Air Industries Group Announces Acquisition of Miller Stuart Inc. and Earnings
BAY SHORE, NY -- (Marketwired) -- 11/07/13 -- Air Industries Group
(NYSE MKT: AIRI)
Air Industries Group (NYSE MKT: AIRI) (Air Industries or the Company)
announced today that it has acquired Miller Stuart Inc of Hauppauge,
Long Island, New York.
Founded in 1966 Miller Stuart is a manufacturer of aerospace
components whose customers include major aircraft manufacturers and
the US Military. Miller Stuart specializes in electromechanical
systems, harness and cable assemblies, electronic equipment and
printed circuit boards.
Miller Stuart will initially be operated as a separate subsidiary. It
will not be absorbed into the Company's other operating business
units and will continue its operations in Hauppauge, New York. Air
Industries expects that the management and employees of Miller Stuart
will remain in place.
Mr. Peter Rettaliata, Chief Executive Officer of Air Industries,
commented: "The acquisition of Miller Stuart enhances Air Industries
in two ways. First it brings new and complementary technical
capabilities and new product lines to the Company. Air Industries has
manufactured electro-mechanical throttle quadrants for helicopters
for many years and this acquisition will help us strengthen this
"Miller Stuart's customers are also customers of our recently
acquired Decimal Industries business unit of our Welding Metallurgy
subsidiary. We expect and hope that the combination of Decimal and
Miller Stuart will deepen our relationship with these customers. The
acquisition of Miller Stuart is a continuation of our Aerospace
Consolidation Strategy aimed at grouping small Aerospace companies to
provide expanded technical capability and a broader range of products
to our customers in the growing Aerospace Industry."
Separately Air Industries will release its financial results for the
third quarter of Fiscal 2013 on Monday, November 11, 2013 and will
host a conference call on Tuesday November 12, 2013 at 11:00 a.m.
Shareholders and other interested parties can participate by dialing
in to the following numbers:
Toll Free (US & Canada) 888-438-5491
International Toll 719-457-2628
Access Code 86 79 788
For additional information, please call 631.881.4913 or contact us at
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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