track record are solid, they provide Fields with access to a wider client base, and we see the firm as a perfect fit for our firm. Signing this letter of intent is consistent with our strategy to acquire quality growth companies in the aircraft replacement part business.''
Chris Luhnow, president of Flightways, added, ''I strongly believe that this proposed deal manifests the strength of both firms. The transaction will allow us to continue providing quality products at low prices, as well as the shortest lead times in the industry. In short, the alignment with Fields should serve to grow our business more.''
Founded in 1991, Flightways manufactures and repairs high quality plastic replacement components for commercial aircraft seats and interiors. Flightways serves a growing list of customers, including the majority of U.S. domestic airlines as well as an increasing number of international carriers. Seating components include: foodtrays, latches, shrouds, panel armcaps, bumper strips and escutcheons. Other aircraft components are for aircraft lavatories, galleys, cockpits, windows and overhead units and a variety of other subassemblies. Finally, through its repair station (FAA Repair Station No. UFWR486L), Flightways overhauls and repairs seats, seating components, carts and modules.
Fields Aircraft Spares Inc., through its wholly owned subsidiaries Fields Aircraft Spares Incorporated and Fields Aero Management Inc., is a leading distributor of aircraft cabin interior replacement products and is a broker for a wide variety of factory new parts applicable to various commercial aircraft models and manufacturers.
Additional information about Fields, including access to copies of its periodic filings with the Securities and Exchange Commission, is available on the company's Web site: fieldsair.com .
Statements in this news release that relate to future plans, financial results or projections, events or performance, including statements with respect to future business potential and the effects of the contemplated acquisition are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Such statements are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such forward-looking statements as a result of a number of factors, including but not limited to the successful completion of the acquisition of Flightways, the ability to successfully combine the businesses, competitive factors and pricing pressures, ability to obtain necessary capital or financing, the price and availability of aircraft parts and other materials, successful execution of the company's expansion plans, failure to maintain existing customer or vendor relationships, shifts in market demand, general economic conditions and other risks and uncertainties discussed in periodic reports filed by the company with the Securities and Exchange Commission and which the company urges investors to consider.
Copies of filed reports may be requested from the company or obtained from the company's Web site.
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Contact:
Fields Aircraft Spares Inc., Simi Valley
Alan Fields, 805/583-0080
or
Coffin Communications Group, Sherman Oaks
Michael S. Manahan, 818/789-0100 |
