TIMCO Aviation Services, Inc. Adds James H. Tate to Its Board of Directors
November 29 2004 - 7:30AM
PR Newswire (US)
TIMCO Aviation Services, Inc. Adds James H. Tate to Its Board of
Directors GREENSBORO, N.C., Nov. 29 /PRNewswire-FirstCall/ -- TIMCO
Aviation Services, Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS) today
announced the appointment of James H. Tate to its Board of
Directors. Mr. Tate, age 57, is Senior Vice President and Chief
Financial Officer of Thermadyne Holdings Corporation, a global
manufacturer of cutting and welding products headquartered in St.
Louis, Missouri. Prior to joining Thermadyne in 1993, Mr. Tate was
an audit partner with Ernst & Young. Mr. Tate is also on the
Board of Directors of Joy Global Inc., a worldwide leader in
manufacturing, servicing and distributing equipment for surface and
underground mining. With the addition of Mr. Tate, the Company's
Board now consists of seven members, a majority of whom are
independent directors. Roy T. Rimmer, Jr., Chairman and Chief
Executive Officer of TIMCO, commented: "We are pleased to have Jim
join our Board of Directors. His experience in the senior level
management of a large manufacturing enterprise, as well has his
extensive accounting background, adds significant strength to our
Board." Mr. Tate stated: "I am pleased to become a member of
TIMCO's Board of Directors at this very exciting time in TIMCO's
history. I look forward to working with TIMCO's Board of Directors
and management." 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 September 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, both TIMCO Aviation Services, Inc., +1-336-668-4410 Web
site: http://www.timco.aero/
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