Industry Veteran Jim Worsham New CEO of U.S. Aerospace, Inc.
October 04 2010 - 7:30AM
Business Wire
U.S. Aerospace, Inc. (OTCBB: USAE), a U.S. aerospace and defense
contractor, today announced that aerospace industry veteran Jim
Worsham has agreed to serve as the Company’s Chief Executive
Officer. Worsham developed and has served as head of Aviation
Marketing and Business Development for the Southern California
Logistics Airport (SCLA) for the last 10 years. From 1982 to 1989,
he served as President of Douglas Aircraft Company for McDonnell
Douglas Corporation, now The Boeing Company (NYSE: BA). In over 30
years with General Electric Co. (NYSE: GE), Worsham rose from jet
engine aero thermo designer, to Vice President Military Engines,
Vice President Commercial Engines, and Vice President Market
Development.
“We are honored to have someone of Jim’s stature in the
aerospace community agree to join us as CEO,” said Chairman of the
Board, Jerrold S. Pressman. "His outstanding background and
experience in the aviation industry is a perfect fit for our new
business model to globalize the aerospace industry. Jim’s ability
to develop profitable opportunities is demonstrated by the many
groundbreaking projects he has led throughout his impressive
career.”
Notable projects led by Worsham include: C-17 Globemaster,
KC-10A Extender, T-45 Goshawk, MD-11, DC-10, MD-80, MD-90, 717. He
initiated aircraft leasing in China and assembled 100 MD-80
aircraft in China.
Worsham’s honors, awards and accomplishments include: Goddard
Award (while at GE), Collier Trophy (while at McDonald Douglas),
Former Member of USAF Military Airlift Command Advisory Board,
Former Member of US Science and Technologies Board.
“I am very excited about the growth opportunities at U.S.
Aerospace, Inc.,” said Worsham. “I am confident that together we
will build upon the Company's strategy of globalization in the
aviation marketplace and, as a result, increase shareholder
value.”
Worsham joins U.S. Aerospace, Inc. after successfully
revitalizing and developing George Air Force Base, located in
Victorville, California, into a modern commercial and military
airport. Worsham served as Chairman of Asia Pacific and North
America divisions of Guinness Peat Aviation, a commercial aircraft
sales and leasing company, where he oversaw the conversions of DC-8
aircraft to freighters and initiated aircraft leasing in China.
While at Guinness Peat Aviation, the Company was valued at more
than $4 Billion.
As President of Douglas Aircraft, Worsham was instrumental in
securing military and commercial aircraft business for a family of
seven different lines of aircraft and developed the “rent-a-plane”
concept which today is recognized as fractional ownership, and
played a significant role in revitalizing the general aviation
industry.
Worsham founded the SCLA School of Aviation Technology. He
served as a Captain in the U.S. Army. Worsham received his BS in
Mechanical Engineering, magna cum laude, from Vanderbilt
University, his MS in Mechanical Engineering from University of
Arkansas, attended Dartmouth Institute, has a honorary doctorate
from Northrup University and is a registered professional
engineer.
About U.S. Aerospace, Inc.
U.S. Aerospace, Inc. is a publicly-traded aerospace and defense
contractor based in Southern California. The Company is an emerging
world-class supplier on projects for the Lockheed Martin
Corporation (NYSE: LMT - News), L-3 Communications Holdings, Inc. (NYSE:
LLL - News), the Middle River Aircraft Systems
subsidiary of General Electric Company (NYSE: GE - News), and other
aerospace companies, commercial aircraft manufacturers and prime
defense contractors. The Company supplies aircraft assemblies,
structural components and highly-engineered, precision-machined
details for commercial and military aircraft. The Company has
offices and production facilities in Rancho Cucamonga,
California.
For further information please visit the Company’s website at
http://www.USAerospace.com.
Forward Looking Statements
Except for statements of historical fact, the matters discussed
above are forward looking and made pursuant to the Safe Harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect numerous assumptions and
involve a variety of risks and uncertainties, many of which are
beyond the Company's control, may cause actual results to differ
materially from stated expectations. These risk factors include,
among others, dependence on its key suppliers and international
partners, limited capital resources, intense competition,
government regulation, complications and risks related to bidding
on government contracts, and difficulty in aerospace product and
parts manufacturing; as well as additional risks factors discussed
in the reports filed by the Company with the Securities and
Exchange Commission, which are available on its website at
http://www.sec.gov. Except as required
by law, the Company undertakes no obligation to update any
information.
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