TIMCO Aviation Services, Inc. Announces Results of Rights Offering
17 November 2005 - 1:31AM
PR Newswire (US)
GREENSBORO, N.C., Nov. 16 /PRNewswire-FirstCall/ -- TIMCO Aviation
Services, Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS) today announced
the results of its rights offering, which expired at 5:00 PM
yesterday. In the rights offering, stockholders subscribed to
purchase 9,350,948 shares of the Company's post- reverse split
authorized but unissued common stock at an exercise price of $4.80
per share, including 3,959,837 shares purchased by Lacy Harber, the
Company's principal stockholder, using the proceeds of a promissory
note due to him from the Company as consideration for his purchase
of shares. The rights offering is expected to close on November 22,
2005. The gross cash proceeds of the rights offering to the
Company, excluding Mr. Harber's promissory note (which had an
outstanding balance as of yesterday of $19,007,218), is expected to
be approximately $25.9 million. After completion of the rights
offering, the Company will have outstanding 21,341,431 post-
reverse split shares of its common stock and Mr. Harber will own
approximately 42.7% of the outstanding common stock. The Company
also reported that its previously announced one-new-share-for-
40-old-shares reverse split of its outstanding common stock will
become effective at 12:01 AM on November 22, 2005. TIMCO Aviation
Services, Inc. is among the world's largest providers of aviation
maintenance, repair and overhaul (MRO) services for major
commercial airlines, regional air carriers, aircraft leasing
companies, government and military units and air cargo carriers.
The Company currently operates four MRO businesses: Triad
International Maintenance Corporation (known as TIMCO), which, with
its four active locations (Greensboro, NC; Macon, GA; Lake City, FL
and Goodyear, AZ), is one of the largest independent providers of
heavy aircraft maintenance services in the world and also provides
aircraft storage and line maintenance services; Brice
Manufacturing, which specializes in the manufacture and sale of new
aircraft seats and aftermarket parts and in the refurbishment of
aircraft interior components; TIMCO Engineered Systems, which
provides engineering services both to our MRO operations and our
customers; and TIMCO Engine Center, which refurbishes JT8D engines
and performs on-wing repairs for both JT8D and CFM-56 series
engines. Visit TIMCO online at http://www.timco.aero/. This press
release contains forward-looking statements. Forward-looking
statements involve known and unknown risks and uncertainties, which
may cause the Company's actual results in future periods to differ
materially from forecasted results. A number of factors, including
those identified in the Company's Annual Report on Form 10-K for
the year ended December 31, 2004 and its Quarterly Report on Form
10-Q for the quarter ended September 30, 2005, could adversely
affect the Company's ability to obtain these results. Copies of the
Company's filings with the U.S. Securities and Exchange Commission
are available from the SEC or may be obtained upon request from the
Company. The Company does not undertake any obligation to update
the information contained herein, which speaks only as of this
date. DATASOURCE: TIMCO Aviation Services, Inc. CONTACT: Roy T.
Rimmer, Jr., Chairman & CEO, or James H. Tate, Executive Vice
President, CAO and CFO, of TIMCO Aviation Services, Inc.,
+1-336-668-4410 Web site: http://www.timco.aero/
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