Air Industries Group Announces Agreement in Principle to Acquire New England Based Aero-Engine Component Manufacturer

BAY SHORE, NY — (Marketwired) — 02/02/15 — Air Industries Group (NYSE MKT: AIRI) (Air Industries or the Company) announced today that it has reached an agreement in principle to acquire 100% of the stock and the business of a jet turbine component manufacturer based in New England.

The target company is a long established manufacturer of aerospace components for aircraft and land-based jet turbines. Its components are used in Pratt & Whitney, General Electric and Siemens jet turbine engines.

The transaction, scheduled to close in February, is subject to the affirmative vote of the shareholders of the target company and other conditions. The assets to be acquired include a 75,000 square foot manufacturing facility. Management and employees will be retained, and it is anticipated that the company will be operated as a separate subsidiary of Air Industries Group.

Mr. Daniel Godin, Chief Executive Officer of Air Industries, commented: “This acquisition, together with AMK which was purchased last October, further expands Air Industries into the jet engine component business. This segment is forecasted to enjoy rapid growth as next generation engines are introduced. We are especially pleased that the long serving and highly experienced senior management team has agreed to stay with the business. This acquisition again, together with AMK, expands our presence in the Commercial Aerospace market. Our goal in this transaction, as with all of our transactions, is to provide the financial, marketing and technical support to accelerate the organic growth of the acquired business.”