U.S. Aerospace, Inc. Divests Unprofitable Non-Aerospace Business Unit
15 September 2010 - 2:30PM
Business Wire
U.S. Aerospace, Inc. (OTCBB: USAE), a U.S. aerospace and defense
contractor, announced that it has divested the Company’s machine
tool manufacturing business unit, New Century Remanufacturing, Inc.
(NCR). David Duquette and Josef Czikmantori will remain with NCR,
and have resigned all positions with the Company.
“The divesture of this unprofitable business unit is the next
step in the transformation of U.S. Aerospace, Inc. into a modern
aerospace defense firm, whose growth will be fueled by exploiting
our own advanced engineering abilities as well as the manufacturing
capabilities and cost advantages of our international partners,”
commented Randall D. Humphreys, Director and member of the
Company’s Audit Committee. “Subject to contingencies we anticipate
booking an estimated gain of over $1 million this quarter as a
result of the sale, and more importantly will eliminate any drain
on our financial resources and senior management’s focus on growing
our aerospace business.”
Duquette has resigned as CEO of U.S. Aerospace, Inc. and as a
member on the Board of Directors. Czikmantori has resigned as
Secretary of the Company; he had previously resigned from the
Board. “We thank Messrs. Duquette and Czikmantori for their
service, and wish them the best of luck with NCR,” said
Humphreys.
About U.S. Aerospace, Inc.
U.S. Aerospace, Inc. is a publicly-traded aerospace and defense
contractor based in Southern California. The Company is an emerging
world-class supplier on projects for the Lockheed Martin
Corporation (NYSE: LMT - News), L-3 Communications Holdings, Inc.
(NYSE: LLL - News), the Middle River Aircraft Systems subsidiary of
General Electric Company (NYSE: GE - News), and other aerospace
companies, commercial aircraft manufacturers and prime defense
contractors. The Company supplies aircraft assemblies, structural
components and highly-engineered, precision-machined details for
commercial and military aircraft. The Company has offices and
production facilities in Rancho Cucamonga, California.
For further information please visit the Company’s website at
http://www.USAerospace.com.
Forward Looking Statements
Except for statements of historical fact, the matters discussed
above are forward looking and made pursuant to the Safe Harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect numerous assumptions and
involve a variety of risks and uncertainties, many of which are
beyond the Company's control, may cause actual results to differ
materially from stated expectations. These risk factors include,
among others, dependence on its key suppliers and international
partners, limited capital resources, intense competition,
government regulation, complications and risks related to bidding
on government contracts, and difficulty in aerospace product and
parts manufacturing; as well as additional risks factors discussed
in the reports filed by the Company with the Securities and
Exchange Commission, which are available on its website at
http://www.sec.gov. Except as required by law, the Company
undertakes no obligation to update any information.
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