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Global Aircraft Solutions Announces $2,000,000 Contract to Complete Heavy Maintenance Check on Two 737-300 Aircraft

Posted on: Wednesday, 4 June 2008, 09:01 CDT

Global Aircraft Solutions, Inc. (OTCBB: GACF) today announced that it has executed a contract with a creditor of BCI Aircraft Leasing, Inc. to complete heavy maintenance checks originally contracted by BCI on two 737-300 aircraft. Under the terms of the new contract, Global's wholly owned subsidiary, Hamilton Aerospace Technologies, Inc., will complete the work scope originally contracted by BCI and deliver both aircraft to the unnamed BCI creditor with additional avionics work and all-white liveries for a fixed price of $2,050,000.

Under the terms of the loan agreement with its senior lender, approximately $1,000,000 of the proceeds from the two 737-300 maintenance checks will be used to pay down the principal amount of the Company's senior debt, which currently stands at approximately $7.6 million.

John Sawyer, President of Global Aircraft Solutions commented, "This new contract with BCI's creditor, which includes payment for maintenance work previously completed, will further improve the financial condition of the Company by providing additional working capital and, simultaneously, reducing the principal amount of our outstanding senior debt."

About Global Aircraft Solutions --

Global Aircraft Solutions provides parts support and maintenance, repair and overhaul (MRO) services for large passenger jet aircraft to scheduled and charter airlines and aviation leasing companies. Hamilton Aerospace and World Jet, both divisions of Global Aircraft Solutions, operate from adjacent facilities comprising about 35 acres located at Tucson International Airport. These facilities include hangars, workshops, warehouses, offices and other buildings. Notable customers include G.A. Telesis, AfriJet, Zero G, Swift Air, Pamir Airways, Wind Rose Aviation, Jetran International, the Mexican Presidential Fleet, SEDENA, Canadian North Airlines, CanJet Airlines, Iraqi Airways, Ryan International Airlines, and Alant Soyuz.

Global's website is located at www.globalaircraftsolutions.com. The Hamilton Aerospace website is located at www.hamaerotech.com.

Except for the historical information presented, this press release contains "forward-looking statements" made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 or regulations thereunder including, but not limited to expected and estimated revenue and earnings. Forward-looking statements are made based upon management's expectations and belief concerning future developments and their potential effect upon the Company. There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management.

The words "believes,""expects,""intends,""plans,""anticipates,""hopes,""likely,""will," and similar expressions identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company or its subsidiaries or industry results, to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. These risks include the economic health of the airline industry, demand for Global Aircraft Solutions' services, and competitive pricing pressures.

In addition, other risks are detailed in Global's Form 10-KSB for the year ended December 31, 2007, Global's Form 10-Q for the quarter ended March 31, 2007, Global's 10-Q for the quarter ended June 30, 2007 and Global's Form 10-Q for the quarter ended September 30, 2007. These statements speak only as of above date, and Global disclaims any intent or obligation to update them.

 Contact: Global Aircraft Solutions, Inc. Ian Herman (520) 275-6059 Email Contact Or Alliance Advisors, LLC Alan Sheinwald 914-669-0222 Email Contact

SOURCE: Global Aircraft Solutions, Inc.

Source: MARKET WIRE

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