Ballistic Recovery Systems Signs Letter of Intent to Purchase Free Flight Enterprises
April 04 2005 - 3:30PM
PR Newswire (US)
Ballistic Recovery Systems Signs Letter of Intent to Purchase Free
Flight Enterprises Purchase of Aviation Safety Company Will Expand
Emergency Parachute Systems Product Line SOUTH ST. PAUL, Minn.,
April 4 /PRNewswire-FirstCall/ -- Ballistic Recovery Systems, Inc.
(OTC:BRSI) (BULLETIN BOARD: BRSI) ( http://www.brsparachutes.com/
), a whole-airplane parachute company, today announced that it has
signed a non-binding letter of intent to acquire Free Flight
Enterprises, an Aviation Safety systems company based in Lake
Elsinore, California. The transaction remains subject to completion
of diligence by BRS and the negotiation and execution of a definite
agreement and related documents, as well as the satisfaction of any
conditions to closing. The acquisition is anticipated to close in
early summer. "This acquisition of Free Flight Enterprises is a
part of our strategy to expand our focus and provide products to a
much wider market than we have addressed previously," said Larry E.
Williams, president and COO of BRS, Inc. "This is the next stage in
our growth and a major milestone for the aviation safety industry.
We plan to offer the same suite of products and flexibility that
Free Flight is known for by all its customers." Free Flight
Enterprises Inc, founded in 1976, is an aviation safety systems
company that manufactures custom parachutes for commercial and
recreational aircraft including ultra lights, hang gliders, &
parafoils. Free Flight President Gary Douris, who will continue to
manage the company's California base of daily operations, said this
sale presents an exciting opportunity. "This acquisition allows
Free Flight to grow with its expanding customer base and partner
with a technology leader in the aviation industry." In Ballistic
Recovery Systems' 25 year history, BRS has sold nearly 20,000 of
its whole-plane parachute systems; BRS units have been documented
to have saved over 177 lives. The forward looking matters discussed
here should be considered subject to risks and uncertainties,
including market fluctuations, pricing, procurement, manufacturing
efficiencies, and other risks that could cause the actual results
to differ materially from those projected. For more information,
review the company's filings with the Securities and Exchange
Commission, particularly the Company's annual report on Form
10-KSB. For more information on BRS contact: Larry E. Williams;
BRS, Inc: Fleming Field, 300 Airport Road; South St. Paul, MN
55075; USA () TEL 651.457.7491; FAX 651.457.8651 or Robb Leer media
liaison at 953-842-8133 ( ) DATASOURCE: Ballistic Recovery Systems,
Inc. CONTACT: Contact: Robb Leer, +1-612-701-0608, or Larry E.
Williams, +1-651-457-7491, , both for Ballistic Recovery Systems,
Inc. Web site: http://www.brsparachutes.com/
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