FAvS Announces Extension and Expansion of Loan Agreement
FAVS ANNOUNCES EXTENSION AND EXPANSION OF LOAN AGREEMENT
WESTPORT, CONNECTICUT, November 13, 2007 – First Aviation Services Inc. (“FAVS”) and its wholly owned subsidiary Aerospace Products International, Inc. (“API”), announced the completion of a $32,000,000 amended Loan and Security Agreement with TD Banknorth, and Wells Fargo Business Credit, expanding and extending the previously existing $25,000,000 loan facility. The amended agreement extends the maturity date of the agreement to September 1, 2010.
James Howell, CFO of First Aviation stated: “We are pleased with the confidence TD Banknorth and Wells Fargo have shown in supporting the growth and stability of the Company through the extension and expansion of our loan facility.”
About First Aviation Services Inc.
First Aviation, located in Westport, Connecticut and its principal operating subsidiary, Aerospace Products International, Inc. (“API”) , headquartered in Memphis, Tennessee, is a leading provider of services to the aviation industry worldwide. The services the Company provides the aviation industry include the sale of aircrafts parts and components, the provision of supply chain management services, overhaul and repair services for wheels, brakes and starter/generators, and the assembly of custom hoses.
About Aerospace Products International
Aerospace Products International, Inc., headquartered in Memphis, Tenn., is a leading provider of innovative distribution and supply chain services for the aviation industry operating from strategically located distribution centers and partnerships in the USA, Canada, China, Philippines and Europe. API distributes aircraft parts and related products and components to manufacturers, maintenance providers, and operators of some of the most widely used commercial, corporate and general aviation aircraft. In addition to its product supply services, API offers the aviation industry extensive supply chain management and third-party logistics services and solutions, including forecasting and procurement services, inventory management, rotables management, and product sales. API also offers overhaul and repair services for brakes and starters/generators, and builds custom hose assemblies. More information is available at http://www.apiworldwide.com and http://www.firstaviation.com.
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