DENVER, N.C., March 28, 2019 /PRNewswire/ -- AIR T, INC.
(NASDAQ:AIRT), a diversified holding company organized as a
portfolio of powerful businesses and financial assets that operate
independently yet interrelatedly, today announced the resignation
of Brett Reynolds, its Chief
Financial Officer.
On March 25, 2019, Brett Reynolds, Air T Senior Vice President and
Chief Financial Officer, informed the Company that he expects to
resign his employment with the Company on or about April 12, 2019 to accept a position at another
company. Said Mr. Reynolds, "As a long-time medical device industry
veteran, I have an opportunity to return to the medical device
industry as the CFO of a US-based company that is a leader in laser
micro manufacturing for the life sciences, and which was recently
acquired by a private equity firm as a platform for an
acquisition-driven strategy. As I was intending to remain
with Air T for the long term, it is with mixed feelings that I make
this decision. I will always fondly remember my time at Air T and
will be cheering on the Company as it continues to execute and
grow." Nick Swenson, Air T Chairman
and CEO, said: "We are disappointed to see Brett leave, but
understand the uniqueness of the opportunity in front of him; we
thus fully support his decision and wish him well."
The Board of Directors has retained an executive search firm and
has commenced a search for Mr. Reynold's successor. The Company's
Chief Accounting Officer, Candice
Otey, will continue as Chief Accounting Officer.
ABOUT AIR T, INC.
Established in 1980, AIR T, INC. is
a powerful portfolio of businesses and financial assets, each of
which operate independently yet interrelatedly. The Company's four
core segments are: overnight air cargo, aviation ground support
equipment manufacturing, aviation ground support maintenance
services, and commercial aircraft asset management and logistics.
Our ownership interests are designed to expand, strengthen and
diversify AIR T, INC.'s cash earnings power. Our goal is to build
on AIR T, INC.'s core businesses, and when appropriate, to expand
into adjacent and other industries that we believe fit into the AIR
T, INC. portfolio. For more information, visit www.airt.net.
Forward-Looking Statements
Statements in this press
release, which contain more than historical information, may be
considered forward-looking statements (as such term is defined in
the Private Securities Litigation Reform Act of 1995), which are
subject to risks and uncertainties. Actual results may differ
materially from those expressed in the forward-looking statements
because of important potential risks and uncertainties, including,
but not limited to, the risk that contracts with major customers
will be terminated or not extended, future economic conditions and
their impact on the Company's customers, the Company's ability to
recover on its investments, including its investments in Delphax
and other recently acquired companies, the timing and amounts of
future orders under the Company's Global Ground Support
subsidiary's contract with the United States Air Force, and risks
and uncertainties related to business acquisitions, including the
ability to successfully achieve the anticipated benefits of the
acquisitions, inflation rates, competition, changes in technology
or government regulation, information technology disruptions, and
the impact of future terrorist activities in the United States and abroad. A
forward-looking statement is neither a prediction nor a guarantee
of future events or circumstances, and those future events or
circumstances may not occur. The Company is under no obligation,
and it expressly disclaims any obligation, to update or alter any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE Air T, Inc.