TUCSON, Ariz., Nov. 5, 2003 (PRIMEZONE) -- Renegade Venture (NEV.) Corporation (OTCBB:RDVN) today announced that its wholly owned subsidiary, Hamilton Aerospace Technologies, delivered two former United Airlines Boeing 737-200 aircraft to the new Nigerian start-up airline Space World. The delivery of these two aircraft represents the successful completion of over $3,000,000 in work for Space World by Hamilton Aerospace and sets the stage for new Hamilton Aerospace contracts to meet Space World's projected requirements for additional Boeing 737 aircraft.
John Sawyer, Renegade and Hamilton President, stated, "Most people get excited upon the signing of a new contract. Personally, I get more excited when we deliver completed aircraft, on time and on budget. Each delivery not only means another project successfully completed, but it also further enhances our reputation and frees up manpower and facility resources for other aircraft in work or scheduled for input."
This contract involved Hamilton Aerospace's purchase of the two Boeing aircraft from United Airlines and their sale to Space World, marking Hamilton Aerospace's entry into the aircraft-trading segment of the industry. Hamilton Aerospace has since bought and sold a Boeing 737-B37 aircraft to Ecuadorian carrier Aerogal in a transaction valued at $1.7 million, including both the sale and maintenance services.
Mr. Sawyer also remarked that, "We are actively looking for new opportunities to buy and sell commercial aircraft, because the trading adds a new profit center while simultaneously adding to our maintenance revenues. We hope to raise capital in the next few months that will increase our aircraft trading ability, while the depressed aviation market makes it possible to buy aircraft at significant discounts."
About Hamilton Aerospace Technologies
Hamilton provides maintenance, engineering and modification services for large passenger jet aircraft to scheduled and charter airlines and aviation leasing companies. Hamilton Aerospace holds a Federal Aviation Administration (FAA) Part 145 Air Agency Certificate, which allows it to perform such services. Hamilton operates from facilities comprising about 21 acres located at Tucson International Airport. These facilities include hangars, workshops and other buildings. Notable Hamilton customers include Jetran International, United Parcel Service, a Boeing Company joint venture, Goodrich Corporation, DHL Worldwide Express, Pegasus Aviation, Ryan International Air, Jetran International, Space World and Falcon Air Express.
Renegade's member website is located at www.renegadeventurecorp.com. The Hamilton Aerospace website is located at www.hamaerotech.com.
Except for the historical information presented, the above statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 or regulations thereunder. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. These risks include the economic health of the airline industry, demand for Hamilton Aerospace's services, competitive pricing pressures, and the availability of necessary financing. In addition, other risks are detailed in Renegade's Form 10-KSB filed on April 15, 2003. These statements speak only as of above date, and Renegade disclaims any intent or obligation to update them.