US Stock Market - UP On the NEWS...AZAA
BREAKING NEWS - TUCSON, Ariz.--(BUSINESS WIRE)--Arizona Aircraft Spares, Inc. (OTCBB: AZAA) - one of the leading military aircraft spare parts manufacturers - announces it has signed a letter of commitment with Wolfe and Turner Investments to obtain a 6 million dollar non-equity asset-backed loan. The loan would have a ten-year term with a 25-year amortization schedule. AZAA is currently completing the due diligence phase and anticipates that funding will occur prior to December 1, 2003.
Despite the current boost in government military spending, aircraft used by the US Air Force and other armed forces are now older than everÿFFFF9723 years on average. B-52's are older than their pilots, with no plans to build new bombers for the next 10 years. Result: Aging aircraft require ever-increasing amounts of expensive maintenance, repairs and replacement parts.
Arizona Aircraft Spares' market potential is measured in billions of dollars. The company works directly with the U.S. Government and other international world governments. The proposed U.S. military budget alone is 399.1 billion-dollars, of which twenty-five percent is allocated for spare parts and ground support systems.
Arizona Aircraft Spares focuses exclusively on manufacturing military aircraft spare parts. The majority of the company's business comes from the U.S. Government ÿFFFF96 the Army, Navy and Air Force branches of the U.S. Military. Working with the U.S. Military represents the least cash intensive growth strategy for the company, as the government systematically pays within 30 days after the company has shipped the product. Furthermore, Arizona Aircraft Spares is eligible for the ÿFFFF93Progressive PaymentÿFFFF94 program whereby the company can collect upwards of 80% of the contract's total value prior to completion of the contract.
AZAA has worked with over 20 international governments and continues to maintain international clients apart from the U.S. Government. All other orders are required to put an upfront deposit on all contracts awarded. Arizona Aircraft Spares as a public company can take full advantage of the opportunities in the international markets with enhanced liquidity to execute larger international projects.
Arizona Aircraft Spares, Inc. works primarily with the U.S. Government, focusing exclusively on the Army, Navy and Air Force branches of the U.S. Military as well as foreign ally countries. The company receives its contracts from the Department of Defense Logistics Services located in either Richmond, Virginia or Columbus, Ohio. These two sites represent the central purchasing group for U.S. Government military contracts, and the point of origin for all U.S. military bids and contracts.
On average, Arizona Aircraft Spares receives over 600 requests to bid on US. military spare parts every week. Occasionally, Arizona Aircraft Spares receives orders from other U.S. Government Prime Contractors, such as Boeing and Northrop Grumman. This typically happens in situations when these companies surmise that Arizona Aircraft Spares can provide the spare parts at a better cost efficiency than them.
To find out more, go to: www.arizonaaircraftspares.com
AZAA IS IN NO WAY associated with this newsletter.
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