TUCSON, Ariz., Aug. 21, 2003 (PRIMEZONE) -- Renegade Venture (NEV.) Corporation (OTCBB:RDVN) today announced that its wholly owned subsidiary, Hamilton Aerospace Technologies, purchased a former US Airways Boeing 737-2B7 aircraft from Jetran International.
Hamilton Aerospace concurrently announced the sale of the aircraft for cash to Business Aviation Group, a British Virgin Islands company.
Hamilton Aerospace is carrying out major maintenance on the aircraft ("HMV" checks), together with the refurbishment, integration and painting of the aircraft in the livery of Aerogal, an Ecuadorian carrier. The total value of the sale transaction and maintenance work together exceeds $1,700,000, which Hamilton Aerospace expects to book in the 3rd quarter.
John Sawyer, Renegade and Hamilton President, stated that "Management made a conscious decision to augment our core business of aircraft maintenance by offering our customers turnkey services in the identification, inspection, acquisition and integration of new aircraft. The fact that we have successfully arranged three aircraft acquisition/integration transactions in the last 60 days demonstrates that there exists a viable market for this kind of turnkey services that can only be provided by an approved repair station."
President of Aerogal, Patricio Sommerfeld, said, "We are very pleased with the Boeing 737 aircraft that Hamilton Aerospace has found for us. It is very helpful to be able to deal with an experienced sole source that can not only identify an appropriate aircraft for acquisition, but also can inspect it, provide a reliable quote to put it into service, acquire the aircraft and deliver it overhauled and modified to our specifications."
Ian Herman, Renegade's Chairman and CEO, said, "This latest transaction with Aerogal provides additional proof that our turnkey aircraft acquisition/integration services can facilitate the acquisition of additional aircraft by airlines all over the world. Hamilton Aerospace's ability to provide this kind of important turnkey service not only significantly contributes to growth in revenue and profitability in Hamilton Aerospace, but also provides a desirable and valuable service to our target market of expanding domestic and international airlines."
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, Space World 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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