TAT Technologies Announces Court Order Entered in the Litigation Commenced by its Wholly Owned Subsidiary, Piedmont Aviation Components Services Against First Aviation Services, Inc.
GEDERA,
Ltd. (Nasdaq:TATT), a leading provider of services and products to the
commercial and military aerospace and ground defense industries, today
announced that a court order has been entered in the litigation commenced on
wholly-owned subsidiary (“Piedmont”), in the Court of Chancery of the State
of
was for breach of contract for failure to provide Piedmont with FAvS’s
audited financial statements for the year ended
“Audited Financial Statements”). Piedmont owns approximately 37% of the
common stock of FAvS as well as certain of the preferred stock of FAvS.
In response to Piedmont’s lawsuit, on
provide the Audited Financial Statements and on
court entered an order requiring FAvS to provide the Audited Financial
Statements to Piedmont on or before
28, 2011
About TAT Technologies LTD
TAT Technologies LTD is a leading provider of services and products to
the commercial and military aerospace and ground defense industries.
TAT operates under three operational segments: (i) OEM of Heat Transfer
products (ii) OEM of Electric Motion Systems; and (iii) MRO services, each
with the following characteristics.
TAT’s activities in the area of OEM of Heat Transfer products primarily
relate to the (i) design, development, manufacture and sale of a broad range
of heat transfer components (such as heat exchangers, pre-coolers and
oil/fuel hydraulic coolers) used in mechanical and electronic systems
on-board commercial, military and business aircraft; and (ii) manufacture and
sale of environmental control and cooling systems and (iii) a variety of
other electronic and mechanical aircraft accessories and systems such as
pumps, valves, power systems and turbines.
TAT’s activities in the area of OEM of Electric Motion Systems primarily
relate to the design, development, manufacture and sale of a broad range of
electrical motor applications for airborne and ground systems. TAT activities
in this segment commenced with the acquisition of Bental in
TAT’s MRO services include the remanufacture, overhaul and repair of heat
transfer equipment and other aircraft components, APUs, propellers and
landing gear. TAT’s Limco subsidiary operates FAA certified repair stations,
which provide aircraft component MRO services for airlines, air cargo
carriers, maintenance service centers and the military.
TAT also holds 37% in First Aviation Services, a world-wide distributor
of products and services to the aerospace industry and a one-stop-shop for
MRO services (wheels, breaks, propellers and landing gear) for the General
Aviation Industry.
TAT’s executive offices are located in the Re’em Industrial Park, Neta
Boulevard,
972-8-862-8500.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which include,
without limitation, statements regarding possible or assumed future operation
results. These statements are hereby identified as “forward-looking
statements” for purposes of the safe harbor provided by the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
involve risks and uncertainties that could cause our results to differ
materially from management’s current expectations. Actual results and
performance can also be influenced by other risks that we face in running our
operations including, but are not limited to, general business conditions in
the airline industry, changes in demand for our services and products, the
timing and amount or cancellation of orders, the price and continuity of
supply of component parts used in our operations, and other risks detailed
from time to time in the company’s filings with the Securities Exchange
Commission, including, its annual report on form 20-F and its periodic
reports on form 6-K. These documents contain and identify other important
factors that could cause actual results to differ materially from those
contained in our projections or forward-looking statements. Stockholders and
other readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on which they are
made. We undertake no obligation to update publicly or revise any
forward-looking statement.
For more information of TAT Technologies, please visit our web-site:
http://www.tat-technologies.com
Contact:
Miri Segal-Scharia
MS-IR LLC
Tel: +1-917-607-8654
msegal@ms-ir.com
Dr. Avi Ortal
CEO Limco Piedmont.
Tel: +1-336-455-1785
avio@lpi.aero
SOURCE TAT Technologies Ltd