GEDERA, Israel, January 30, 2012 /PRNewswire/ --
TAT Technologies Ltd. (NASDAQ: TATT), (hereinafter: TAT/the Company), a leading provider of services and products to the commercial and military aerospace and ground defense industries, reported today that, as required by Israeli law, the Audit Committee had reapproved the following agreements with TAT Industries Ltd. (" TAT Industries"), its controlling shareholder.
- In February 2000, TAT entered into agreement with TAT Industries pursuant to which TAT Industries pays the Company $50,000 per year, for an indefinite period, for services rendered by TAT's employees who serve as officers of TAT Industries and for administrative, accounting and secretarial services provided by the Company to TAT Industries. The Audit Committee has reapproved the said agreement for an additional three (3) years, commencing retroactively as of November 14, 2011.
- In February 2000, TAT entered into a lease agreement with TAT Industries, pursuant to which the Company leases from TAT Industries approximately 344,000 square feet, including 90,000 square feet of manufacturing, office and storage space, for a period of 24 years and eleven months for annual rental fee which is subject to revaluation every fifth year by a real estate appraiser, with an additional incremental payment of 2% per year. In 2010, following a revaluation by a real estate appraiser, the rental fee was increased to $400,000 per year with an additional incremental payment of 2% per year. The rental fee will be revaluated again in 2015 (the "Next Revaluation"). The Audit Committee has approved entering into said agreement until the Next Revaluation.
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 four segments: (i) Original Equipment Manufacturing or "OEM" of Heat Management Solutions (ii) OEM of Electric Motion Systems (iii) Heat Transfer Services and Products and (iv) Maintenance, Repair and Overhaul or "MRO" services of Aviation Components.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV