CAPE CORAL, FL now has a definitive agreement to acquire Thrush
Aircraft, Inc. (www.thrushaircraft.com) serving over 80 counties
and based in Albany, Georgia. The transaction, terms of which were
not disclosed, will be completed upon receipt of various regulatory
approvals (if required) and customary closing conditions.
"Thrush Aircraft will broaden IAHL's capabilities in the small
turboprop segment of aviation," said Peter Van Dyke, president and
chief executive officer of IAHL Corporation. "Thrush Aircraft has a
strong history and an outstanding customer base. IAHL seeks to
expand upon Thrush's capabilities as we look forward to launching
other product lines (Integrity) in the under-served rural
commuter/cargo arena."
"The access to the technological resources of IAHL and Thrush
will benefit all of our current and future customers," said Larry
Bay, Chairman of the Board of Thrush Aircraft.
About Thrush Aircraft, Inc.
Thrush Aircraft was established in 1965 by Rockwell
International when it acquired the product line of Snow
Aeronautical. The first Thrush with the first 400 gallon hopper was
test flown in 1966. This launched a long and colorful history and
helped lead the migration of the ag industry to larger hoppers and
more powerful engines. North American Rockwell continued to produce
the 400 gallon Thrush in Olney, Texas until March 1970 when it
moved the total product line to Albany, Georgia. The Thrush 400
continued to be an aircraft that was very much in demand. Rockwell
increased the production rate in late 1973 to one airplane per day.
They maintained that rate until early 1975. The operator's desire
to accomplish more work with less equipment initiated a number of
innovative changes for the Thrush.
The Thrush's mission goes far beyond just crop spraying. It has
also been successfully used for:
-- Sowing rice
-- Feeding shrimp
-- Top dressing for timber
-- Fire bombing
-- Special operations for drug eradicate
-- Surveillance of U.S. borders
Thrush Aircraft, Inc. is located in Albany, Georgia housed in a
227,000-sq. ft. office/manufacturing building. Rockwell
International originally built the facility in 1965 and operated it
until it was purchased by Ayres Corporation November 23, 1977.
Thrush Aircraft acquired virtually all of the assets of the old
operation on June 30, 2003 and began new, modern operations shortly
thereafter.
The new facility is equipped with a full complement of machinery
for aircraft manufacture, including water jet, laser cutter, CNC
brake, CNC machining centers, turning centers, roll form, hydro
form, punch presses, heat treat, age, chem treat processing,
etc.
Thrush Aircraft has a well-rounded management team with a wealth
of experience in all areas of manufacturing. We operate under the
FAA approved Production Certificate 5S0 and meet Mil-I-45208
inspection system requirements, Mil-Q-9858A quality system
requirements and Mil-Standard-45662 calibration system
requirements. The management team along with a skilled employee
base have designed, manufactured, and installed spray systems for
30 years. We have a full complement of support personnel for
planning, purchasing, subcontract coordination, engineering, and
product support.
Over the years, the predecessor businesses have produced a
number of aircraft projects at this facility, including the Myers
200, Lark Darter, CalAir A9 and A9B, Rockwell 112, and the Thrush
program since March 1970. Subcontracts have been accomplished for
several aerospace companies. These projects include the FedEx cargo
conversion kit for the Boeing 727, Lockheed aft quarter panels for
the P3 program, MD Helicopter fuselages MD500, MD520, and MD600,
British Aerospace 146 cargo door details, Aeronautical Engineers
cargo door tooling and details for the 727 and 737, Pats, Inc. fuel
tank inspection covers for Boeing, formed parts for Aeronca and
Commander, and the design, tool development, and manufacture of
kits for the OV10 for Dyncorp. The prior operations have also
produced detail parts and tooling for Boeing to support the 727,
737, 747, 757, and 767 production lines.
The prior operator's Repair Station/Service Center was
responsible for the engineering, tooling development, parts
manufacture, and installation of Stage 3 hush kits for the DC9, 727
and 737 aircraft. This program was performed for Airborne, US Air,
TWA, Northwest, Southwest, Midwest, Canadian Air, Scandinavian,
Value Jet/Air Tran, Federal Express, and Air France.
A training program was developed by Ayres to teach the airlines
to use the tools that were manufactured and incorporate the kits
into their own cowling. The program was provided to US Air, TWA,
Northwest, Scandinavian, and Airborne. Thrush hopes to revise and
expand on the groundwork begun by Ayres in this area.
About IAHL Corporation:
The company holds major proprietary and technological patents
for certain aircraft that, once implemented, will astound the
aircraft industry; the target market of the company is the
under-served rural areas of the world. The company's current share
structure is as follows:
Authorized Shares: 70,000,000
Preferred Shares: 20,000,000
Common Shares: 50,000,000
The company does not intend to change the capital structure of
the company in any fashion, except the possible reduction of
authorized common shares to better reflect and bolster the true
value of the company, its assets and business operations.
This press release does not constitute an offer of any
securities for sale. This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These forward-looking statements involve certain risks
and uncertainties that could cause actual results to differ,
including, without limitation, the company's limited operating
history and history of losses, the inability to successfully obtain
further funding, the inability to raise capital on terms acceptable
to the company, the inability to compete effectively in the
marketplace, the inability to complete the proposed acquisition and
such other risks that could cause the actual results to differ
materially from those contained in the company's projections or
forward-looking statements. All forward-looking statements in this
press release are based on information available to the company as
of the date hereof, and the company undertakes no obligation to
update forward-looking statements to reflect events or
circumstances occurring after the date of this press release.
IAHL Corporation Investor Relations Phone: 239-277-3883 Fax:
239-283-4843
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