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Thu, May 08, 2008

Commander Premier Aircraft Considers Sale

Inquiries Lead CPAC To Explore Options

Commander Premier Aircraft Corporation (CPAC) announced Wednesday its Board of Directors will consider "responsible" offers to purchase the company, after receiving inquiries about a purchase of, or a controlling interest, in the company.

As ANN reported, CPAC was formed in 2005 by 50 owners of Commander aircraft to acquire the assets of bankrupt Commander Aircraft Company, the former manufacturer of Commanders. CPAC intended to build new Commanders and provide parts and service to the existing fleet of some 1,000 Commanders; in the interim, CPAC provided FAA annual inspection, maintenance, and repair services to Commander owners, as well as parts it acquired from CAC.

While the company has not yet delivered a new Commander airplane, it has made strides in other areas. In March 2007, following an FAA audit of its Quality Control System, CPAC received Parts Manufacturer Approval from the FAA, authorizing the company to put aircraft parts in the sky based on its own fabrication inspection system.

Production equipment has been set up at CPAC’s facility at Cape Girardeau Regional Airport, and the company says it's ready to commence ramping up for the assembly of new Commander aircraft.

"While CPAC has always been open to being acquired, it has concentrated its own efforts on raising production financing and continuing its ramp up as an independent company," a letter from the company states. "However, prompted by recent purchase inquiries, and acknowledging the general paralysis of the financing market, CPAC’s Board of Directors approved CPAC announcing that it would consider responsible offers for the purchase of all, or a controlling interest, in CPAC."

FMI: www.commanderpremier.com

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