TIMCO Lands Iberworld Contract
July 30 2004 - 5:36PM
PR Newswire (US)
TIMCO Lands Iberworld Contract Selects Brice Seating for A330-200
GREENSBORO, N.C., July 30 /PRNewswire-FirstCall/ -- TIMCO Aviation
Services Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS) announced that
Iberworld Airlines has recently contracted with its subsidiary,
Brice Manufacturing Company, for interior reconfigurations of its
new Airbus A330-200 aircraft seating. While Brice has delivered
numerous shipsets of narrow-bodied seats for Airbus' customers in
the past, the Iberworld contract marks Brice's first delivery to
Airbus for long-range, wide-body seating aircraft equipment. "As
aircraft OEMs ramp up, Brice is positioned to gain market share in
new seating installations," said Gil West, president and COO of
TIMCO. "Our organization is quickly becoming a world leader in
commercial aircraft seat manufacturing because we can provide
additional value with interior reconfiguration, auxiliary component
design, engineering and manufacturing services. Brice is now the
vendor of choice for more than 30 airlines, and TIMCO's
one-stop-shop approach is gaining momentum in the global
marketplace." Carlos Herrera, vice president and general manager of
Brice, said that more than 12 airline customers have ordered Brice
seats in the first half of 2004, representing a strong vote of
confidence in Brice products and product support. Brice launched
the B1000 economy seat in 1998, and it has been in service onboard
narrow-body aircraft for more than five years. The Brice line
includes nine different models that are certified for use in all
major commercial and military transport aircraft. The delivery
follows Brice's Airbus Catalog Listing earlier this year. TIMCO
Aviation Services Inc. is among the largest providers of fully
integrated aviation maintenance, repair and overhaul (MRO) services
for major commercial airlines, regional air carriers, aircraft
leasing companies, government and military units, and air cargo
carriers. Four locations make TIMCO one of the largest independent
providers of heavy aircraft maintenance MRO services in North
America. Aircraft Interior Design, Inc. and Brice Manufacturing
Company specializes in the refurbishment of aircraft interior
components and the manufacture and sale of PMA parts and new
aircraft seats. TIMCO Engineered Systems, Inc. provides engineering
services to MRO operations and external customers. TIMCO Engine
Center, Inc. refurbishes JT8D engines and performs on-wing repairs
for both JT8D and CFM-56 series engines. Visit TIMCO online at
http://www.timco.aero/ . Iberworld Airlines S.A. provides charter
flights to popular destinations around Europe and in Spain. 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, 2003,
its Quarterly Report on Form 10-Q for the quarter ended March 31,
2004, and those identified below, could adversely affect 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, the Company's ability to
attract and retain qualified personnel in its business, utilization
rates for the Company's MR&O facilities, the Company's ability
to integrate future acquisitions, the Company's ability to
effectively manage its business, economic factors which affect the
airline industry generally and thereby affect our business (since
our customer base consists primarily of airlines and freight
carriers), including the amount of aircraft maintenance being
outsourced, the price of jet fuel and the ongoing war on terrorism,
and changes in government regulations. 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: Jack
Arehart, Executive Vice President of TIMCO Aviation Services, Inc..
+1-336-668-4410, Ext. 2521, or http://www.timco.aero/ Web site:
http://www.timco.aero/
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