TAT Technologies Announcing the Entry Into a New Manufacturing and Repair License Agreement With a Principle Supplier
20 October 2009 - 7:24AM
PR Newswire (US)
GEDERA, Israel, October 19 /PRNewswire-FirstCall/ -- TAT
Technologies Ltd. (NASDAQ:TATTF) today announced that it had signed
with one of its principle suppliers, a leading manufacturer of
aviation products and systems, an extension of their manufacturing
and repair license agreement. The signed license agreement is for
the manufacturing of Emergency Power Systems for the F-16 aircraft
and is for 3 year period. TAT's President and CEO, Dr. Shmuel
Fledel, remarked that "the Emergency Power Systems manufactured
under the license agreement will be provided to one of TAT's
principle customers with anticipated revenues of approximately $6M'
over the 3 year period. Additional activities currently performed
may increase total revenues up to approximately $10M' for that
period. The signing of this long term license agreement,
demonstrates again, the reliability and trust between TAT and its
customers, as well as further firming TAT's market position." About
the Company TAT Technologies Ltd. provides a variety of services
and products to the military and commercial aerospace and ground
defense industries through its Gedera facility in Israel, as well
as through its subsidiaries, Bental Industries Ltd., in Israel and
Limco - Piedmont, Inc., in the U.S. TAT operates under four
operational segments: (i) OEM of Heat Transfer products (ii) OEM of
Electric Motion Systems (iii) MRO services; and (iv) parts
services, each with the following characteristics. TAT's activities
in the area of OEM of Heat Transfer products primarily relate to
the (i) design, development, manufacture and sale of a broad range
of heat transfer components (such as heat exchangers, pre-coolers
and oil/fuel hydraulic coolers) used in mechanical and electronic
systems on-board commercial, military and business aircraft; and
(ii) manufacture and sale of environmental control and cooling
systems and (iii) a variety of other electronic and mechanical
aircraft accessories and systems such as pumps, valves, power
systems and turbines. TAT's activities in the area of OEM of
Electric Motion Systems primarily relate to the design,
development, manufacture and sale of a broad range of electrical
motor applications for airborne and ground systems. TAT activities
in this segment commenced with the acquisition of Bental in August
2008 and accordingly, the results in this segment for fiscal year
2008 are not compared with the previous years. TAT's MRO services
include the remanufacture, overhaul and repair of heat transfer
equipment and other aircraft components, APUs, propellers and
landing gear. TAT's Limco subsidiary operates FAA certified repair
stations, which provide aircraft component MRO services for
airlines, air cargo carriers, maintenance service centers and the
military. TAT's parts segment focuses on inventory management and
sale of APU parts, propellers and landing gear. TAT offers parts
services for commercial, regional and charter airlines and business
aircraft owners. Safe Harbor for Forward-Looking Statements This
press release contains forward-looking statements which include,
without limitation, statements regarding possible or assumed future
operation results, synergies, customer benefits, growth
opportunities, financial improvements, expected expense savings and
other benefits anticipated from the merger. These statements are
hereby identified as "forward-looking statements" for purposes of
the safe harbor provided by the Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve risks
and uncertainties that could cause our results to differ materially
from management's current expectations. Actual results and
performance can also be influenced by other risks that we face in
running our operations including, but are not limited to, general
business conditions in the airline industry, changes in demand for
our services and products, the timing and amount or cancellation of
orders, the price and continuity of supply of component parts used
in our operations, and other risks detailed from time to time in
the company's filings with the Securities Exchange Commission,
including its registration statement on form F-4, its annual report
on form 20-F and its periodic reports on form 6-K. These documents
contain and identify other important factors that could cause
actual results to differ materially from those contained in our
projections or forward-looking statements. Stockholders and other
readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on
which they are made. We undertake no obligation to update publicly
or revise any forward-looking statement. TAT's executive offices
are located in the Re'em Industrial Park, Neta Boulevard, Bnei
Ayish, Gedera 70750, Israel, and TAT's telephone number is
+972-8-862-8500. DATASOURCE: TAT Technologies Ltd CONTACT: TAT's
executive offices are located in the Re'em Industrial Park, Neta
Boulevard, Bnei Ayish, Gedera 70750, Israel, and TAT's telephone
number is +972-8-862-8500.
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