Willis Lease and China Aviation Supplies Corporation Celebrate the Grand Opening of Their Engine Leasing JV

SHANGHAI, China, Nov. 25, 2014 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (Nasdaq:WLFC), the premier independent jet engine lessor in the commercial finance sector, and China Aviation Supplies Import & Export Corporation Limited (“CASC”), China’s leader in aviation supplies trade, distribution and logistics, hosted a grand opening ceremony on November 7th to celebrate the launch of their new engine leasing joint venture, CASC Willis Engine Lease Company Limited (“CASC Willis”) in Shanghai, China. The ceremony was attended by over 100 guests, including distinguished leaders from the Chinese government, major Chinese airlines, MRO facilities, Chinese banks, as well as senior management from CASC and Willis Lease.

“We are honored and humbled to be partners with CASC in the formation of our joint venture, and look forward to serving the Chinese market with the service and quality that has positioned Willis Lease as the premier engine lessor worldwide,” said Charles F. Willis, Chairman and CEO of Willis Lease to the guests in attendance. “CASC Willis will provide a full range of engine leasing and engine management services for the Chinese aviation market. With the combined resources and expertise of Willis Lease and CASC, the new joint venture will have the capability to handle a broad range of engine types and offer extensive experience in structuring engine leasing transactions and support programs.”

After ringing the ceremonial gong with Mr. Willis to celebrate the formal opening of CASC Willis, Mr. Li Hai, President and CEO of China Aviation Supplies Holding Company, the parent company of CASC, said, “For many years it has been my dream to establish a partnership like the one we have forged with Willis Lease to bring together the best of our two companies to serve the aviation market in China. This ceremony commemorates and recognizes the hard work and dedication of all involved to make this dream a reality.”

“We are honored to have so many of China’s distinguished aviation business leaders here to help us celebrate this new venture which we believe has a very promising future,” said Shanfa Yan, General Manager of CASC Willis. Mr. Yan is a Willis Lease veteran, having had responsibility for managing the company’s Chinese operations since 1995.