EXHIBIT 99.2
Global Aircraft Solutions and BCI Aircraft Leasing Form Joint Venture
Corporation, Jetglobal, and Acquire 26 Boeing 737-200 Aircraft
TUCSON, Ariz.- September 1, 2005 - Global Aircraft Solutions, Inc. (OTCBB:
GACF.OB) today announced that together with BCI Aircraft Leasing it has formed
the joint venture corporation Jetglobal, LLC. This special purpose corporation
has been formed by GACF and BCI to acquire and remarket commercial jet aircraft.
Under the terms of the joint venture agreement, BCI will act as marketing lead,
while GACF will act as the technical lead. BCI will own 70% of Jetglobal, while
Global Aircraft will own 30%.
Following its incorporation, Jetglobal has acquired a fleet of 26 Boeing 737-200
Aircraft through Jetran International. All 26 aircraft were manufactured between
1983 and 1987 and are coming out of the Delta Airlines fleet. Of the 26
aircraft, 14 are parked and available for delivery, while 12 are still in
service with Delta. The 12 aircraft still operated by Delta are scheduled to
come off lease between September 2006 and October 2007. All rent revenue
generated by the 12 aircraft still in service with Delta will devolve to
Jetglobal until such time as the current leases are concluded or extended by
Delta.
John Sawyer, President and Chief Operating Officer of GACF and Hamilton
Aerospace, stated, "In my opinion, BCI has one of the very best management
teams in the aircraft leasing industry. We are extremely pleased to be able
to partner with this tremendously successful and innovative company. While
we expect this first ex-Delta fleet transaction to have a significant
positive impact on Global's 2005 and 2006 profitability, I am even more
excited about the overall long-term potential of this strategic alliance
with BCI."
Brian Hollnagel, President of BCI Aircraft Leasing commented, "Global Aircraft
Solutions has built an excellent reputation for efficiently resolving all those
complex technical issues that aircraft leasing companies routinely encounter
when an aircraft comes off lease from one operator and then must go into service
under totally different specifications for another airline operating in a
different country. Our new strategic alliance with Global gives BCI the ability
to incorporate high quality, cost-effective technical support into our
proposals, which will be a valuable tool for helping us meet our customer's
requirements."
Global Aircraft and Hamilton Aerospace Chairman & CEO Ian Herman added, "With
this BCI joint venture, Global's aircraft trading business segment has now come
of age, and no longer can be viewed as one-off, stand-alone transactions, but
rather a viable business segment with reasonably predictable results that we
intend to incorporate into future Company financial guidance and projections.
The timing of the joint venture coincides with current sales activity, thus
minimizing the financial risk and cash requirements of this transaction. We
expect Jetglobal to bring tremendous value to our shareholders."
About BCI Aircraft Leasing
BCI Aircraft Leasing is fast becoming a recognized leader as on of the primary
global aircraft leasing companies. The Company is able to provide airlines with
unique and creative solutions to build, maintain and extract the greatest value
from their fleet.
Headquartered in Chicago with a satellite office in Los Angeles and the
Netherlands, BCI Aircraft Leasing is focused on the global market. The Company
has aircraft in service with clients in Europe, North and South America and
Africa.
However, the Company also has an active division targeting wide body aircraft
for acquisition. This division's focus is to provide capital-intensive financial
solutions to global operators of wide body aircraft.
Commonly, BCI specializes in such aircraft as the Boeing
737, 757, and A320 on lease to major domestic and international airlines. BCI's
broad knowledge, strategic alliances, and extensive experience in this industry
have resulted in BCI carving out a profitable niche that has allowed the Company
to compete very effectively in the marketplace. BCI contacts provide extensive
deal flow, allowing the Company to be very selective in its acquisition process,
thus enabling the structure of transactions to accommodate internal operating
hurdles of our airline clients as well as our investment objectives.
About Global Aircraft Solutions
Global Aircraft Solutions provides parts support and maintenance, repair and
overhaul (MRO) services for large passenger jet aircraft to scheduled and
charter airlines and aviation leasing companies. Hamilton Aerospace and World
Jet, both divisions of Global Aircraft Solutions, operate from adjacent
facilities comprising about 35 acres located at Tucson International Airport.
These facilities include hangars, workshops, warehouses, offices and other
buildings. Notable customers include debis AirFinance, BCI Aircraft Leasing, Q
Aviation, Falcon Air Express, Jetran International, Goodrich Corporation, AAR,
National Jet Systems, Pemco, San Antonio Aerospace, Pegasus Aviation, Shaheen
Airlines, Iraqi Airways, and Aero California.
Global's website is located at www.globalaircraftsolutions.com. The Hamilton
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Aerospace website is located at www.hamaerotech.com.
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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 Global Aircraft Solutions' services, and competitive pricing
pressures. In addition, other risks are detailed in Global's Form 10-KSB filed
on April 4, 2005. These statements speak only as of above date, and Global
disclaims any intent or obligation to update them.
Contact:
Global Aircraft Solutions
Gordon Hamilton, (520) 294-3481
dhamilton@hamaerotech.com
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Or
Alliance Advisors, LLC
Alan Sheinwald, 914-244-0062
asheinwald@allianceadvisors.net
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