Fields Aircraft Spares Signs Letter of Intent to Acquire Skylock Industries Inc.
SIMI VALLEY, Calif--(BUSINESS WIRE)--Feb. 3, 1998--Fields Aircraft Spares Inc. (Nasdaq:FASI - news) Tuesday announced that it has signed a letter of intent, subject to entering into definitive agreement and completion of due diligence, to acquire Skylock Industries Inc., a Monrovia, Calif.-based designer and manufacturer of hardware and retaining devices for aircraft cabin interiors.
Terms of the deal were not disclosed; however, the deal will include a combination of cash and stock.
Alan Fields, president of Fields Aircraft, stated: ''We are very pleased to be complementing Fields with such a quality, established company as Skylock. They are truly experienced in meeting the needs of a wide variety of airlines, aircraft manufacturers and interior suppliers.
''Our customers and suppliers have repeatedly told us that Skylock has the background, skill and knowledge that are necessary to meet the industry's most exacting specifications. Signing this letter of intent furthers our strategic plan to acquire quality companies in the aircraft cabin interior parts manufacturing business.
''Also, the acquisition should create even stronger synergies between our current operations and those of Skylock and the recently acquired Flightways Manufacturing Inc.''
Dale Short, president of Skylock, added: ''We too are excited about the prospects of working as a team with a company of the quality and reputation of Fields. Our being acquired should allow us to expand both our manufacturing operations and our scope. Marrying our strategic relationships with those of Fields should serve to enhance the growth of both of our businesses.''
Since 1974, Skylock Industries has been a leader in the design and manufacture of high-quality hardware and retaining devices for the aircraft industry. Utilizing advanced technologies and manufacturing methods, its support staff works closely in conjunction with its customers to optimize such critical elements as appearance, weight reduction, ease of use and security.
Fields Aircraft Spares, through its wholly owned subsidiaries Fields Aircraft Spares Inc. and Fields Aero Management Inc., is a manufacturer and 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 Skylock, 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.
------------------------------------------------------------------------
Contact:
Fields Aircraft Spares Inc., Simi Valley
Alan Fields, 805/583-0080
or
Coffin Communications Group, Sherman Oaks, Calif.
Michael S. Manahan, 818/789-0100 |
