TIMCO Aviation Services, Inc. Names Clyde R. Kizer to Its Board of Directors
June 14 2004 - 8:16AM
PR Newswire (US)
TIMCO Aviation Services, Inc. Names Clyde R. Kizer to Its Board of
Directors GREENSBORO, N.C., June 14 /PRNewswire-FirstCall/ -- TIMCO
Aviation Services, Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS) today
announced the appointment of Clyde R. Kizer to its Board of
Directors. Mr. Kizer, age 65, was the president and chief operating
officer of Airbus North America-Customer Service from 1992 until
his retirement in April 2004. At Airbus, Mr. Kizer was responsible
for all aspects of technical support for Airbus North America
customers, including field service, spare parts, training,
engineering, quality programs and vendor monitoring. He also
coordinated on behalf of Airbus with representatives of U.S.
airlines and with government officials in various activities
designed to assure the safe and economical operation of the air
transportation industry in North America. Prior to joining Airbus
in 1992, Mr. Kizer held senior executive positions with Midway
Airlines, the Air Transport Association of America and United
Airlines. He also served as a naval officer, aviator and
experimental test pilot with over 9,000 flight hours during the
Viet Nam era. Roy T. Rimmer, Jr., Chairman and Chief Executive
Officer of TIMCO Aviation Services, Inc., commented: "We are
excited to have Clyde join our Board of Directors. We believe that
Clyde's extensive experience in the aviation industry brings
invaluable knowledge and guidance to our company. We also expect
that Clyde's prior experiences as a senior executive of Airbus, as
well as his experiences with the Air Transport Association and with
several airlines, will provide us with a unique perspective as we
continue our efforts to develop and provide the products and
services which satisfy the MR&O requirements of our current and
future airline customers." Mr. Kizer noted: "I am pleased to become
a member of the Board of Directors of TIMCO Aviation Services, Inc.
TIMCO is a market leader in airframe heavy maintenance market and
is poised to significantly expand its engine, interiors and line
maintenance operations during this period of exceptional challenge
and opportunity for the commercial aviation industry." The Company
also announced today that Stephen E. Gorman has resigned from the
Company's Board of Directors due to time constraints resulting from
his recent appointment as President and CEO of Greyhound Lines,
Inc. Mr. Rimmer stated: "Steve has been an invaluable asset on our
Board and we will miss his services. However, we understand that he
must focus all of his efforts on his new company and we wish him
well." TIMCO Aviation Services, Inc. is among the world's largest
providers of fully integrated aviation maintenance, repair and
overhaul (MR&O) services for major commercial airlines,
regional air carriers, aircraft leasing companies, government and
military units and air cargo carriers. The Company currently
operates four MR&O businesses: TIMCO, which, with its four
active locations (Greensboro, NC, Macon, GA, Lake City, FL and
Goodyear, AZ), is one of the largest independent providers of heavy
aircraft maintenance services in the world; Aircraft Interior
Design and Brice Manufacturing, which specialize in the
refurbishment of aircraft interior components and the manufacture
and sale of aftermarket parts and new aircraft seats; TIMCO
Engineered Systems, which provides engineering services both to our
other MR&O operations and to our customers; and TIMCO Engine
Center, which refurbishes JT8D engines and performs on-wing repairs
for both JT8D and CFM-56 series engine. Visit TIMCO online at
http://www.timco.aero/ . This press release contains certain
forward-looking statements. Forward- looking statements involve
known and unknown risks and uncertainties, which may cause the
Company's actual results in future periods to differ materially
from forecasted results. A number of factors, including those
identified in the Company's Annual Report on Form 10-K for the year
ended December 31, 2003, its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2004, and those identified below, could
adversely affect the Company's ability to obtain these results: the
Company's ability to continue to generate sufficient working
capital from operations to meet its operating requirements and
service its indebtedness, the Company maintaining good working
relationships with its vendors and customers, competitive pricing
for the Company's products and services, the Company's ability to
achieve gross margins at which it can be profitable, including
margins on services the Company performs on a fixed price basis,
competition in the aircraft maintenance, repair and overhaul
market, the Company's ability to attract and retain qualified
personnel in its business, utilization rates for the Company's
MR&O facilities, the Company's ability to integrate future
acquisitions, the Company's ability to effectively manage its
business, economic factors which affect the airline industry
generally and thereby affect our business (since our customer base
consists primarily of airlines and freight carriers), including the
amount of aircraft maintenance being outsourced, the price of jet
fuel and the ongoing war on terrorism, and changes in government
regulations. Copies of the Company's filings with the U.S.
Securities and Exchange Commission are available from the SEC or
may be obtained upon request from the Company. The Company does not
undertake any obligation to update the information contained
herein, which speaks only as of this date. DATASOURCE: TIMCO
Aviation Services, Inc. CONTACT: Roy T. Rimmer, Jr., Chairman &
Chief Executive Officer, or Gil West, President and Chief Operating
Officer, or C. Robert Campbell, Executive Vice President and Chief
Financial Officer, +1-336-668-4410, all of TIMCO Aviation Services,
Inc. Web site: http://www.timco.aero/
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