Published: September 04, 2008
Global Aircraft Solutions Announces Judgment Ordering the Return of 1,500,000 Company Shares
Global Aircraft Solutions, Inc. ("Global")
(OTCBB: GACF) today announced The United States District Court, District of
Arizona, has entered a Judgment for Global and Hamilton Aerospace.
Defendants Corwin Foster and Seajay Holdings are ordered to return Global's
Stock Certificate No. 1178, in the amount of 1,500,000 shares to Interwest
Transfer by September 5, 2008. The Court entered Judgment for Global and
Hamilton Aerospace on causes of action for "Conversion" and "Unjust
Enrichment."
Gordon Hamilton, CEO of Global Aircraft Solutions, commented, "We are very
pleased that we have finally been vindicated in our long struggle to win
back 1,500,000 shares of our stock unjustly taken when the Company first
acquired our wholly owned subsidiary, Hamilton Aerospace Technologies.
Additionally, management has also restructured our employment contracts
with our key personnel in a way that ends the practice of issuing award
shares to employees, and instead encourages those same employees to acquire
GACF shares on the open market. These events are reflective of management's
ongoing commitment to building share value."
About Global Aircraft Solutions
Global Aircraft Solutions provides parts support and maintenance, repair
and overhaul (MRO) services for large passenger jet aircraft to scheduled
and charter airlines and aviation leasing companies. Hamilton Aerospace and
World Jet, both divisions of Global Aircraft Solutions, operate from
adjacent facilities comprising about 25 acres located at Tucson
International Airport. These facilities include hangars, workshops,
warehouses, offices and other buildings. Notable customers include G.A.
Telesis, AfriJet, Zero G, Swift Air, Pamir Airways, Wind Rose Aviation,
Jetran International, the Mexican Presidential Fleet, SEDENA, Canadian
North Airlines, Iraqi Airways, Ryan International Airlines, and Alant
Soyuz.
Global's website is located at www.globalaircraftsolutions.com.
Except for the historical information presented, this press release
contains "forward-looking statements" made in reliance upon the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995 or
regulations thereunder including, but not limited to expected and estimated
revenue and earnings. Forward-looking statements are made based upon
management's expectations and belief concerning future developments and
their potential effect upon the Company. There can be no assurance that
future developments will be in accordance with management's expectations or
that the effect of future developments on the Company will be those
anticipated by management.
In addition, other risks are detailed in Global's Form 10-KSB for the year
ended December 31, 2007 and Global's Form 10-Qs for the quarters ended
arch 31, 2008 and June 30, 2008. These statements speak only as of above
dates, and Global disclaims any intent or obligation to update them.
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