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MAIDEN, N.C., Nov. 5, 2013 /PRNewswire/ -- Air T, Inc. (NASDAQ Capital Market: AIRT) today announced the resignation of
Walter Clark as Chief Executive Officer and President and the appointment of current Board Chairman,
Nick Swenson, as interim Chief Executive Officer. In addition, Air T announced that Mr. Clark has conditionally resigned as a director effective
November 13, 2013 and that
William H. Simpson, an Executive Vice President of Air T and the President of Air T's Mountain Air Cargo subsidiary, has been elected as a director to replace Mr. Clark.
Mr. Swenson commented, "The board is extremely grateful for
Walter Clark's over 16 years of service as Air T's CEO. Walter led the organization from the front, dedicating the Company to sound financial policies and focusing relentlessly on uncompromising customer service. Walter's leadership over many years has driven the growth and financial health of Air T.
"In addition, we are delighted to welcome
Bill Simpson back to the board. Bill had served on the board for many years until the size of the board was reduced this past August. We welcome his insights and value both his intimate familiarity with our air cargo operations and long-standing commitment to Air T's stakeholders."
Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines. Air T is one of the largest, small-aircraft air cargo operators in the United States. Air T's Mountain Air Cargo (MAC) and CSA Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft nightly in the eastern half of
the United States,
Puerto Rico and the Caribbean Islands. Air T's Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world. The Global Aviation Services subsidiary provides ground support equipment and facilities maintenance to domestic airline customers.