US Stock Market - UP On the NEWS...AZAA
BREAKING NEWS - TUCSON, Ariz.--(BUSINESS WIRE)--Arizona Aircraft Spares, Inc.
(OTCBB: AZAA) - one of the leading military aircraft spare parts manufacturers -
announces it has signed a letter of commitment with Wolfe and Turner Investments
to obtain a 6 million dollar non-equity asset-backed loan. The loan would have a ten-year
term with a 25-year amortization schedule. AZAA is currently completing the due diligence phase
and anticipates that funding will occur prior to December 1, 2003.
Despite the current boost in government military spending, aircraft used by
the US Air Force and other armed forces are now older than ever?23 years
on average. B-52's are older than their pilots, with no plans to build new
bombers for the next 10 years. Result: Aging aircraft require ever-increasing
amounts of expensive maintenance,
repairs and replacement parts.
Arizona Aircraft Spares' market potential is measured in billions
of dollars. The company works directly with the U.S. Government
and other international world governments. The proposed U.S.
military budget alone is 399.1 billion-dollars, of which twenty-five
percent is allocated for spare parts and ground support systems.
Arizona Aircraft Spares focuses exclusively on manufacturing military aircraft spare parts.
The majority of the company's business comes from the U.S. Government ? the Army, Navy
and Air Force branches of the U.S. Military. Working with the U.S. Military represents the
least cash intensive growth strategy for the company, as the government systematically
pays within 30 days after the company has shipped the product. Furthermore, Arizona
Aircraft Spares is eligible for the 撤rogressive Payment? program whereby the company
can collect upwards of 80% of the contract's total value prior to completion of the contract.
AZAA has worked with over 20 international governments and continues to
maintain international clients apart from the U.S. Government. All other
orders are required to put an upfront deposit on all contracts awarded.
Arizona Aircraft Spares as a public company can take full advantage of the
opportunities in the international markets with enhanced liquidity to execute
larger international projects.
Arizona Aircraft Spares, Inc. works primarily with the U.S. Government,
focusing exclusively on the Army, Navy and Air Force branches of the
U.S. Military as well as foreign ally countries. The company receives
its contracts from the Department of Defense Logistics Services located
in either Richmond, Virginia or Columbus, Ohio. These two sites represent
the central purchasing group for U.S. Government military contracts,
and the point of origin for all U.S. military bids and contracts.
On average, Arizona Aircraft Spares receives over 600 requests to bid on U.S.
military spare parts every week. Occasionally, Arizona Aircraft Spares receives
orders from other U.S. Government Prime Contractors, such as Boeing and
Northrop Grumman. This typically happens in situations when these companies
surmise that Arizona Aircraft Spares can provide the spare parts at a better
cost efficiency than them.
To find out more, go to: www.arizonaaircraftspares.com
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