Air Industries Group, Inc. Announces Acquisition
BAY SHORE, NY -- (Marketwired) -- 07/01/13 -- Air Industries Group,
Inc. (NYSE MKT: AIRI) (Air Industries or the Company) announced today
that it has acquired certain assets and the business of Decimal
Industries (Decimal) of Copiague, Long Island, New York.
Decimal is a long established Long Island based manufacturer of
aerospace components whose customers include major aircraft component
suppliers. Decimal specializes in aerostructure products including
welded and brazed chassis structures housing electronics, radars, and
avionics in aircraft. Decimal's business will become a division of
the Company's Welding Metallurgy, Inc (WMI) subsidiary.
The two principals of Decimal will join Air Industries to aid in the
transition. Decimal's current facility has been leased for one year.
It is anticipated that the Decimal operations will be relocated to
the Company's facility in Hauppauge, New York.
As part of the Decimal acquisition Air Industries also agreed with
PNC Bank to restate and amend its loan agreement. This amendment
reduces the interest charged by PNC on both the Revolving Credit Line
and Term Loan.
Mr. Peter Rettaliata, Chief Executive Officer of Air Industries,
commented: "The acquisition of Decimal Industries brings important
strategic benefits to our Welding Metallurgy subsidiary. Since
becoming part of Air Industries in 2007, WMI has evolved from a
provider of welding services to a manufacturer of aircraft
aerostructures, ground support equipment and complex tubing
assemblies. The acquisition of Decimal brings new and complementary
technical capabilities, new product lines and strategically important
new customers to WMI.
"Revenue at WMI has increased 375% from approximately $4.0 in 2008 --
the first full year as part of Air Industries -- to nearly $15
million in 2012. We are hopeful that the acquisition of Decimal's
business will further accelerate this growth."
For additional information, please call 631.881.4913 or
ABOUT AIR INDUSTRIES GROUP, INC.
Air Industries Group, Inc. (NYSE MKT: AIRI) is an integrated
manufacturer of precision components and provider of supply chain
services for the aerospace and defense industry. The Company has over
50 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
Air Industries Group, Inc.
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