Pemco Aviation Group Announces OKAY Airways Conversion Program
September 19 2006 - 9:15AM
Business Wire
Pemco Aviation Group, Inc. (NASDAQ: PAGI) announced today that its
Dothan, Alabama facility, Pemco World Air Services, Inc., has
entered into a contract with OKAY Airways Co. Ltd. of Beijing, PRC
and DB Equipment Leasing, Inc., a division of Deutsche Bank, to
convert two B-737-300 aircraft from passenger to freighter
configuration. The conversions will take place at Jinan, China in
cooperation with Pemco's partner, STAECO. The inductions will take
place immediately and redelivery to OKAY Airlines is scheduled for
late December, 2006. Ron Aramini, President and Chief Executive
Officer of Pemco Aviation said, "We are very pleased to have been
selected by OKAY and Deutsche Bank to perform these conversions.
This contract affirms once again the quality, service and
cost-effectiveness provided to our Chinese customers by our
partnership in China with STAECO. We look forward to working with
OKAY and DB Equipment Leasing on this and other projects." Pemco
Aviation Group, with executive offices in Birmingham, Alabama, and
facilities in Alabama and California, performs maintenance and
modification of aircraft for the U.S. Government and for foreign
and domestic commercial customers. The Company also provides
aircraft parts and support and engineering services, in addition to
developing and manufacturing aircraft cargo systems, rocket
vehicles and control systems, and precision components. For more
information go to www.pemcoaviationgroup.com. This press release
contains forward-looking statements made in reliance on the safe
harbor provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements may be identified by their use of words,
such as "believe," "expect," "intend" and other words and terms of
similar meaning, in connection with any discussion of the Company's
prospects, financial statements, business, financial condition,
revenues, results of operations or liquidity. Factors that could
affect the Company's forward-looking statements include, among
other things: changes in global or domestic economic conditions;
the loss of one or more of the Company's major customers; the
Company's ability to obtain additional contracts and perform under
existing contracts; the outcome of pending and future litigation
and the costs of defending such litigation; financial difficulties
experienced by the Company's customers; potential environmental and
other liabilities; the inability of the Company to obtain
additional financing; material weaknesses in the Company's internal
control over financial reporting; regulatory changes that adversely
affect the Company's business; loss of key personnel; and other
risks detailed from time to time in the Company's SEC reports,
including its Annual Report on Form 10-K for the fiscal year ended
December 31, 2005. The Company cautions readers not to place undue
reliance on any forward-looking statements, which speak only as of
the date on which they are made. The Company does not undertake any
obligation to update or revise any forward-looking statements and
is not responsible for changes made to this release by wire
services or Internet services.
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