JetStar Asia Selects TIMCO
November 02 2004 - 5:10PM
PR Newswire (US)
JetStar Asia Selects TIMCO Reflects Brice's Consistent Performance
in Region GREENSBORO, N.C., Nov. 2 /PRNewswire-FirstCall/ -- TIMCO
Aviation Services Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS) announced
today that Singapore-based JetStar Asia awarded TIMCO's subsidiary,
Brice Manufacturing Company (Brice), with reconfiguration for a new
economy seat program that includes more than 20 shipsets to
accommodate new Airbus A320 aircraft. This low-cost Asian carrier
is a partnership between Temasek Holdings, Qantas Airways and two
Singaporean investors, with Qantas holding a 49 percent share. The
new contract follows the selection of new Brice seating by Air New
Zealand, Air Asia and JetStar Australia, reflecting the growing
market acceptance of TIMCO products in the region. Gil West,
President and COO of TIMCO, said the company's continuing strong
performance with the JetStar Australia program was a significant
factor in gaining the JetStar Asia business. "Brice Manufacturing
has become a world leader in commercial aircraft seat
manufacturing, seating components, and seat modification and
refurbishment services, and is now the seating vendor of choice for
more than 30 airlines." 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 specialize 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/ . Launched by Qantas
Airways, JetStar Asia serves the Singapore market. 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, Senior Vice President-Business Development of TIMCO
Aviation Services Inc., +1-336-665-2521 Web site:
http://www.timco.aero/
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