EXHIBIT 99.1
PRESS RELEASE
Aviation Sales Company Announces Completion of Sale of Manufacturing Operations
MIRAMAR, Fla.--(BUSINESS WIRE)--Sept. 7, 2000--Aviation Sales Company
(NYSE:AVS -news) today announced the completion of its previously announced sale
of the assets of its Kratz-Wilde Machine Company and Apex Manufacturing
businesses to Barnes Group, Inc. Under the agreement, Barnes paid $41 million in
cash, subject to post closing adjustments, to acquire the assets of Kratz-Wilde
and Apex.
Dale S. Baker, the Company's Chairman and CEO, stated: "The completion
of this sale is one more important step in our plan to rapidly reduce our debt
and return our company to financial health. As previously announced, we have
recently completed the sale of one of our A-300 aircraft, and we have entered
into contracts to sell the two additional A-300s that we had converted into
cargo configuration. We are also continuing to explore the sale of other assets,
including our Dixie Bearings operation, and to continue our efforts to reduce
inventory levels in our redistribution operation. We believe that our continuing
efforts, along with the actions which have already been taken, will cause a
substantial reduction in our outstanding debt over the next 60 to 90 days."
Aviation Sales Company was advised by Fieldstone on this transaction.
Aviation Sales Company is a leading independent provider of fully
integrated aviation maintenance and inventory services, including aircraft heavy
maintenance, component repair and overhaul, leasing, the distribution of
aircraft spare parts and the manufacture of new components for major commercial
airlines, original equipment manufacturers and maintenance and repair
facilities.
This release contains certain forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities Reform Act of
1995. 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 below, could adversely affect the Company's ability to obtain these
results: available capital to continue to support and further expand the
Company's operations, the Company's ability to acquire adequate inventory and to
obtain favorable pricing for such inventory, competitive pricing for the
Company's products and services, increased competition in the aircraft spare
parts redistribution and MR&O markets, the ability to consummate suitable
acquisitions, the continuing ability to effectively integrate acquisitions,
economic factors which affect the airline industry, and changes in government
regulations. Certain of these risks are described in the Company's filings with
the Securities and Exchange Commission (SEC). Copies of the Company's SEC
filings 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.
Contact:
<PAGE>
Dale S. Baker, Chairman/Chief Executive Officer
(954) 538-2000
Michael C. Brant, Chief Financial Officer
(954) 538-2000
Morgen-Walke Associates
Gordon McCoun/Jennifer Angell
(212) 850-5600
