Air Industries Group, Inc. Announces New Multi-Year Agreement
Air Industries Group, Inc. Announces New Multi-Year Agreement With Sikorsky Aircraft
BAY SHORE, NY -- (Marketwire) -- 10/24/12 -- Air Industries Group, Inc. (PINKSHEETS: AIRI) announced today that its Air Industries Machining subsidiary has received a new multi-year agreement (MY-8) from Sikorsky Aircraft Corp. The new MY-8 agreement covers up to approximately $83 million of production over a five-year period through 2017.
Mr. Peter Rettaliata, Chief Executive Officer of Air Industries Group, commented: "Sikorsky Aircraft has for many years been Air Industries Machining's largest customer, and we are gratified by this new multi-year agreement. We are particularly pleased that this new agreement expands and adds some additional new products to be produced. I would like to congratulate all the employees of Air Industries Machining for successfully negotiating this new agreement."
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ABOUT SIKORSKY AIRCRAFT
Sikorsky Aircraft Corporation, based in Stratford, Conn., is a world leader in helicopter design, manufacture, and service. It is a subsidiary of United Technologies Corp., which is based in Hartford, Conn., and provides a broad range of high-technology products and support services to the aerospace and building systems industries.
ABOUT AIR INDUSTRIES GROUP, INC.
Air Industries Group, Inc. (PINKSHEETS: AIRI) is an integrated manufacturer of precision components and provider of supply chain services for the aerospace and defense industry. The Company has over 35 years of experience in the industry and has developed leading positions in several important markets that have significant barriers to entry. With embedded relationships with many leading aerospace and defense prime contractors, the Company designs and manufactures structural parts and assemblies that focus on flight safety, including landing gear, arresting gear, engine mounts and flight controls. Air Industries Group also provides sheet metal fabrication, tube bending, and welding services.
Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, the ability to realize firm backlog and projected backlog, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company's control The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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