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Friday, January 4, 2002 For Immediate Release RELIANCE AEROTECH ANNOUNCES AGREEMENT FOR EMBRAER TO ACQUIRE THE NASHVILLE OPERATIONS OF CELSIUS AEROTECH INC. Nashville, TN – Reliance Aerotech Inc. today announced that it has signed an agreement with Embraer Maintenance Services Inc. for Embraer to acquire the Nashville operating assets of Celsius Aerotech Inc. as their choice for Embraer's flagship maintenance, repair and overhaul facility serving the North American regional aircraft market. The acquisition is expected to close in February upon satisfaction of certain closing conditions, including the consent of the Airport Authority of Nashville, Tennessee. Celsius Aerotech, a wholly owned subsidiary of Reliance Aerotech Inc., is widely regarded as a leader within the regional aviation maintenance, repair and overhaul industry. Celsius operates a FAR 145, Class 4 facility with more than 100,000 square feet of maintenance, paint, components and administration facilities. Glynn Williams, Chairman and CEO of Reliance Aerotech Inc. stated that, "We are delighted to have been able to convert Embraer's interest in Celsius into an agreement that is expected to lead to the acquisition of the Nashville operating assets of Celsius Aerotech. We believe that this presents a great opportunity for our employees, our valued customers and the City of Nashville". Mauricio Botelho, Embraer's President and CEO stated: "We are extremely excited about the acquisition of Celsius Aerotech's Nashville operations. The acquisition, when completed, will offer us the opportunity to better serve the needs of our customers in the United States. Celsius Aerotech's Nashville operations will be a strong complement to our other operations in the U.S. and is expected to be part of a total solution to support the commercial and corporate aircraft markets". Reliance Aerotech, through its Team Reliance companies continues to operate in the aviation services market through FAA/JAA certified repair stations located in Teterboro, NJ, and Myrtle Beach, SC, a technical services organization in Nashville, an aviation services management consulting and merchant banking practice in Toronto. Reliance will also continue to own and operate Celsius, Nashville, until the closing of the proposed acquisition. Embraer Aircraft Maintenance Services, Inc. is a wholly owned indirect
subsidiary of Empresa Brasileira de Aeronautica S.A., of Brazil,
the world's fourth largest commercial aircraft manufacturer. |
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