U.S. Aerospace, Inc. and AVIC International Holding Corporation Enter into Strategic Cooperation Agreement
September 20 2010 - 8:30AM
Business Wire
U.S. Aerospace, Inc. (OTCBB: USAE), a U.S. aerospace and defense
contractor, today announced that the Company has entered into a
Strategic Cooperation Agreement with Supply Chain Management &
Procurement of AVIC International Holding Corporation (AVIC) of
China. The agreement sets forth a framework for collaborating in
the manufacture, importing and exporting of aircraft components and
equipment. It is anticipated that the parties will bid on at least
US $100 million in potential orders in the first year.
Under the agreement, the Company will provide AVIC with
potential projects on which the parties can jointly bid, or
specifications for aircraft parts and components to be manufactured
by AVIC for the Company or its customers. AVIC will supply all
personnel, materials, facilities and other resources necessary to
perform the work. Minimal annual delivery values are set through
2015.
In addition, the parties have agreed to negotiate in good faith
to invest together in the United States, including the purchase of
manufacturing facilities, and for AVIC to invest in the Company,
including the potential purchase of USAE stock.
“Building long-term relationships with leading international
aircraft manufacturers like AVIC greatly enhances our production
and pricing capabilities,” commented Michael C. Cabral, President
of U.S. Aerospace, Inc. “Partnering with AVIC advances our ability
to bid for, secure and perform work we have previously turned away
or did not pursue. Increased globalization and international
cooperation will benefit both companies and all of their
stakeholders.”
About AVIC International Holding Corporation
AVIC International Holding Corporation, based in Beijing, China,
is a comprehensive multinational platform that owns 6 listed
companies and 60 international offices with businesses in world
aviation, commercial aircraft sales and service, international
cooperation and subcontract production, global tendering and
bidding, and many other areas. AVIC brings to bear the powerful
manufacturing capabilities of the China aviation industry and over
30 years of aircraft manufacturing and sales experience. AVIC’s
accumulated import and export trade volume exceeds US $40
billion.
About U.S. Aerospace, Inc.
U.S. Aerospace, Inc. is a publicly-traded aerospace and defense
contractor based in Southern California. The Company is an emerging
world-class supplier on projects for the Lockheed Martin
Corporation (NYSE: LMT - News), L-3 Communications Holdings, Inc.
(NYSE: LLL - News), the Middle River Aircraft Systems subsidiary of
General Electric Company (NYSE: GE - News), and other aerospace
companies, commercial aircraft manufacturers and prime defense
contractors. The Company supplies aircraft assemblies, structural
components and highly-engineered, precision-machined details for
commercial and military aircraft. The Company has offices and
production facilities in Rancho Cucamonga, California.
For further information please visit the Company’s website at
http://www.USAerospace.com.
Forward Looking Statements
Except for statements of historical fact, the matters discussed
above are forward looking and made pursuant to the Safe Harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect numerous assumptions and
involve a variety of risks and uncertainties, many of which are
beyond the Company's control, may cause actual results to differ
materially from stated expectations. These risk factors include,
among others, dependence on its key suppliers and international
partners, limited capital resources, intense competition,
government regulation, complications and risks related to bidding
on government contracts, and difficulty in aerospace product and
parts manufacturing; as well as additional risks factors discussed
in the reports filed by the Company with the Securities and
Exchange Commission, which are available on its website at
http://www.sec.gov. Except as required by law, the Company
undertakes no obligation to update any information.
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