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Thu, Jul 01, 2010

BRS Aerospace Taps Sebastian Valdez As New CFO

Succeeds Retiring Board Member Thomas Adams

Sebastian Valdez has been named as Chief Financial Officer and a member of the Board of Directors by Ballistic Recovery Systems of South St. Paul, Minnesota. He will replace Thomas H. Adams Jr., a member of the BRS board since 1986, who is retiring effective immediately.

Mr. Valdez is a Director at High F Inc., a private investment firm based in Miami, FL. Prior to joining High F, Mr. Valdez was a Director of BancBoston Capital, a private equity firm based in Boston, MA, where he led the firm’s investment activities in Latin America. In that capacity, he was responsible for a regional investment strategy and managed a portfolio of over $250 million in private equity investments in several countries in Latin America and the United States. Prior to joining BancBoston Capital, Mr. Valdez was Vice President at BancBoston Robertson Stephens, an investment bank, where he was primarily responsible for the execution of capital markets transactions. He will report to the company's chief executive officer.

"We are very pleased with our latest addition to the BRS Aerospace team," said Larry E. Williams, President and CEO of BRS. "Sebastian Valdez brings significant capital market experience to the company and will be an invaluable contributor to our corporate governance, corporate finance, financial reporting and treasury management activities.”

"We would like to thank Tom Adams for his many outstanding contributions to BRS over the past 26 years and respect his decision to retire," said BRS founder Boris Popov. “Sebastian adds breadth of discipline to our board of directors, bringing substantial financing and M&A experience coupled with his executive level experience in business development and as a director at BancBoston Capital."

"Over the past two years we have experienced significant challenges driven by market conditions," says Williams. "Our business is growing again at a rapid pace, and we need a very senior person to help execute our business plan. Sebastian’s background is uniquely suited to our growth strategy. He successfully secured private equity and debt financings and managed the complexities of mergers and acquisitions for numerous companies. All these experiences, coupled with his strong operations capabilities made Sebastian the perfect fit for our growing team", concluded Williams. Earlier this month, BRS finalized an arrangement with High F which includes senior secured debt facilities and equity, making High F the largest shareholder in BRS, holding preferred stock convertible into a 33.3% common equity interest in BRS.



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