Global Buys Part Of Another Global

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Global Aircraft Solutions Inc. (GACF) yesterday announced it has acquired a 20% interest in and entered into an exclusive service agreement with Global Aircraft Leasing Partners (GALP). GACF is an integrated aviation company engaged in aircraft trading and aircraft parts sales plus maintenance, repair and overhaul (MRO) services for commercial airlines, charter airlines and aviation leasing companies; GALP is a start-up aircraft-leasing venture formed to acquire aircraft and lease them to operators throughout the world. In exchange for 20% interest in GALP, GACF will obtain infrastructure, industry expertise and management assistance. Global Aircraft (GACF) and GALP also agreed that GACF will have first right of refusal for all aircraft maintenance, aircraft parts and technical consulting requirements GALP may have.

In other developments, Ian Herman will continue his duties as chairman of GACF while John Sawyer, president, will assume the title of CEO. Herman commented, "I am very proud of the progress that Global Aircraft Solutions has made since I became the founding Chairman and CEO of the Company at its formation early in 2002. I will be stepping down from my role as CEO at Global Aircraft in order to operate this new start-up opportunity at GALP. I am particularly pleased that the new business venture I am pursuing, if successful, will also contribute substantially to the future growth and success of Global Aircraft Solutions." Among GACF's customers are Avolar Airlines, BCI Aircraft Leasing, Jetran International, Goodrich Corporation, AAR, the Mexican Presidential Fleet, Pegasus Aviation, Shaheen Airlines, Iraqi Airways and Royal Khmer Airlines.