TIMCO Aviation Services, Inc. Announces Sale of its Former Headquarters and Warehouse Facility GREENSBORO, N.C., March 31 /PRNewswire-FirstCall/ -- TIMCO Aviation Services, Inc. (BULLETIN BOARD: TMAS) today announced the sale of its former headquarters and warehouse facility located in Miramar, Florida. The proceeds of $26 million were used to repay in full the tax retention operating lease (TROL) obligation associated with the construction of the facility. The remaining proceeds, approximately $0.5 million net of transaction costs, will be used for working capital. TIMCO relocated its headquarters to Greensboro, North Carolina in 2001 and has since been subleasing the Miramar facility. Roy T. Rimmer, Jr., the Company'sChairman and Chief Executive Officer, stated: "With the closing of the sale of the Miramar property, we have resolved the last of our major legacy issues. This transaction further strengthens our balance sheet by eliminating a significant liability." 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 militaryunits 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 to both our MR&O operations and our customers; and TIMCO Engine Center, which refurbishes JT8D engines and performs on-wing repairs for both JT8D and CFM-56 series engine. Visit TIMCO online at http://www.timco.aero/ . This press release contains certain 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 those identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2002, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2003, and those identified below, could adverselyaffect the Company's ability to obtain these results: the Company's ability to continue to generate sufficient working capital from operations to meet its operating requirements and service its indebtedness, the Company maintaining good working relationships with its vendors and customers, competitive pricing for the Company's products and services, the Company's ability to achieve gross margins at which it can be profitable, including margins on services the Company performs on a fixed price basis, competition in the aircraft maintenance, repair and overhaul market and the impact on that market and the Company of the terrorist attacks on September 11, 2001, the state of the domestic passenger airline industry and the financial condition of the Company's airline customers, the Company's ability to attract and retain qualified personnel in its business, utilization rates for its MR&O facilities, the Company's ability to integrate future acquisitions, the Company's ability to effectively manage itsbusiness, economic factors which affect the airline industry, generally including the amount of aircraft maintenance outsourced by various airlines, and changes in government regulations. Certain of these risks are described in the Company's filings with the Securities and Exchange Commission (SEC). Copies of the Company's SEC filings 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 C. Robert Campbell, Executive Vice President & Chief Financial Officer of TIMCO Aviation Services, Inc., +1-336-668-4410 Web site: http://www.timco.aero/

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