Fields Aircraft Spares Completes Acquisition of Skylock Industries Incorporated for $1.35 Million
SIMI VALLEY, Calif.--(BUSINESS WIRE)--May 18, 1998--Fields Aircraft Spares, Inc. (NASDAQ:FASI - news) announced today that it has completed the acquisition of Skylock Industries Incorporated, a Monrovia, CA-based designer and manufacturer of hardware and retaining devices for aircraft cabin interiors.
All of Skylock's outstanding capital stock was purchased for $750,000 in cash and 60,000 shares of stock. Eighty percent of the purchase price was paid at closing and the remaining 20% is based on performance. In addition, Fields retired approximately $100,000 of Skylock debt.
Dale Short, current president of Skylock, will retain that position. This acquisition marks the second acquisition for Fields in 1998. In January, the company closed the acquisition of Van Nuys, CA-based Flightways Manufacturing, Inc., a manufacturer of high-quality plastic replacement components for commercial aircraft seats and interiors.
Mr. Alan Fields, President of the company, said, ''We are very pleased to have finalized our previously announced acquisition of Skylock. It not only follows our growth strategy, but allows us to further our foothold in the manufacturing side of the aircraft cabin interior parts business.''
Commenting on the Company's acquisition strategy, Mr. Fields added, ''Skylock is the second in a series of acquisitions that we expect to drive our growth and position Fields Aircraft as one of the premier manufacturers and distributors of aircraft cabin interior replacement parts in the country. We continue to aggressively search for other aircraft cabin interior parts manufacturers to acquire, and, as previously announced, are already in discussions with several other companies.''
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, Inc., through its wholly owned subsidiaries Fields Aircraft Spares Incorporated, Fields Aero Management, Inc. and Flightways Manufacturing, Inc., is a manufacturer and a leading distributor of aircraft cabin interior replacement products and is a redistributor 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 at fieldsair.com.
Statements in this news release that relate to future plans, financial results or projections, events or performance 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 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, including the ability to complete contemplated acquisitions and to successfully combine the businesses, 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. |
