AVGP/AVGPW "Federal Express" contract news. 1.2 mil float:
Monday May 18, 5:06 pm Eastern Time
Company Press Release
SOURCE: Aviation Group, Inc.
Aviation Group, Inc. Unit Receives Three-Year Aircraft
Painting Contract from Federal Express
DALLAS, May 18 /PRNewswire/ -- Aviation Group, Inc. (Nasdaq: AVGP - news and AVGPW - news) announced today the execution of a three-year agreement between its commercial airline painting subsidiary, Pride Aviation Portland and Federal Express, the Memphis, Tennessee-based
overnight package service. This contract, which represents several million dollars in annual revenues to the Company, encompasses potentially all jet aircraft types of Federal Express' fleet of
approximately 600 aircraft. The work will primarily be accomplished at Pride's facility in Portland, Oregon with additional work going to Pride's New Iberia, Louisiana facility.
Paul Lubomirski, President of Pride Aviation, stated, ''The selection by Federal Express is very important to us for a number of reasons. Federal Express is known for running a premier business
thus requiring unsurpassed quality and consistency. Our selection as Federal Express' aircraft painting provider confirms our business objective of being the world's leader in total quality
workmanship. Presently, our facilities are now heavily booked for the next three years and new facilities are under construction to handle additional customer requirements. Pride Aviation continues
to market the additional availability of hangar space on a first come, first served basis'', added Mr. Lubomirski.
''Since Aviation Group acquired Pride Aviation in March 1996, management has successfully increased revenues and profitability while moving Pride away from the dependence upon one major
customer'', said Aviation Group Chairman and CEO Lee Sanders. ''Pride has successfully added Boeing Commercial Airplane Group, Federal Express, Southwest Airlines, Airborne Express, and
US Airways to its growing list of customers in the last two years'', added Sanders.
Aviation Group is a publicly traded holding company based in Dallas, Texas. Aviation Group operates world-class painting facilities through its Pride Aviation subsidiary in New Iberia, Louisiana
and Portland, Oregon. Through its Tri-Star Airline Services division, Aviation Group provides airline ground services to a variety of passenger and freight airlines at airports located across the United
States. Aviation Group operates an aircraft component overhaul and distribution division. The Company's Fixed Base Operations and Airport Management division, through Casper Air Service,
provides fuel, parts, and light maintenance services to general, corporate, and freight aircraft customers. Additional information can be obtained from the Company's website at
www.aviationgroup.com.
Doug RNTK-ISON-AVGPW-SUGN-PLNM-GOTK-HHII-MCIK-MOKA and lots of cash! |
