ITEM 1
Gedera, Israel, October 19, 2009:
TAT Technologies Ltd. (Nasdaq: TATTF)
today announced that it had signed with one of
its principle suppliers, a leading manufacturer of aviation products and systems, an
extension of their manufacturing and repair license agreement. The signed license
agreement is for the manufacturing of Emergency Power Systems for the F-16 aircraft and is
for 3 year period.
TAT’s President and CEO, Dr.
Shmuel Fledel, remarked that “the Emergency Power Systems manufactured under the
license agreement will be provided to one of TAT’s principle customers with
anticipated revenues of approximately $6M’ over the 3 year period. Additional
activities currently performed may increase total revenues up to approximately $10M’
for that period. The signing of this long term license agreement, demonstrates
again, the reliability and trust between TAT and its customers, as well as further firming
TAT’s market position”.
About the Company
TAT Technologies Ltd. provides a
variety of services and products to the military and commercial aerospace and ground
defense industries through its Gedera facility in Israel, as well as through its
subsidiaries, Bental Industries Ltd., in Israel and Limco – Piedmont, Inc., in the
U.S.
TAT operates under four operational
segments: (i) OEM of Heat Transfer products (ii) OEM of Electric Motion Systems (iii) MRO
services; and (iv) parts services, each with the following characteristics.
TAT’s activities in the area of
OEM of Heat Transfer products primarily relate to the (i) design, development, 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; and (ii) manufacture and sale of
environmental control and cooling systems and (iii) a variety of other electronic and
mechanical aircraft accessories and systems such as pumps, valves, power systems and
turbines.
TAT’s activities in the area of
OEM of Electric Motion Systems primarily relate to the design, development, manufacture
and sale of a broad range of electrical motor applications for airborne and ground
systems. TAT activities in this segment commenced with the acquisition of Bental in August
2008 and accordingly, the results in this segment for fiscal year 2008 are not compared
with the previous years.
TAT’s MRO services include the
remanufacture, overhaul and repair of heat transfer equipment and other aircraft
components, APUs, propellers and landing gear. TAT’s Limco subsidiary operates FAA
certified repair stations, which provide aircraft component MRO services for airlines, air
cargo carriers, maintenance service centers and the military.
TAT’s parts segment focuses on
inventory management and sale of APU parts, propellers and landing gear. TAT offers parts
services for commercial, regional and charter airlines and business aircraft owners.
TAT’s executive offices are
located in the Re’em Industrial Park, Neta Boulevard, Bnei Ayish, Gedera 70750,
Israel, and TAT’s telephone number is 972-8-862-8500.
Safe Harbor for
Forward-Looking Statements
This press release contains
forward-looking statements which include, without limitation, statements regarding
possible or assumed future operation results, synergies, customer benefits, growth
opportunities, financial improvements, expected expense savings and other benefits
anticipated from the merger. These statements are hereby identified as
“forward-looking statements” for purposes of the safe harbor provided by the
Private Securities Litigation Reform Act of 1995. These forward-looking statements involve
risks and uncertainties that could cause our results to differ materially from
management’s current expectations. Actual results and performance can also be
influenced by other risks that we face in running our operations including, 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 company’s filings with the Securities Exchange Commission,
including its registration statement on form F-4, its annual report on form 20-F and its
periodic reports on form 6-K. 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.
SIGNATURES
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, thereto duly authorized.
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TAT TECHNOLOGIES LTD.
(Registrant)
By: /s/
Yaron Shalem
——————————————
Yaron Shalem
Chief Financial Officer
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Date: October 19, 2009
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