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TIMCO Aviation Services Agrees to be Acquired by HAECO

            TIMCO Aviation Services Agrees to be Acquired by HAECO

Creating One of the World's Largest Airframe MRO Providers and a Leading
Aircraft Interiors Company

PR Newswire

GREENSBORO, N.C., Oct. 23, 2013

GREENSBORO, N.C., Oct. 23, 2013 /PRNewswire/ -- TIMCO Aviation Services
(TIMCO), a leading global provider of aviation maintenance, repair and
overhaul (MRO) services, announced today that a definitive agreement has been
signed for it to be acquired by Hong Kong Aircraft Engineering Company Limited
(HAECO), a leading global aircraft engineering and maintenance services
company based in Hong Kong, for approximately $388.8 million, subject to
closing adjustments. The transaction is expected to close in the first
quarter of 2014.

The acquisition will create one of the world's largest airframe MRO service
providers based on revenues, number of customers and scope of services and
products offered. HAECO and TIMCO together will be able to provide customers
with an enhanced range of capabilities and will be uniquely positioned to
capitalize on significant growth opportunities, particularly in the aircraft
interiors engineering and manufacturing market segments.

"We are delighted to have agreed to join HAECO, a respected and long-standing
leader in our industry with customers that include the top global and U.S.
airlines," said Kevin Carter, Chief Executive Officer of TIMCO. "This
transaction will open the door to new growth going forward. By making an
investment in TIMCO, HAECO is demonstrating its commitment to strengthening
our platform in North America. This exciting and unique opportunity offers
our customers access to a broader and deeper platform of products and services
while better enabling us to seize on current global growth opportunities
related to interiors engineering and manufacturing."

The seller is a company controlled by investment vehicles managed by Owl Creek
Asset Management, L.P., an investment manager based in the U.S., which has
helped TIMCO grow and position itself for the transaction announced today.

"We have long been looking to expand our global presence and are excited that
this acquisition of TIMCO will enable us to unlock exciting growth
opportunities for us globally," said Augustus Tang, Chief Executive Officer of
HAECO. "TIMCO holds a premier standing in the industry and maintains a strong
track record of safety, innovation and customer service. Together, we will
continue our shared focus on exceptional customer service, support of our
local communities and a fundamental commitment to safety."

Over the past 60 years, HAECO has established itself as a global leader in
aircraft engineering and maintenance services, serving many of the same
leading global customers as TIMCO, including many U.S. airlines. HAECO
combines a full range of MRO services, primarily for widebody jets, with an
established interior and exterior installation business. It currently has
facilities in Hong Kong, Mainland China and Singapore. HAECO holds approvals
from 26 regulatory authorities globally, including the United States Federal
Aviation Administration (FAA). 

The closing of the transaction is subject to customary closing conditions.

Jefferies LLC is serving as exclusive financial advisor to TIMCO and Owl
Creek. Brooks Pierce McLendon Humphrey & Leonard, LLP and Brown Rudnick LLP
are providing legal counsel to TIMCO.

About HAECO
HAECO is one of the world's leading aeronautical engineering groups providing
a comprehensive range of services encompassing Airframe Maintenance, Cabin
Reconfiguration / Integration Services, Cabin Completion Centre / Design
Engineering, Freighter Conversion, Parts Manufacturing, Line Maintenance,
Fleet Technical Management, Inventory Technical Management, Component
Services, Engine Overhaul and Technical Training. The HAECO Group consists of
18 subsidiaries and affiliates, employing over 14,000 staff in Hong Kong,
Mainland China and Singapore. In 2012, HAECO was awarded the "Leading
Independent Organisation" by Aviation Week and voted as the "Best Airframe MRO
Provider – Asia" at the Aircraft Technology Engineering & Maintenance Awards.
HAECO is publicly listed on the Hong Kong Stock Exchange (Stock Code: 00044).
More information is available at www.haeco.com.

About TIMCO
TIMCO Aviation Services is one of the largest, independent aircraft
maintenance, repair and overhaul (MRO) providers, supporting global aircraft
operators and owners with comprehensive aircraft care services including base
maintenance from four multi-hangar locations. The company's TIMCO Aerosystems
division provides interiors design, engineering, certification and integration
services, as well as manufactured products including the FeatherWeight™ line
of galleys, lavatories and passenger seating. The TIMCO Engine Center
provides engine MRO and TIMCO LineCare™ delivers line maintenance and cabin
care at airports across the U.S. More information is available at
www.timco.aero.

SOURCE TIMCO Aviation Services

Website: http://www.timco.aero
Contact: TIMCO Media Contacts: Chuck Dohrenwend/Pat Tucker, Abernathy
MacGregor, 212-371-5999