Timco Aviation Services, Inc. Adds Leonard Singer to Its Board Of Directors
October 20 2004 - 6:00PM
PR Newswire (US)
Timco Aviation Services, Inc. Adds Leonard Singer to Its Board Of
Directors GREENSBORO, N.C., Oct. 20 /PRNewswire-FirstCall/ -- TIMCO
Aviation Services, Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS) today
announced the appointment of Leonard Singer to its Board of
Directors. Mr. Singer, age 57, is one of the principal owners of
Choir Capital Ltd, a firm that advises multinational financiers and
investors throughout the world on corporate and structured finance
transactions primarily in the aviation finance sector. Prior to
establishing Choir Capital in 1996, Mr. Singer was a managing
director with Citigroup where over a 20-year period he was involved
in many areas of domestic, international and cross border
financing, including a three-year period in which he managed
Citigroup's aviation business. Roy T. Rimmer, Jr., Chairman and
Chief Executive Officer of TIMCO, commented: "We are excited to
have Leonard join our Board of Directors. We believe that his broad
experience in many facets of the aviation industry will be an asset
to our Board and our management as we continue to focus on
improving the products and services that we offer to our
customers." Mr. Singer stated: "I am pleased to become a member of
TIMCO's Board of Directors. TIMCO is a market leader in airframe
heavy maintenance market and is poised to significantly expand its
engine, interiors and line maintenance operations. This is a very
exciting time for TIMCO, and a period of dynamic change for many of
its customers and for the outsourced MR&O industry generally. I
look forward to working with TIMCO's Board of Directors and
management and to helping TIMCO meet the current and future needs
of its customers." 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 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 June 30, 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: Roy T. Rimmer, Jr., Chairman &
Chief Executive Officer, or Gil West, President and Chief Operating
Officer of TIMCO Aviation Services, Inc., +1-336-668-4410 Web site:
http://www.timco.aero/
Copyright