TAT Technologies Announces Closing of a Transaction to Sell Shares In First Aviation Services Inc.

GEDERA, Israel, March 11, 2015 /PRNewswire/ --

TAT Technologies Ltd. TATT, a leading provider of services and products to the commercial and military aerospace and ground defense industries, today announced that its subsidiary, Piedmont Aviation Component Services, LLC ("Piedmont"), consummated a transaction to sell a minority interest of 237,932 class B common stock and 16,253 Series A preferred stock of First Aviation Services LLC ("First Aviation"), to First Aviation for an aggregate consideration of $3.62 million. The purchase price for the Class B common stock is $8.40 per Class B shares, for an aggregate purchase price of $1.99 million, and the purchase price for the Series A preferred stock is $100 per preferred share, for an aggregate purchase price of $1.63 million. Following such transaction, Piedmont holds 50,402 class B common stock of First Aviation constituting approximately 4.9% of the common stock in First Aviation (which may be converted into class A common stock pursuant to the terms of First Aviation's Certificate of Incorporation), and TAT's income statement shall not be influenced from quarterly fluctuations in First Aviation's profits and losses. The total gain to be recognized in TAT's financial statements from the sale of First Aviation's stock is $1.39 million.

About TAT Technologies Ltd.  

TAT Technologies Ltd. is a leading provider of services and products to the commercial and military aerospace and ground defense industries.

TAT operates under three segments:  (i) Original Equipment Manufacturing or "OEM" of Heat Management Solutions (ii) Heat Transfer Services and Products and (iii) Maintenance, Repair and Overhaul or "MRO" services of Aviation Components.

TAT's activities in the area of OEM of Heat Management Solutions primarily include the design, development, manufacture and sale of (i) a broad range of heat transfer components (such as heat exchangers, pre-coolers and oil/fuel hydraulic coolers) used in mechanical and electronic systems on-board commercial, military and business aircraft; (ii) environmental control and cooling systems on board aircraft and for ground applications; and (iii) a variety of other electronic and mechanical aircraft accessories and systems such as pumps, valves, power systems and turbines.

TAT's activities in the area of Heat Transfer Services and Products include the maintenance, repair and overhaul of heat transfer equipment and in a lesser extent, the manufacturing of certain heat transfer products. TAT's Limco subsidiary operates FAA certified repair station, which provides heat transfer MRO services and products for airlines, air cargo carriers, maintenance service centers and the military.

TAT's activities in the area of MRO services for Aviation Components include the maintenance, repair and overhaul of APUs, Landing Gear and other aircraft components. TAT's Piedmont subsidiary operates an FAA certified repair station, which provides aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT's executive offices are located in the Re'em Industrial Park, Neta Boulevard, Bnei Ayish, Gedera 70750, Israel, and TAT's telephone number is 972-8-862-8500.

Safe Harbor for Forward-Looking Statements   

This press release contains forward-looking statements which include, without limitation, statements regarding possible or assumed future operation results. These statements are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management's current expectations. Actual results and performance can also be influenced by other risks that we face in running our operations including, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, the price and continuity of supply of component parts used in our operations, and other risks detailed from time to time in the company's filings with the Securities Exchange Commission, including, its annual report on form 20-F and its periodic reports on form 6-K. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.

For more information of TAT Technologies, please visit our web-site: http://www.tat-technologies.com   
Contact:
Tiko Gadot
CFO
Tel: +972-88628501

SOURCE TAT Technologies Ltd