TUCSON, Ariz., July 31, 2003 (PRIMEZONE) -- Renegade Venture (NEV.) Corporation (OTCBB:RDVN) today announced that its wholly owned subsidiary, Hamilton Aerospace Technologies purchased two Boeing 737-297 aircraft from United Airlines Corporation (OTCBB:UALAQ). Hamilton Aerospace concurrently announced the sale of both aircraft for cash to Space World Airlines Nig. Renegade arranged third-party financing of the transaction for Space World Airlines, and NC Aerospace is the broker of record for the sale.
Hamilton Aerospace is carrying out major maintenance on the aircraft ("HMV" checks), together with the refurbishment, integration and painting of the aircraft in the Space World Airlines colors. The total value of the sale transactions and maintenance work together exceeds $3,000,000, which it expects to book in the 3rd quarter when the second aircraft is completed in September. Substantial deposits have been received relating to both sales and maintenance.
John Sawyer, Renegade and Hamilton President, stated that "this series of transactions marks Hamilton's entry into the international aircraft trading business. Hamilton continues to demonstrate its ability to develop profitable new lines of business in the recovering aviation sector."
NC Aerospace President Natalie Caetano said, "As part of our International aircraft business, we are pleased to have been responsible for bringing together these two fine companies."
Chairman of Space World Airlines, Captain Dr. Israel A. Haastrup, said, "We are very pleased to be purchasing and maintaining our aircraft with Hamilton. We researched the market for a company that could deliver to us high quality and reliability at a competitive price and we found Hamilton. We look forward to a long and successful relationship."
Ian Herman, Renegade's Chairman and CEO, said, "Our long term future is in the development of an international customer base to whom we supply not only aircraft maintenance services but also the aircraft, together with the parts. In other words our customers can both acquire and maintain their aircraft from Hamilton. We are delighted that Space World are the first."
About Hamilton Aerospace Technologies
Hamilton Aerospace currently is Renegade's only operating subsidiary. Hamilton provides maintenance, engineering and modification services for large passenger jet aircraft to scheduled and charter airlines and aviation leasing companies. Hamilton Aerospace holds a Federal Aviation Administration (FAA) Part 145 Air Agency Certificate, which allows it to perform such services. Hamilton operates from facilities comprising about 21 acres located at Tucson International Airport. These facilities include hangars, workshops and other buildings. Notable Hamilton customers include Jetran International, United Parcel Service, a Boeing Company joint venture, Goodrich Corporation, DHL Worldwide Express, Pegasus Aviation, Ryan International Air and Falcon Air Express.
Renegade's member website is located at www.renegadeventurecorp.com, and shareholders and other interested persons are urged to join. Members receive the Renegade Aviation Newsletter, email alerts of press releases and SEC filings, and other great benefits. Membership is absolutely free and it only takes a couple of minutes to join at www.renegadeventurecorp.com/register.htm. The Hamilton Aerospace website is located at www.hamaerotech.com.
Except for the historical information presented, the above statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 or regulations thereunder. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. These risks include the economic health of the airline industry, demand for Hamilton Aerospace's services, competitive pricing pressures, and the availability of necessary financing. In addition, other risks are detailed in Renegade's Form 10-KSB filed on April 15, 2003. These statements speak only as of above date, and Renegade disclaims any intent or obligation to update them.
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