TIMCO Provides Brice Convertible Seating to Luxair and Air Europa Brice Work Leads to Winglet Installations GREENSBORO, N.C., July 30 /PRNewswire-FirstCall/ -- TIMCO Aviation Services Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS) announced that the company's wholly- owned subsidiary, Brice Manufacturing Company, has completed the installation of its convertible seat product on Luxair's new Boeing 737-700 aircraft. TIMCO also announced that Brice will deliver convertible seats to Boeing for line installation on 15 new Air Europa B737-800s beginning next month. Boeing delivered the Luxair aircraft directly to TIMCO's MRO facility in Goodyear, Ariz., where a combined-services contract provided Brice convertible seats and winglet modifications for a one-stop-shop solution. Carlos Herrera, vice president and general manager of Brice, said, "TIMCO is a unique provider of airline support services because it offers a distinctive range of products. As demonstrated by the Luxair program, we can combine Brice seating with our MRO and engineering services divisions to meet dual customer demands under even the tightest time constraints." In addition to aircraft maintenance and modification, TIMCO is an FAA Designated Alteration Station (DAS #5SO) that provides design, engineering and FAA certification services for its in-house programs and on a contractual basis directly to OEMs and aircraft owners and operators. 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/ . Luxair is the national airline of the Grand Duchy of Luxembourg. Today, thanks to its extensive European network, Luxair provides excellent travel opportunities for both business and leisure travelers and plays an important part in the economic development of the Grand Duchy and the neighboring regions of Saar, Lorraine and Rhineland-Palatinate. Air Europa was founded in 1986 and is the airline division of Globalia Corporation. Air Europa's fleet consists of 32 aircraft, all of them latest generation Boeings. 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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