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Global Aircraft Solutions Announces Sale of Second 737-200 Aircraft to Pamir Airways

Written by thomas · Filed Under Commercial 

August 20, 2008

thomas

TUCSON, AZ–(Marketwire – August 20, 2008) – Global Aircraft Solutions, Inc. (OTCBB: GACF) today announced that it has finalized an agreement to sell a second 737-200 aircraft to Pamir Airways for a fixed price of $2,350,000, of which $2,100,000 has been received, including a previously announced non-refundable deposit of $500,000.

This aircraft will be delivered with over $700,000 in new maintenance services, including fresh paint, a fresh heavy maintenance check, and other integration maintenance required by Pamir’s regulatory agencies. The paint and integration maintenance will be provided by Global’s wholly owned subsidiary Hamilton Aerospace Technologies, Inc. (HAT). All required parts will be provided by Global’s wholly owned subsidiary World Jet.

The Company also announced that it has applied $800,000 of the aircraft sale proceeds to its senior debt facility, which has now been paid down by nearly $3.3 million, to approximately $6.7 million, since the beginning of this year.

Alden Crowley, Director of International Sales for Global Aircraft Solutions commented, “Sometimes a little patience is required when dealing with developing countries such as Afghanistan. However, we are very pleased to have been able to get back on track with Pamir Airways and look forward to selling additional aircraft and aircraft parts to Pamir in the future.”

John Sawyer, President of Global Aircraft Solutions added, “This sale of another 737-200 aircraft from our ex-JetGlobal inventory enhances our cash position and further reduces the senior debt. We look forward to continuing this positive trend.”

About Global Aircraft Solutions

Global Aircraft Solutions provides parts support and maintenance, repair and overhaul (MRO) services for large passenger jet aircraft to scheduled and charter airlines and aviation leasing companies. Hamilton Aerospace and World Jet, both divisions of Global Aircraft Solutions, operate from adjacent facilities comprising about 25 acres located at Tucson International Airport. These facilities include hangars, workshops, warehouses, offices and other buildings. Notable customers include G.A. Telesis, AfriJet, Zero G, Swift Air, Pamir Airways, Wind Rose Aviation, Jetran International, the Mexican Presidential Fleet, SEDENA, Canadian North Airlines, Iraqi Airways, Ryan International Airlines, and Alant Soyuz.

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