Mercury Air Group, Inc. Announces Amendment to Loan Agreement and Removal of Contingency for Payment of One-Time Special Cash Di
28 October 2004 - 4:47AM
PR Newswire (US)
Mercury Air Group, Inc. Announces Amendment to Loan Agreement and
Removal of Contingency for Payment of One-Time Special Cash
Dividend LOS ANGELES, Oct. 27 /PRNewswire-FirstCall/ -- Mercury Air
Group, Inc. (AMEX:MAX) today announced that it has reached
agreement with its lender to permit payment of the $17.5 million
one-time special cash dividend authorized by the Company's Board of
Directors on October 6, 2005 thereby removing the contingency for
such dividend payment. This one-time special cash dividend of $5.70
per common share will be paid on November 5, 2004 and is after the
payment of the accrued and unpaid mandatory dividend of
approximately $70 thousand to holders of the Company's Series A 8%
Cumulative Convertible Preferred Stock. "The payment of this
dividend represents a significant step in the Company's
restructuring efforts and in our goal to return value to our
shareholders," said Joseph A. Czyzyk, President and CEO of Mercury
Air Group, Inc. In accordance with the American Stock Exchange
rules for this type of dividend, the Company's common stock will
not trade ex-dividend until November 8, 2004, the first trading
date after the payment of the dividend. About Mercury Air Group,
Inc. Los Angeles-based Mercury Air Group (AMEX:MAX) provides
aviation petroleum products, air cargo services and transportation,
and support services for international and domestic commercial
airlines, general and government aircraft and specialized contract
services for the United States government. Mercury Air Group
operates three business segments worldwide: MercFuel, Inc., Maytag
Aircraft Corporation and Mercury Air Cargo, Inc. For more
information, please visit http://www.mercuryairgroup.com/.
Statements contained in this news release which are not historical
facts are forward looking statements as that item is defined in the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from estimated
results. Such risks and uncertainties are detailed in the Company's
filings with the Securities and Exchange Commission. For further
information, please contact: Joseph Czyzyk of Mercury Air Group,
Inc., +1-310-827-2737; or Investor Relations, David Herbst or Amado
Zavala of MWW Group, +1-213-486-6560, for Mercury Air Group, Inc.
DATASOURCE: Mercury Air Group, Inc. CONTACT: Joseph Czyzyk of
Mercury Air Group, Inc., +1-310-827-2737; or Investor Relations,
David Herbst or Amado Zavala of MWW Group, +1-213-486-6560, for
Mercury Air Group, Inc. Web site: http://www.mercuryairgroup.com/
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