JetStar Asia Selects TIMCO Reflects Brice's Consistent Performance in Region GREENSBORO, N.C., Nov. 2 /PRNewswire-FirstCall/ -- TIMCO Aviation Services Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS) announced today that Singapore-based JetStar Asia awarded TIMCO's subsidiary, Brice Manufacturing Company (Brice), with reconfiguration for a new economy seat program that includes more than 20 shipsets to accommodate new Airbus A320 aircraft. This low-cost Asian carrier is a partnership between Temasek Holdings, Qantas Airways and two Singaporean investors, with Qantas holding a 49 percent share. The new contract follows the selection of new Brice seating by Air New Zealand, Air Asia and JetStar Australia, reflecting the growing market acceptance of TIMCO products in the region. Gil West, President and COO of TIMCO, said the company's continuing strong performance with the JetStar Australia program was a significant factor in gaining the JetStar Asia business. "Brice Manufacturing has become a world leader in commercial aircraft seat manufacturing, seating components, and seat modification and refurbishment services, and is now the seating vendor of choice for more than 30 airlines." TIMCO Aviation Services Inc. is among the largest providers of fully integrated 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. Four locations make TIMCO one of the largest independent providers of heavy aircraft maintenance MRO services in North America. Aircraft Interior Design, Inc. and Brice Manufacturing Company specialize in the refurbishment of aircraft interior components and the manufacture and sale of PMA parts and new aircraft seats. TIMCO Engineered Systems, Inc. provides engineering services to MRO operations and external customers. TIMCO Engine Center, Inc. refurbishes JT8D engines and performs on-wing repairs for both JT8D and CFM-56 series engines. Visit TIMCO online at http://www.timco.aero/ . Launched by Qantas Airways, JetStar Asia serves the Singapore market. This press release contains certain 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, 2003, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2004, and those identified below, could adversely affect the Company's ability to obtain these results: the Company's ability to continue to generate sufficient working capital from operations to meet its operating requirements and service its indebtedness, the Company maintaining good working relationships with its vendors and customers, competitive pricing for the Company's products and services, the Company's ability to achieve gross margins at which it can be profitable, including margins on services the Company performs on a fixed price basis, competition in the aircraft maintenance, repair and overhaul market, the Company's ability to attract and retain qualified personnel in its business, utilization rates for the Company's MR&O facilities, the Company's ability to integrate future acquisitions, the Company's ability to effectively manage its business, economic factors which affect the airline industry generally and thereby affect our business (since our customer base consists primarily of airlines and freight carriers), including the amount of aircraft maintenance being outsourced, the price of jet fuel and the ongoing war on terrorism, and changes in government regulations. 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: Jack Arehart, Senior Vice President-Business Development of TIMCO Aviation Services Inc., +1-336-665-2521 Web site: http://www.timco.aero/

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