BURLINGAME, Calif.,
Feb. 9, 2015 /PRNewswire/ --
AeroCentury Corp. (NYSE MKT: ACY), an independent aircraft leasing
company, today announced the addition of David P. Wilson to its Board of Directors.
"Dave Wilson brings over thirty
years of aircraft finance and trading experience to the Board,"
said Neal D. Crispin, President and
Chief Executive Officer. "We are pleased to have Dave join
AeroCentury."
After 21 years, Wilson retired in 2014 from GECAS, one of the
world's largest aircraft leasing companies, where he was Senior
Vice President, focusing on asset sales and aircraft
securitizations to a worldwide investor base. Prior to
joining GECAS, Wilson was in Citicorp's equipment finance and
leasing division. He started his career with the public
accounting firm of Ernst & Young.
Wilson received a Bachelor's Degree in Accounting and Finance
from Boston College and a MS/MBA in
Finance from Drexel University.
"Dave's vast experience and industry knowledge will be valuable
to the Board. He is joining AeroCentury at a time when the
Company is successfully implementing its strategy to upgrade its
aircraft portfolio, having added two new regional jet aircraft
types and one new turboprop aircraft type while recently selling,
or writing down with the intention of selling, older
aircraft. The Company's aircraft that are being held for sale
constitute 3% of the current book value of our portfolio," said
Neal Crispin. "The average age
of the Company's leasing portfolio today is about 13 years, having
decreased 28% from about 18 years in January 2014. In
addition, the average remaining lease term for the portfolio today
is approximately 60 months, having increased 67% in the last 12
months from approximately 36 months."
AeroCentury is an aircraft operating lessor and finance company
specializing in leasing regional aircraft and engines utilizing
triple net leases. The Company's aircraft and engines are
leased to regional airlines and commercial users worldwide.
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SOURCE AeroCentury Corp.