TUCSON, Ariz., Dec. 2, 2003 (PRIMEZONE) -- Renegade Venture (NEV.) Corporation (OTCBB:RDVN) today announced that its wholly owned subsidiary, Hamilton Aerospace Technologies, has successfully refurbished and certified an additional hangar for aircraft maintenance work. This 150' x 120' hangar has been added to allow Hamilton Aerospace to expand its core maintenance and overhaul activities to include maintenance on regional jet aircraft. Management expects the new hangar facilities will contribute as much as $3,000,000 in additional top line revenue and as much as $500,000 in positive cash flow which was not included in prior revenue estimates made for 2004.
In a related acquisition, Hamilton Aerospace has purchased $150,000 worth of equipment and tooling at auction, including a large EPA approved paint booth bought for 10 cents on the dollar. The newly purchased paint booth and other operating equipment will allow the company to perform in-house approximately $250,000 of work per year that otherwise would have had to have been outsourced to third parties.
John Sawyer, Renegade President, said, "Regional jets are the fastest growing segment in U.S. commercial aviation now and for the foreseeable future, and we predict that much of our growth will come from this segment. We believe that significant opportunities exist in the commercial regional jet market that more than justify our investment in hangar space and equipment. We expect to announce very soon a major new contract that will provide a meaningful positive impact to our top line and bottom line revenues."
About Renegade Venture
Through its Hamilton Aerospace subsidiary, Renegade 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, 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.