Maiden, NC – July 25, 2016 – Air T, Inc. (NASDAQ Capital Market: AIRT), a diversified holding company, today announced the acquisition of Contrail Aviation Support, Inc., a growing worldwide supplier of surplus and aftermarket commercial jet engine components based in Verona, WI. On July 18, 2016, pursuant to an Asset Purchase Agreement between Contrail Aviation Support, LLC (“New Contrail”), a North Carolina limited liability company and a subsidiary of Air T, Inc., and Contrail Aviation Support, Inc. (“Contrail”) and Joseph Kuhn, the sole shareholder of Contrail, the Acquisition Subsidiary completed the purchase of all of the assets owned, used or usable by Contrail.
Nick Swenson, Chairman and CEO of Air T, Inc., said: “We are very excited about this acquisition. It provides Air T with a new and dynamic growth platform within a segment of the aerospace industry that we believe is ripe with opportunity. Joe Kuhn is a skilled executive and talented leader. We welcome him and the Contrail team to the Air T family and look forward to partnering with them in strategically growing this business for the benefit of our collective stakeholders.”
In connection with the acquisition, Joseph Kuhn, President of Contrail, was appointed as the Chief Executive Officer of New Contrail, and New Contrail extended employment to all other employees of Contrail. New Contrail will continue to operate the business at the same location in Verona, and customers and vendors should expect a seamless transition of the business to New Contrail.
Joseph Kuhn, CEO of Contrail Aviation Support, LLC, said: “My team and I are thrilled to be part of the Air T family. We share the same vision for Contrail Aviation Support and its potential. Air T’s leadership style, corporate resources, and access to capital will help us better serve our customers, expand our capabilities, and be more competitive in a changing industry landscape. We’re looking forward to a bright future ahead.”
For a more detailed description of the Securities Purchase Agreement referred to above, please read the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 19, 2016. Copies of the Form 8-K may be accessed on the Internet at the SEC’s website, http://www.sec.gov.
ABOUT AIR T, INC.
Established since 1980, Air T, Inc. (NASDAQ: AIRT) is a diversified holding company with four core industry segments: overnight air cargo, aviation ground support equipment manufacturing, aviation ground support maintenance services, and aircraft engine aftermarket and surplus parts. Our ownership interests consist of a broad set of operating and financial assets that are designed to expand, strengthen and diversify Air T’s cash earnings power. Our goal is to build on Air T’s core businesses, to expand into adjacent industries, and when appropriate, to acquire companies that we believe fit into the Air T family. For more information, visit www.airt.net.