AVIA NEWS RELEASE
Wednesday July 29, 12:59 pm Eastern Time
Company Press Release
SOURCE: Aviation Industries Corporation
Aviation Industries Corporation Agrees To Purchase Business Travel, Inc.
Acquisition of Corporate Travel Firm Valued at $1.2 million
ROSELAND, N.J., July 29 /PRNewswire/ -- Aviation Industries Corporation (OTC Bulletin Board: AVIA - news) today
announced it has entered into a letter of intent to purchase Business Travel, Inc., an Atlanta-based corporate travel
company, in a stock and cash transaction valued at $1.2 million, announced William G. Forhan, chairman and CEO of
Aviation Industries.
The closing is anticipated on August 3.
''This is the first of many acquisitions as we focus on our strategy of expanding our core travel and leisure businesses,'' said
Mr. Forhan. ''The acquisition of Business Travel, Inc. complements our existing operations and further enhances our goal of
expansion and increasing shareholder and corporate value.''
Business Travel, Inc. manages more than 400 national corporate travel accounts. The company, which has 33 employees,
generated sales of $25 million over the past 12 months.
Aviation Industries Corp. holds an equity position in Newark, NJ-based KIWI International Air Lines. The Company is a
newly formed investment concern concentrating its efforts on the regional and charter aviation markets. Earlier this month,
the Company completed its merger agreement with Casino Airlink, the exclusive provider of packaged casino vacation from
five cities in Florida and Atlanta to the Mississippi Gulf Coast. The Company provides non-stop, round-trip jet service,
destination airport transfers, ground handling, 2-3 night deluxe hotel accommodations, nightly buffet and meals and access
to 24-hour gaming and entertainment in the Gulf Coast. Casino Airlink delivered more than 85,000 passengers to the
Mississippi Gulf Coast area via their chartered and scheduled air service last year.
The combined Company will be known as Integrated Marketing Professionals, but the common stock will continue to trade
under Aviation's symbol of ''AVIA.''
For the second quarter ended June 30, 1998, operating profit increased 301 percent to $208,623 on sales of $4.1 million.
For the six month period ended June 30, 1998, net operating income was $709,130 on sales of $8.6 million.
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this
press release other than historical facts are ''forward-looking statements'' within the meaning of the Private Securities
Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors
created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's
actual results could differ materially from expected results.
SOURCE: Aviation Industries Corporation |
