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As of 8:10 PM 09/1/15 All times are local (Market data is delayed by at least 15 minutes).

precision aerospace componen (PAOS) Snapshot

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09/15/14 - $0.16
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precision aerospace componen (PAOS) Details

Precision Aerospace Components, Inc., through its subsidiaries, distributes nut and bolt products and a proprietary locking washer product that are used primarily for aerospace and military applications and industrial/commercial applications. The company offers specially engineered fasteners to original equipment manufacturers, maintenance and repair organizations, and other distributors in the aviation industry, as well as to the United States Department of Defense. It also provides proprietary and specialty fasteners primarily to heavy truck, automotive, appliance, and material handling industries; and Tiger-Tight locking washers for use in vibration applications. The company was founded in 1938 and is headquartered in Bensalem, Pennsylvania.

50 Employees
Last Reported Date: 03/29/13
Founded in 1938

precision aerospace componen (PAOS) Top Compensated Officers

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precision aerospace componen (PAOS) Key Developments

Precision Aerospace Components, Inc. Establishes New Revolving Credit Facility

On August 25, 2015, Precision Aerospace Components, Inc. established a new revolving credit facility in an aggregate principal amount of up to $7.5 million by entering into a Credit Agreement with Webster Business Credit Corporation, as Lender The Company's wholly owned subsidiaries, Freundlich Supply Company, Inc., Tiger-Tight Corp., Aero-Missile Components, Inc. and Creative Assembly Systems serve as guarantors of the Revolving Loan. Borrowings under the Revolving Loan may be used to finance working capital and other general corporate purposes. On August 25, 2015, pursuant to the Credit Agreement, the Company used an initial advance of $5,125,000.00 under the Revolving Loan to repay $5,000,000.00 of principal on that Senior Secured Note issued by the Subsidiaries in favor of C3 Capital Partners III, L.P. (C3") in the amount of $5,500,000 on January 16, 2015. A principal balance of $500,000.00 remains on the Senior Secured Note. Pursuant to the partial repayment to C3, the Company incurred a $250,000 prepayment penalty, of which $125,000 was paid to C3 on August 25, 2015. The remaining $125,000.00 is due in installments during the fourth quarter of 2015. Borrowings under the Credit Agreement bear interest, at the Company's election, at a rate tied to one of the following rates: (i) the prime lending rate plus 1.25% or (ii) the adjusted daily LIBOR rate plus 2.75%. The outstanding principal amount of any borrowings under the Revolving Loan will be due and payable on August 25, 2018, subject to an earlier maturity date upon an event of default. The Credit Agreement contains usual and customary covenants for financings of this type, including, among other things: requirements to deliver financial statements, other reports and notices; restrictions on indebtedness; restrictions on dividends, distributions and redemptions of equity and repayment of subordinated indebtedness; restrictions on liens; restrictions on making certain payments; restrictions on investments; restrictions on asset dispositions and other fundamental changes; and restrictions on transactions with affiliates. The obligations of the Company and its Subsidiaries under the Credit Agreement are secured by liens and security interests on all assets of the Company and its Subsidiaries, including a pledge of 100% of the equity of the Subsidiaries.

Precision Aerospace Components, Inc. Announces Management Changes

Precision Aerospace Components, Inc. announced that effective January 16, 2015, prior to or upon the First Closing, each of Alexander Kreger and David Walters resigned from their directorships and any committee of which they were a member. Effective as of the First Closing, and pursuant to the terms of the Purchase Agreement and the Shareholder Agreement, the company appointed John F. Wachter, 33, and William J. Golden, 38, to the board of directors. Mr. Wachter was also appointed Chairman of the Board. Each of Messrs. Pursuant to the terms of the Stock Purchase Agreement and the Shareholder Agreement, on the 11th calendar day after the company has mailed or otherwise sent a Section 14(f) Information Statement to the shareholders of the company, Donald Barger shall resign his positions from the board of directors and the committees of the board, and C3 Capital Partners III, L.P. (C3) and Precision Group Holdings LLC (the Holdings) shall designate, and the board of directors shall appoint, one or more additional members to the board and the committees to fill the vacated positions. Effective as of the First Closing, and pursuant to the terms of the Stock Purchase Agreement, Mr. Andrew Prince resigned as President, CEO, and Principal Financial Officer of the company, but retained his position as a member of the board of directors. John F. Wachter was appointed interim CEO. Effective as of the First Closing, and pursuant to the terms of the Purchase Agreement, the company appointed Richard McVaugh as President of the company. McVaugh, 60, has served as President of each of the company’s Subsidiaries since 2008.

Precision Aerospace Components, Inc. announced delayed 10-Q filing

On 11/14/2014, Precision Aerospace Components, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.


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