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TAT Technologies Ltd. — Regulatory Filings 2007
Jan 8, 2007
7072_rns_2007-01-08_55e7aa94-fc52-4db6-bbfa-cd82742f934d.pdf
Regulatory Filings
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Io-2801
TAT TECHNOLOGIES LTD.
P.O.BOX 80, GEDERA 70750 ISRAEL
AT THE COMPANY
Mr. Israel Ofen Executive Vice-President and Chief Financial Officer 011-972-8-859-5411
FOR IMMEDIATE RELEASE
January 8, 2007
Stork and TAT unable to reach final agreement on joint venture Piedmont and Limco.
GEDERA, Israel, January 8, 2007 TAT Technologies Limited (NASDAQ: TATTF) and Stork N.V. announce today that they have not been able to reach a final agreement with respect to the previously announced proposed joint venture with Piedmont and Limco. Both parties jointly came to this conclusion after TAT became aware of unexpected complexities, which for Stork lead to the conclusion that there was no sound basis for a successful transaction. Both parties regret this.
Parties wish to state that this decision has no influence on the existing business relationship between Fokker Services and Piedmont and Limco.
The previously announced proposed joint venture concerns the sale by TAT to Stork of a controlling interest in Piedmont Aviation Component Services LLC and a substantial minority interest in Limco Airepair, Inc., both wholly owned subsidiaries of TAT.
TAT Technologies Ltd. together with its subsidiaries is principally engaged in the manufacture, repair and overhaul of heat transfer equipment, such as heat exchangers, precoolers and oil/fuel hydraulic coolers used in aircraft, defense systems, electronic equipment and other applications. In addition the Company repairs and overhauls aircraft accessories and systems such as APU's, landing gear, propellers, pumps and valves.
Certain statements made herein that use the words "estimate," "project," "intend," "expect," "believe" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties which could cause the actual results, performance or achievements of the Company to be materially different from those which may be expressed or implied by such statements,
including, among others, changes in general economic and business conditions and specifically, decline in demand for the Company's services, inability to timely develop and introduce new technologies, services and applications and loss of market share and pressure on prices resulting from competition. For additional information regarding these and other risks and uncertainties associated with the Company's business, reference is made to the Company's Annual Report filed with the Securities and Exchange Commission and its other reports as filed from time to time with the Securities and Exchange Commission.
For further information, please contact:
Mr. Israel Ofen Executive Vice-President and Chief Financial Officer TAT Technologies Ltd. +972-8-859-5411
Io-2801