Air Industries Announces $10.4 M of New Contracts from Sikorsky(Bay Shore, NY., July 2, 2007) -- Air Industries Group, Incorporated (OTCBB: GLDS) (formerly Gales Industries) today announced that its wholly-owned operating subsidiary, Air Industries Machining Corp. (AIM), has received three new contracts from Sikorsky Aircraft Corporation valued at $10.4 million. These orders represent additional requirements over and above the $50 million in long term general purchase agreements between Sikorsky and Air Industries that were announced in March 2007 for the BLACK HAWK helicopter program.
"Today's announcement reflects another big win for Air Industries," said Air Industries Group CEO Peter Rettaliata. "We were already on track to have a good year. These latest awards will contribute to us achieving our best year ever. In recent months, we have announced several new civilian and military contracts. I am pleased to report that our growth initiatives are accelerating on all fronts."
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Approximately $9.6 million of the new contracts announced today is for the production of over 1,500 rotor cuff fittings for BLACKHAWK helicopters, which is a follow-on order from a previous contract. The second award, representing $442,000 in revenue, is for the manufacture of two developmental platform assemblies used on the MH60 BLACKHAWK RAMICS gun pallet. Upon Sikorsky's acceptance of the developmental units, follow-on contracts are anticipated with additional aircraft production. The third award is for the manufacture of six nose module assemblies for the MH60 BLACKHAWK, amounting to $384,000.
Mr. Rettaliata continued, "These contracts include orders for products that we have been manufacturing for years as well as for parts that reflect our inclusion in new aircraft assemblies. The aerospace market is robust and presents substantial prospects for Air Industries to grow through traditional business development activities as well as through our consolidation efforts."
Source : Air Industries Group