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Wed, Feb 19, 2003

Presidential Air Acquires Certified Aviation Parts, Inc.

Acquisition Results in Addition of 4.4 Million Dollars in Net Assets

Presidential Air Corporation has announced the acquisition of Certified Aviation Parts, Inc., a San Diego based, aircraft parts sales company.

Certified Aviation Parts, Inc. is engaged in the disassembly and parting-out of aircraft systems, flight controls, engines, and avionics for resale. "We entered into a Letter of Intent to acquire Certified Aviation Parts on January 27 and are proud to announce that the 'Agreement and Plan of Acquisition' was officially signed today formally completing the acquisition," said Paul Harbison, Presidential Air's CFO. "We are elated to be officially entering this billion dollar worldwide industry and welcome the expansion of our operations. This acquisition brings substantial revenue opportunities to the company and, we believe, long-term value to our shareholders," added Mr. Harbison.

FMI: www.presidentialair.com

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