HOLLYWOOD, Fla., Feb. 22, 2006 (PRIMEZONE) -- HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today announced that China Aviation Import and Export Group Corporation (CASGC) of the Peoples Republic of China and HEICO Parts Group, a division of HEICO Aerospace Holdings Corp., have entered into a Joint Cooperation Agreement for the promotion of HEICO Aerospace FAA approved aircraft and engine replacement products in China. This Cooperative Agreement is the first of its kind in the aviation industry and is expected to greatly open the China aviation market for HEICO Aerospace products and services.
Eric Mendelson, President and CEO of HEICO Aerospace commented, "This alignment with the very well-respected CASGC company will allow us to access markets in China for the first time. We are excited about the opportunity to work with CASGC to promote our products in China and expect this cooperation will effectively position HEICO Aerospace for the tremendous aviation expansion occurring in China."
CASGC is a state-owned company, which is a comprehensive service provider for aviation supplies, primarily engaged in the import and export of aviation-related products in China including aircraft, engines, spares, ground support and safety equipment. CASGC business scope also covers leasing, maintenance, component repair and overhaul, consignment stores, manufacturing, and training.
HEICO Corporation is engaged primarily in certain niche segments of the aviation, defense, space and electronics industries through its Hollywood, FL-based HEICO Aerospace Holdings Corp. subsidiary and its Miami, FL-based HEICO Electronic Technologies Corp. subsidiary. HEICO's customers include a majority of the world's airlines and airmotives as well as numerous defense and space contractors and military agencies worldwide in addition to telecommunications, electronics and medical equipment manufacturers. For more information about HEICO, please visit our web site at http://www.heico.com.
HEICO Parts Group is the world's largest independent supplier of FAA-Approved engine and component parts, holding over 4,000 PMAs and producing more than 300 new, highly engineered, parts each year. The HEICO laboratory, headquartered in Hollywood, FL contains state-of-the-art equipment unrivaled in the PMA Industry. HEICO Parts Group offers products for almost every engine platform and numerous ATA Chapters ranging from nuts/bolts, combustors and blades, to fuel pump gears, bearings, and thrust reverser cascades, and delivers over 2.7 million parts per year to the world's major operators. HEICO counts every major airline as a customer, with 16 of the world's 20 largest airlines flying HEICO Proprietary Parts.
HEICO Corporation has two classes of common stock traded on the NYSE. Both classes, the Class A Common Stock (HEI.A) and the Common Stock (HEI), are virtually identical in all economic respects. The only difference between the share classes is the voting rights. The Class A Common Stock (HEI.A) receives 1/10 vote per share and the Common Stock (HEI) receives 1 vote per share. The stock symbols for HEICO's two classes of common stock on most web sites are HEI.A and HEI. However, some web sites change HEICO's Class A Common Stock stock symbol (HEI.A) to HEI/A or HEIa.
Certain statements in this press release constitute forward-looking statements which are subject to risks, uncertainties and assumptions. HEICO's actual results could differ materially from those expressed in or implied by those forward-looking statements as a result of factors, including, but not limited to: lower demand for commercial air travel or airline fleet changes, which could cause lower demand for our goods and services; product specification costs and requirements, which could cause our costs to complete contracts to increase; governmental and regulatory demands, export policies and restrictions, military program funding by U.S. and non-U.S. Government agencies or competition on military programs, which could reduce our sales; HEICO's ability to introduce new products and product pricing levels, which could reduce our sales or sales growth; HEICO's ability to make acquisitions and achieve operating synergies from acquired businesses, competition from existing and new competitors, customer credit risk, interest rates and economic conditions within and outside of the aerospace, defense and electronics industries, which could negatively impact our costs and revenues. Parties receiving this material are encouraged to review all of HEICO's filings with the Securities and Exchange Commission, including, but not limited to filings on Form 10-K, Form 10-Q and Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.