ANAHEIM, Calif., April 1, 2005 (PRIMEZONE) -- Gateway International Holdings, Inc. (Pink Sheets:GWYI) announced today that it has acquired Spacecraft Machine Products, Inc.
Spacecraft Machine Products ("Spacecraft") is headquartered in Southern California and has been in operation for over 35 years. The Company operates primarily in the Aerospace and Defense industries. Major clients include Northrop Grumman (NYSE:NOC), Raytheon (NYSE:RTN) and Boeing (NYSE:BA). Spacecraft also maintains clients in other industries including Walt Disney Co.'s (NYSE:DIS) Disney Imagineering Division.
Lloyd R. Leavitt III is the President of Spacecraft Machine Products. Mr. Leavitt has been named the Chief Operations Officer for Gateway International Holdings, replacing Mr. Joseph Gledhill, who will remain the President of the Eran Engineering subsidiary. Mr. Leavitt's father, Lt. General Lloyd R. Leavitt (Retired -- Air Force) is a Principal of Spacecraft Machine Products and is joining the Gateway International Holdings Advisory Board.
For the 12-month period from 2/1/2004 through 1/31/2005, Spacecraft achieved revenues in excess of $2,000,000. More information on this acquisition will soon be available at Gateway's website, www.gwyi.com and at www.firstcapitalinvestors.com.
Gateway International CEO Larry Consalvi commented on the acquisition; "Spacecraft Machine Products represents a positive new component to our growing portfolio of companies. We have identified a number of potential synergies between Spacecraft and our existing operations and believe that the addition of Spacecraft will open the door to new business opportunities throughout our organization." He concluded, "The addition of Lt. General Leavitt to our Advisory Board adds an incalculable amount of credibility and experience to our organization, particularly in the Aerospace and Defense sectors where his contacts and experience are certainly a tremendous asset."
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