Investor Group Acquires AvCraft Support Services

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Aviation Technical Services Company Indaer International Leads Buy-Out of Regional Aircraft MRO Provider

This new relationship builds on that success. We are proud to become an Indaer company.

A group of investors led by Indaer International today announced the closing of its purchase of the business of AvCraft Support Services, Inc., the Myrtle Beach, South Carolina-based regional aircraft MRO provider. The investors have created a special purpose company, KNH Aviation Services, Inc., to hold the newly acquired assets. The business will now operate as AvCraft Technical Services.

AvCraft provides airframe heavy maintenance on ATR 42 and 72, Dash 8 and Dornier 328 aircraft for airlines, leasing companies and corporate operators from the US, Canada, the Caribbean, Latin America and Europe. With a highly motivated, well trained work force; eight regional aircraft bays; a paint facility; and a very capable avionics shop, AvCraft is well-positioned for future growth.

Derek Nice, CEO of Indaer International, also announced the new senior management team for AvCraft Technical Services:

Mike Hill has been appointed President and Chief Operating Officer. He previously was General Manager of the Myrtle Beach facility.

Donald Kamenz will become Executive Vice President, Business Development. He comes to AvCraft with a strong background in the aerospace and MRO industries, including with Bombardier, Dornier, Saab, ExelTech Aerospace and Avianor Group.

Calvin Tuitt has been appointed Vice President, Sales. Currently working with Indaer International, Calvin also brings experience with Rolls Royce, Pratt & Whitney Canada and ExelTech Aerospace.

Tom Younan becomes the company's Chief Financial Officer. A CPA, Tom combines a strong financial background in other industries with more recent experience at AvCraft.

Mr. Nice also announced that Carol Drew has been appointed to the AvCraft Board of Directors. Carol brings 25 years of experience in operations, marketing and customer service in the airline and MRO sectors, including with Wardair, Inter Canadian and ExelTech Aerospace.

"We are excited by this transaction," said Mr. Mike Hill, who has been appointed as AvCraft's new President and Chief Operating Officer. "We're enthusiastic to be working with new entrepreneurial owners who have a vision to grow our company."

This purchase agreement builds on a relationship between Indaer and AvCraft that began a year ago when the two companies entered into a joint venture agreement to provide MRO services to regional aircraft operators.

"Our joint venture agreement has already been very successful," said Mr. Hill. "This new relationship builds on that success. We are proud to become an Indaer company."

About AvCraft Technical Services

Tracing its history in Myrtle Beach back to 2004, AvCraft Technical Services provides regional aircraft heavy maintenance and modifications in a 130,000 sq ft facility at Myrtle Beach International Airport. The facility includes hangars, back shops and a double bay paint shop adjacent to a 400,000 sq ft aircraft storage area.

AvCraft and its joint venture partner Indaer also provide technical services and field support to operators and leasing companies in many locations across the globe.

In 2009, AvCraft and Indaer supported 28 customers from 11 countries in North and South America, Europe and Asia.

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