Ranger Aerospace Acquires Integrated Flight Systems and Platinum Aviation

FORT WORTH , Texas, October 15 /PRNewswire/ -- Ranger Aerospace, an industry consolidator that specializes in the aviation industry, has acquired Integrated Flight Systems, Inc., and Platinum Aviation Group, Inc., in acombination of asset purchases and stock investments. Integrated FlightSystems ("IFS") manufactures air conditioning and video systems forhelicopters. Platinum specializes in helicopter maintenance, modifications,and customizing. IFS and Platinum are based in Nevada, and both will becomeintegrated with the Fort Worth , Texas depot-sized rotorcraft operations ownedby Ranger Aerospace.

Integrated Flight Systems, whose trademarked slogan is "We Cool TheWorld," makes various lightweight, highly reliable air conditioning systemsfor a wide variety of helicopter types and models. IFS holds PartsManufacturing Approval ("PMA") from the FAA for these sophisticated airborneair-conditioning systems. IFS helicopter air conditioners have been installedin numerous countries in North and South America , Europe , and Asia as factoryinstallations, dealer sales, and independent completion center sales.Platinum is an FAA repair station that has performed highly specializedhelicopter modifications, including for some government agencies.

Steve Townes , CEO and founder of Ranger Aerospace, said: "We intend tobuild the largest and best independent rotorcraft technical-services companyin the South, and both IFS and Platinum add significantly to what we can dofor our valued customers." He added: "We will work in partnership with the IFSleadership team to take the company to its next level of competitiveness,while exploring other technical acquisitions. This combination fitsexcellently with our strategy of building deeper technical capabilities forour civilian and military rotorcraft customers."

LeRoy Aday, President of IFS and Platinum, who will remain in thatleadership role, said: "This partnership with Ranger Aerospace will allow IFSto capitalize on its substantial world-wide market share for helicopter airconditioning systems, and utilize Ranger's resources to penetrate otherhelicopter models with our superior product lines. Our customers will bebetter served as we go forward with a stronger organization."

In its previous consolidations, Ranger Aerospace has made significantvalue enhancements in the companies that it operates, driving businessdevelopment via investments in people initiatives, capital equipment, qualitysystems, process improvements, and customer service. In each previous case,most of the value creation occurred through internal improvements andaggressive growth of the initial platform company, combined with complementaryacquisitions.

Ranger's most recently completed venture was the acquisition and growth ofKeystone Helicopter Corporation, where Townes was Chairman & CEO. Keystone wastripled in size and profits under Ranger Aerospace, and later sold in late2005 for a strategic premium to the Sikorsky division of United Technologies.Townes, a West Point graduate, is an aerospace industry entrepreneur whofounded Ranger Aerospace in 1997.

John Murphey , the retired Chairman & CEO of Bell Helicopter Textron, is amember of the Board of Directors of Ranger Aerospace & Aeronautics, Inc., andbrings more than 4 decades of helicopter industry experience to the governanceof this rotorcraft consolidation. Murphey said: "The markets for helicopterservices are rising steadily, and this latest acquisition shows our resolvefor continuing to build this enterprise."

Investors in Ranger Aerospace & Aeronautics, Inc. include Trinity Hunt Partners, Ranger Aerospace LLC, Ranger's management, and other privateinvestors. Trinity Hunt Partners is a Dallas-based, regionally focused privateequity firm specializing in leveraged acquisitions, recapitalizations andlate-stage growth financings of established middle-market companies withenterprise values between $15 million and $150 million in the nichemanufacturing, aerospace services, business services, health care, media andconsumer products industries. For more information on Trinity Hunt Partners,visit http://www.trinityhunt.com.

Dan Dross , managing partner at Trinity Hunt Partners, said, " Trinity Hunt is pleased to support this follow-on acquisition by Ranger Aerospace. Withstrong market indicators for the aerospace industry and rotorcraft services,we look forward to the continued growth of these high quality operations. Thehelicopter services industry remains ripe for additional acquisitions."

Ranger Aerospace, with offices in Grapevine TX, is a privately heldinvestment and management holding company that partners with private equityinstitutions to acquire and grow companies in aviation services and aerospacesupport operations. Ranger and its co-investors add value to acquiredcompanies via seasoned veterans experienced in aviation services, aerospaceprograms, engineering, finance, corporate development, MIS, marketing &strategic planning, Total Quality Management, mergers & acquisitions,post-merger integration, and turnarounds.

Forward Looking Statements: The Company from time to time may discussforward-looking information. Except for factual historical information, allforward looking statements are estimates by the Company's management and aresubject to various risks and uncertainties that are beyond the Company'scontrol and may cause actual results to differ materially from management'sexpectations.

Additional Information can be found on the web athttp://www.rangeraerospace.com, http://www.integratedflightsys.com, andhttp://www.texasaviationservices.com. Previous Ranger Aerospace investmentscan be viewed at http://www.keystonehelicopter.com and http://www.asig.com.

SOURCE Ranger Aerospace & Aeronautics, Inc.