TUCSON, Ariz., Nov. 13, 2003 (PRIMEZONE) -- Renegade Venture (NEV.) Corporation (OTCBB:RDVN) today announced that it's wholly owned subsidiary, Hamilton Aerospace Technologies, successfully completed major maintenance, refurbishment, reconfiguration and painting of a former US Airways Boeing 737-2B7 aircraft from Jetran International. The aircraft were delivered on time and on budget. The new owner, Ecuadorian operator AeroGal, has now placed the aircraft in South American service. The total value of the sale transaction and maintenance work together exceeded $1,700,000, the majority of which Hamilton Aerospace booked in its 3rd quarter ended September 30, 2003.
John Sawyer, Renegade and Hamilton Aerospace President, stated that, "Hamilton Aerospace is currently negotiating a contract to perform maintenance and refurbishment services on two more commercial jet aircraft AeroGal wishes to integrate into its fleet. We anticipate announcing these new work contracts before year end and expect the value of the contracts to exceed $2,000,000."
Mr. Sawyer added that, "We are very pleased to have added AeroGal as a major new customer this year. The fact that we are already negotiating with AeroGal to input two more aircraft perfectly illustrates how effective our service performance has been. In fact, our outstanding record of on-time, on-budget performance is by far our best marketing tool. It has been a pleasure doing business with AeroGal, and we look forward to expanding our business relationship with them."
AeroGal President Patricio Sommerfeld said, "As a small airline, it is of particular importance to us that our aircraft are available for operation on schedule. Consequently, we are especially pleased to find a reliable service provider like Hamilton Aerospace that can respond to our aircraft integration requirements in a cost effective and timely manner."
About Renegade Venture
Through its Hamilton Aerospace subsidiary, Renegade provides maintenance, engineering and modification services to scheduled and charter airlines and aviation leasing companies for large passenger jet aircraft. 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, Space World and Falcon Air Express.
Renegade's member website is located at www.renegadeventurecorp.com, and shareholders and other interested persons are urged to join. Members receive the Renegade Aviation Newsletter, email alerts of press releases and SEC filings, and other great benefits. Membership is absolutely free and it only takes a couple of minutes to join at www.renegadeventurecorp.com/register.htm. 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.