Air Industries Group (the "Company" or "Air Industries") Announces the
Acquisition of Eur-Pac Corporation of Waterbury, Connecticut
BAY SHORE, NY -- (Marketwired) -- 06/05/14 -- Air Industries Group
(NYSE MKT: AIRI)
Air Industries Group (NYSE MKT: AIRI) ("Air Industries" or "the
Company"), announced today the closing of the acquisition of all of
the outstanding stock of Eur-Pac Corporation of Waterbury CT.
Eur-Pac, specializes in military packaging and supplies. Eur-Pac's
primary business is "kitting" of supplies for all branches of the
United States Defense Department including ordnance parts, hose
assemblies, hydraulic, mechanical and electrical assemblies.
Eur-Pac's MIL-I-45208 ISO 9002 inspection system has been audited and
approved by the Department of Defense and several commercial
Eur-Pac, the first acquisition outside of Long Island, will be
operated as a separate and independent platform company of Air
Industries. The two principals of Eur-Pac, who are the sons of the
founder and have worked at the firm for decades, will remain with and
continue to manage the Company for two years following the closing.
Air Industries has also transferred a young executive from its
Welding Metallurgy subsidiary to Eur-Pac.
Mr. Peter Rettaliata, Chief Executive Officer of Air Industries
commented: "We are very excited about the closing of the Eur-Pac
acquisition. Eur-Pac, founded in 1947 in Brooklyn, has a long
tradition of supplying assemblies and kits to the Defense Department.
While Eur-Pac will operate as a separate subsidiary, its products are
similar to many of our other subsidiaries. We view Eur-Pac as a
platform and hope to grow the business.
"We have previously announced three possible acquisition
opportunities. We have now closed on two of these, Woodbine Products
on April 1st, and now Eur-Pac. We continue to make good progress on
closing the third acquisition and are actively examining new
"We have also reached an agreement to renew our lease of our 80,000
square foot Welding Metallurgy manufacturing facility in Hauppauge,
New York for a ten year period beginning January 1, 2016. However,
this agreement is conditioned on our obtaining appropriate real
estate tax abatements from the Suffolk County Industrial Development
Agency. While our preference and intention is to remain in New York
it is important that we can reach an agreement with the County."
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (AIRI) is an integrated manufacturer of
precision equipment assemblies and components for leading aerospace
and defense prime contractors. Air Industries designs and
manufactures flight critical products including flight safety parts,
landing gear and components, arresting gear, flight controls, sheet
metal fabrications and ground support equipment.
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, its belief that the slowdown caused by the Sequester
will reverse in the 2nd half of 2014, 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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