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IAHL Corporation (PINKSHEETS: IAHL) 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.
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