Air Industries Group Secures $27 Million Multi-Year Commercial Aerospace
BAY SHORE, NY -- (Marketwired) -- 11/04/13 -- Air Industries Group
(NYSE MKT: AIRI)
Air Industries Group (NYSE MKT: AIRI) ("Air Industries" or "the
Company") announced today that its Air Industries Machining Corp.
subsidiary has been awarded a multi-year contract by a leading
aerostructures manufacturer to provide nacelle thrust struts. The
contract is valued at $27 million with deliveries over six years.
Deliveries are to begin in the first half of 2014. These components
will be used in a new geared turbofan jet engine manufactured by one
of the world's leading providers of aircraft engines. This engine is
expected to be used on several new commercial jetliners.
Mr. Peter Rettaliata, Chief Executive Officer of Air Industries,
commented: "We are very proud that one of the world's leading
manufacturers has selected Air Industries to provide critical
components for this new geared turbofan jet engine. We anticipate
additional contracts from this same customer to be awarded in the
near future. As this engine is placed into service on additional
commercial airliners, we anticipate additional follow-on contract
awards. In response to the reductions in defense budgets commonly
referred to as Sequestration, Air Industries has increased its
marketing efforts in the commercial aerospace segment. This new
contract, supporting a new commercial aircraft engine, is the first
result of these efforts.
"We have been pursuing an Aerospace Consolidation Strategy aimed at
grouping small Aerospace Companies to share resources, create Centers
of Excellence, and enhance technical capabilities, providing a
competitive advantage for the growing Aerospace Industry.
"This contract proposal was successful in part because of the
technical expertise that Air Industries gained from the acquisition
of Nassau Tool Works. This contact strengthens our presence with an
existing customer and expands our relationship to a new to us
business unit of that customer."
For additional information, please call 631.881.4913 or
About Air Industries Group
Air Industries Group (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
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