Mercury Air Group, Inc. Announces the Retirement of the Chairman of the Board of Directors
July 26 2004 - 7:00AM
PR Newswire (US)
Mercury Air Group, Inc. Announces the Retirement of the Chairman of
the Board of Directors LOS ANGELES, July 26 /PRNewswire-FirstCall/
-- Mercury Air Group, Inc. (AMEX:MAX) announced today that as a
result of the recently completed successful recapitalization of the
Company in connection with the closing of the sale of Mercury Air
Centers, Inc. for cash consideration received at closing of
approximately $76,350,000, Philip J. Fagan, Jr., M.D. has retired
as a Director and Chairman of the Company's Board of Directors.
Pursuant to the terms of Fagan's contract with the Company,
$1,680,000 in termination benefits were paid to Fagan. Commenting
on the announcement, Joseph A. Czyzyk, Mercury Air Group, Inc.'s
Chief Executive Officer said, "Phil played a key role in achieving
our stated goal of debt retirement, including being instrumental in
sourcing the buyer for Mercury Air Centers, Inc. With that
disposition completed Phil has decided to pursue other interests.
His contributions and leadership to the Company are deeply
appreciated and we all wish him the very best in his future
endeavors." Czyzyk will assume the duties of Chairman on an interim
basis. About Mercury Air Group Los Angeles-based Mercury Air Group
(AMEX:MAX) provides aviation petroleum products, air cargo services
and transportation, and support services for international and
domestic commercial airlines, general and government aircraft and
specialized contract services for the United States government.
Mercury Air Group operates three business segments worldwide:
MercFuel, Inc., Maytag Aircraft Corporation and Mercury Air Cargo,
Inc. For more information, please visit
http://www.mercuryairgroup.com/. Certain statements contained in
this news release which are not historical facts are forward
looking statements as that item is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from estimated results. Such
risks and uncertainties are detailed in the Company's filings with
the Securities and Exchange Commission. The Company intends these
forward looking statements to speak only as of the time of the news
release and does not undertake to update or revise them, as more
information becomes available. For further information, please
contact: Joseph Czyzyk, +1-310-827-2737, or Public Relations, Larry
Barrios, or David Herbst, +1-213-486-6560, both of Mercury Air
Group, Inc. DATASOURCE: Mercury Air Group, Inc. CONTACT: Joseph
Czyzyk, +1-310-827-2737, or Public Relations, Larry Barrios, or
David Herbst, +1-213-486-6560, both of Mercury Air Group, Inc. Web
site: http://www.mercuryairgroup.com/
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