BENSALEM, PA -- (Marketwired) -- 05/28/13 -- Precision Aerospace Components, Inc. (OTCQB: PAOS) is a one-stop source for standard, self-locking, semi-special and special nuts, bolts and washers, manufactured to several military, aerospace and industrial specifications. The Company maintains an inventory of approximately 44,000 SKUs comprised of approximately 65 million parts of premium quality, brand-name fastener products.
On May 25, 2012, Precision Aerospace Components, Inc. completed its acquisition of the assets of Fastener Distribution and Marketing Company, Inc., which included Aero-Missile Components, Inc. and Creative Assembly Systems, Inc.
Aero-Missile Components, founded in 1986, is a recognized leader in the military and aerospace fastener fields, supporting many government agencies along with prime contractors and their subcontractors. Aero-Missile Components has been named the Master Distributor by SPS Technologies for its FLEXLOC® Locknut product line toward the end of last year. The FLEXLOC® Locknut is a premium locknut line used in military, aerospace and industrial applications. Creative Assembly Systems offers a full line of industrial products, specializing in fasteners required for production and production support products, including cutting tools, abrasives, lubricants, sealants, safety supplies and storage equipment.
"The acquisition of Fastener Distribution and Marketing Company, which we completed almost one year ago today, provided Precision Aerospace Components with two very valuable operations which were complimentary to our existing operations," stated Andy Prince, President and CEO of Precision Aerospace Components. "Both of these businesses have been successfully integrated into our ongoing business operations and have made significant contributions to our top and bottom lines. We have also gained another significant benefit from this transaction in that they have helped us gain access to a wide variety of new customer opportunities. We will continue to look at other acquisitions which would be a good strategic fit for our current operations."
About Precision Aerospace Components Inc. (OTCQB: PAOS): The Company's operations are carried out through its wholly-owned distribution subsidiaries. Aero-Missile Components, Inc. and Freundlich Supply Company, Inc. sell high technology, specially engineered fasteners, nuts and bolts to the aviation industry, original equipment manufacturers, maintenance and repair organizations, distributors and the United States Department of Defense. Creative Assembly Systems, Inc. is a value added distributor of proprietary and specialty fasteners used in specialized manufacturing, primarily serving the heavy truck, automotive, appliance, and material handling industries. Tiger-Tight Corp., the exclusive North American master distributor of the Tiger-Tight locking washer. Tiger-Tight washers are used in demanding vibration applications and have significant advantages in comparison to competitive products. Tiger-Tight products are being used aboard the SpaceX Dragon -- the first civilian space craft to dock and return from the International Space Station. For more information visit http://precisionaerospacecomponents.com.
Forward Looking Statement: This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to trends in the domestic and global economy, our ability to attract new and retain existing customer relationships, acquisitions and integration of acquired entities, availability of capital to support our operations and acquisition strategy, our ability to maintain and improve accounting information systems in a manner sufficient to service our revenues and operating locations, outcomes of legal proceedings, competition, management of growth, potential fluctuations in operating results, and government regulation. More information about factors that potentially could affect Precision Aerospace Components, Inc. financial results is included in Precision Aerospace Components, Inc. filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent filings.
Hanover Financial Services
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