TIMCO Aviation Services, Inc. Announces Extension of Offer of Premium for Early Conversion of Its Outstanding Senior and Junior
March 02 2005 - 7:23AM
PR Newswire (US)
TIMCO Aviation Services, Inc. Announces Extension of Offer of
Premium for Early Conversion of Its Outstanding Senior and Junior
Subordinated Convertible PIK Notes Into Common Stock GREENSBORO,
N.C., March 2 /PRNewswire-FirstCall/ -- TIMCO Aviation Services,
Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS) today announced that in
order to allow holders of its notes sufficient time to complete the
paperwork with respect to the tender offer, the Company has decided
to extend the pending offer to the holders of its 8% senior
subordinated convertible PIK notes due 2006 ("Senior Notes") and to
the holders of its 8% junior subordinated convertible PIK notes due
2007 ("Junior Notes", and collectively with the Senior Notes, the
"Notes") to receive a 15% premium for agreeing to an early
conversion of their Notes into shares of the Company's authorized
but unissued common stock ("Common Stock") for an additional week.
The expiration date for the offer and consent solicitation has been
extended from 5:00 p.m., New York City time, on Tuesday, March 1,
2005, to 5:00 p.m., New York City time, on Tuesday, March 8, 2005.
The complete terms of the offer and consent solicitation remain
unchanged and are contained in the Company's Offering Circular
dated January 26, 2005. As of 5:00 p.m., New York City time, on
March 1, 2005, the Company has received tenders and the related
consents from holders of $58.6 million in aggregate principal
amount of Senior Notes and holders of $4.0 million in aggregate
principal amount of Junior Notes. This press release is not an
offer or solicitation for the early conversion of the Notes into
Common Stock, which can only be made on the terms and subject to
the conditions described in the Tender Offer Statement (including
the Offering Circular, a related letter of transmittal and other
offer documents) filed with the U.S. Securities and Exchange
Commission ("SEC"). The Tender Offer Statement was made available
to all holders of Notes at no expense to them. The Tender Offer
Statement is also available at no charge at the SEC's website at
http://www.sec.gov/ . The Tender Offer Statement contains important
information that should be read carefully before any decision is
made with respect to the offer and consent solicitation. TIMCO
Aviation Services, Inc. is among the world's largest providers of
fully integrated aviation maintenance, repair and overhaul
(MR&O) services for major commercial airlines, regional air
carriers, aircraft leasing companies, government and military units
and air cargo carriers. The Company currently operates four
MR&O businesses: TIMCO, which, with its four active locations
(Greensboro, NC, Macon, GA, Lake City, FL and Goodyear, AZ), is one
of the largest independent providers of heavy aircraft maintenance
services in the world; Aircraft Interior Design and Brice
Manufacturing, which specialize in the refurbishment of aircraft
interior components and the manufacture and sale of aftermarket
parts and new aircraft seats; TIMCO Engineered Systems, which
provides engineering services both to our other MR&O operations
and to our customers; and TIMCO Engine Center, which refurbishes
JT8D engines and performs on-wing repairs for both JT8D and CFM-56
series engines. Visit TIMCO online at http://www.timco.aero/ . This
press release contains forward-looking statements. Forward-looking
statements involve known and unknown risks and uncertainties, which
may cause the Company's actual results in future periods to differ
materially from forecasted results. A number of factors, including
satisfaction of the conditions to completion of the tender offer
contained in the Tender Offer Statement and those identified in the
Company's Annual Report on Form 10-K for the year ended December
31, 2003 and its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2004, could adversely affect the Company's
ability to obtain these results. Copies of the Company's filings
with the U.S. Securities and Exchange Commission are available from
the SEC or may be obtained upon request from the Company. The
Company does not undertake any obligation to update the information
contained herein, which speaks only as of this date. DATASOURCE:
TIMCO Aviation Services, Inc. CONTACT: Roy T. Rimmer, Jr., Chairman
& Chief Executive Officer, or Fritz Baumgartner, Vice President
and Corporate Controller, or Kevin Carter, Vice President -
Planning and Treasurer of TIMCO Aviation Services, Inc.,
+1-336-668-4410 Web site: http://www.timco.aero/
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