TUCSON, Ariz., Nov. 25, 2002 (PRIMEZONE) -- Renegade Venture (NEV.) Corporation (OTCBB:RDVN) announced today that its wholly owned subsidiary, Hamilton Aerospace Technologies, has signed a contract for maintenance work on a MD-80 series jet aircraft and returning it to service.
Hamilton President John B. Sawyer said: "Completion of the contract, which is valued at approximately $400,000, is expected to take about 30 days. The contract will not require Hamilton to incur additional permanent overhead for the needed labor. This contract is being performed for an established Hamilton customer."
Mr. Sawyer added: "We are confident this customer will send us a second MD-80 series aircraft on the same terms, which also would carry a completion value to us of approximately $400,000. This contract also would take about 30 days, and we hope to complete both planes before December 31. We have not yet signed the contract for the second plane, but hope to do so in a few days. Our ability to offer extraordinarily attractive pricing to customers and a fast turnaround to get the planes back in service, yet do the work profitably, enables us to attract new business and get more business from additional customers. We're racing to finish 2002 with a bang."
About Hamilton Aerospace Technologies
Hamilton provides maintenance, engineering and modifications for large passenger jet aircraft. Clients include scheduled and charter airlines, aviation leasing companies and government entities. The Federal Aviation Administration (FAA) on May 6, 2002, awarded Hamilton its own Part 145 Air Agency Certificate, which allows it to perform such services. Hamilton operates from leased facilities comprising about 21 acres located at the Tucson International Airport. These facilities include hangars, workshops and other buildings. Renegade customers include United Parcel Service (NYSE:UPS), a Boeing Company (NYSE:BA) joint venture, Goodrich Corporation, DHL Worldwide Express and Falcon Air Express.
Except for the historical information presented herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995, or by the Securities and Exchange Commission in its rules, regulations, and releases. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks include the economic health of the airline industry and concomitant demand for Hamilton Aerospace's services, competitive pricing pressures for Hamilton Aerospace's services, and the availability of financing to complete management's plans and objectives. In addition, other risks are detailed in Renegade's current report on Form 8-K filed on May 9, 2002. These forward-looking statements speak only as of the date hereof. Renegade disclaims any intent or obligation to update these forward-looking statements.
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