Laurans A. Mendelson, HEICO's Chairman and CEO, along with Eric A. Mendelson and Victor H. Mendelson, HEICO's Co-Presidents, remarked, "MMS expands HEICO's intelligence gathering equipment businesses and perfectly matches with HEICO—it makes difficult to design and unique devices, it's focused on customer satisfaction and growth and, most important, it has a top-notch and committed management team. Phil Rezin's, Steve Wilson's and Mike Horn's desire to retain significant ownership shows one of the many reasons we have so much confidence in them. We look forward to a long and fruitful future together."ASTROSEAL MANUFACTURING CORP. HEICO's Flight Support Group acquired Astroseal Products Manufacturing Corp. ("Astroseal"). Astroseal makes expanded foil mesh which is integrated into composite aerospace structures for lightning strike protection in fixed and rotary wing aircraft. Nearly all aircraft make use of composites needing Astroseal's "Astrostrike"® products for both shielding and lightning protection on large areas of the fuselage, wings, empennage, stabilizers, engine nacelles, propellers, winglets and the rotor blades. Composite materials are increasingly used in aviation applications, and expanded foil mesh is the most widely used technology to protect composite structures when struck by lightning. HEICO has significantly grown its composite components operations over the past 2 ½ years through a combination of acquisitions and organic growth. Founded in 1965, Astroseal is located in Chester, CT. Most of Astroseal's staff will remain in place after the acquisition and HEICO does not anticipate any changes to Astroseal's quality, customer relationships, name or location. Laurans A. Mendelson, Eric A. Mendelson and Victor H. Mendelson together remarked, "We are impressed with the technical accomplishments of Ken Grass and his team, as well as the breadth of composite manufacturers' approvals obtained by Astroseal. Astroseal augments HEICO Flight Support group's expanding offering of aerospace composite products." Ken Grass and Deb Grass, Astroseal's former owners, commented, "Having HEICO, a first class quality company, as our preferred acquirer delivers to us a high degree of comfort for the future growth of our Astrostrike® products. The outstanding professionalism of the HEICO team, along with their strong core values provides us with great confidence for the future of both our customers and our employees. We could not imagine a better steward for the future of our company than HEICO."
HEICO Corporation is engaged primarily in certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, FL-based Flight Support Group and its Miami, FL-based Electronic Technologies Group. HEICO's customers include a majority of the world's airlines and overhaul shops, as well as numerous commercial aircraft, defense, and space contractors and military agencies worldwide, in addition to medical, telecommunications and electronics equipment manufacturers. For more information about HEICO, please visit our web site at http://www.heico.com.Certain statements in this press release constitute forward-looking statements, which are subject to risks, uncertainties and contingencies. HEICO's actual results may differ materially from those expressed in or implied by those forward-looking statements as a result of factors including, but not limited to: lower demand for commercial air travel or airline fleet changes, which could cause lower demand for our goods and services; product specification costs and requirements, which could cause an increase to our costs to complete contracts; governmental and regulatory demands, export policies and restrictions, reductions in defense, space or homeland security spending by U.S. and/or foreign customers or competition from existing and new competitors, which could reduce our sales; HEICO's ability to introduce new products and product pricing levels, which could reduce our sales or sales growth and HEICO's ability to make acquisitions and achieve operating synergies from acquired businesses, customer credit risk, interest and income tax rates and economic conditions within and outside of the aviation, defense, space, medical, telecommunications and electronics industries, which could negatively impact our costs and revenues. Parties receiving this material are encouraged to review all of HEICO's filings with the Securities and Exchange Commission, including, but not limited to filings on Form 10-K, Form 10-Q and Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
CONTACT: Eric A. Mendelson (954) 987-4000 ext. 7555 Victor H. Mendelson (305) 374-1745 ext. 7590 Carlos L. Macau, Jr. (954) 987-4000 ext. 7570