TAT Technologies Ltd. Announces
Exercise of Option to Purchase Additional Shares of Bental
GEDERA, Israel, March 11, 2009,
/PRNewswire-FirstCall/ TAT Technologies Ltd. (Nasdaq:
TATTF
News
) today announced that its Board of Directors has approved the exercise of the
Companys option to purchase an additional 18% of the outstanding shares of Bental
Industries Ltd. (Bental) for the amount of approx. USD 2.3 Million, effective
no later than March 31, 2009. The Company currently holds 52% of Bental, and upon the
exercise of the option, the Company will hold 70% of Bental.
About Bental Industries
Ltd.
Bental specializes in innovative
motion technologies for military and aviation purposes. It was established in 1983 and has
approximately 140 employees. Bental is the leading supplier in its field to Israels
defense industries. Bentals also sells its products to military aerospace and
industrial companies worldwide.
About TAT Technologies
Ltd.
TAT Technologies Limited provides a
variety of services and products to the aerospace industry under three operational
segments: (i) OEM products (ii) MRO services and (iii) parts, each with the following
characteristics:
Our OEM activities primarily relate
to the manufacture and sale of a broad range of heat transfer components (such as heat
exchangers, pre-coolers and oil/fuel hydraulic coolers) used in mechanical and electronic
systems on-board commercial, military and business aircraft. We also manufacture and sell
other environmental control and cooling systems and a variety of other electronic and
mechanical aircraft accessories and systems such as pumps, valves, power systems and
turbines.
Our MRO services include the
remanufacture, overhaul and repair of heat transfer equipment and other aircraft
components, APUs, propellers and landing gear. Our Limco-Piedmont subsidiary operates four
FAA certified repair stations, which provide aircraft component MRO services for airlines,
air cargo carriers, maintenance service centers and the military.
Our parts segment focuses on the sale
of APU parts propellers and landing gear. We offer parts services for commercial, regional
and charter airlines and business aircraft owners.
Safe Harbor for
Forward-Looking Statements
This press release contains
forward-looking statements that are subject to risks and uncertainties. Factors that could
cause actual results to differ materially from these forward-looking statements include,
but are not limited to, general business conditions in the airline industry, changes in
demand for our services and products, the timing and amount or cancellation of orders, the
price and continuity of supply of component parts used in our operations, and other risks
detailed from time to time in the Companys filings with the Securities and Exchange
Commission. These documents contain and identify other important factors that could cause
actual results to differ materially from those contained in our projections or
forward-looking statements. Stockholders and other readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the date on
which they are made. We undertake no obligation to update publicly or revise any
forward-looking statement.
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
|
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TAT TECHNOLOGIES LTD.
(Registrant)
By: /s/ Shmuel Fledel
Shmuel Fledel
Chief Executive Officer
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Date: March 11, 2009
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