AAR Wins New Award for Airlift Services
WOOD DALE, Ill., /PRNewswire via COMTEX/ --AAR (NYSE: AIR) announced today that it has been awarded a task order from the U.S. Transportation Command (USTRANSCOM) to provide airlift support for U.S. Department of Defense operations in Afghanistan. The task order has an initial base period that runs through May 31, 2012 and three one-year renewal options with an estimated total value of $240 million. AAR was awarded all the work that it bid for this multi-year program.
The task order calls for the renewal of 10 fixed-wing aircraft that the Company currently operates in the region and the addition of two aircraft, scheduled to enter into service October 1, 2011. On Friday, June 24, USTRANSCOM issued an announcement that included funding for the initial base period of approximately $49 million for the 12 aircraft.
"This award reflects the U.S. Transportation Command's confidence in AAR's transportation and logistics capabilities and we are extremely proud to help mobilize and support operations in a variety of austere and challenging environments," said David P. Storch, Chairman and Chief Executive Officer, AAR CORP.
AAR's Airlift Group provides expeditionary airlift services and performs specialized aircraft modifications in support of national defense, security and humanitarian relief operations. Under current contracts, the Company provides airlift for the Department of Defense in three regions around the world, using both fixed-wing aircraft and rotary-wing aircraft to transport personnel, supplies and mail over land and at sea.
AAR is a leading provider of products and value-added services to the worldwide aerospace and government and defense industries. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve aviation, government and defense customers through four operating segments: Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems; and Government and Defense Services. More information can be found at www.aarcorp.com.
AAR - Named One of The Most Trustworthy Companies by Forbes magazine.
This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including those factors discussed under Item 1A, entitled "Risk Factors", included in the Company's May 31, 2010 Form 10-K. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company's control. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. For additional information, see the comments included in AAR's filings with the Securities and Exchange Commission.
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