TUCSON, Ariz., Dec. 3, 2003 (PRIMEZONE) -- Renegade Venture (NEV.) Corporation (OTCBB:RDVN) today announced that its wholly owned subsidiary, Hamilton Aerospace Technologies, signed a new contract with major customer Jetran International. This new project involves a heavy maintenance check, paint, and other return-to-service work on a former US Airways Boeing 737 aircraft owned by Jetran. The estimated value of this maintenance contract is approximately $500,000, which Hamilton Aerospace expects to complete and book in the 4th quarter. This contract is the latest in a series of aircraft maintenance projects that Hamilton Aerospace has performed for Jetran, an aircraft leasing company that purchased 91 commercial jet aircraft from U.S. Air in April of 2002.
John Sawyer, Renegade and Hamilton Aerospace President, stated, "We view this latest contract as a further validation of the value added that Hamilton Aerospace has been able to bring to Jetran's leasing business. We are pleased to have this opportunity to continue to build and improve our business relationship with Jetran. Based on Jetran's current marketing activities we look forward to announcing additional business with them in the near future."
UPDATE: Renegade recently announced a new contract to oversee completion of a heavy maintenance check of a Boeing 747SP aircraft. Hamilton Aerospace committed to a very aggressive 14-day timetable to put the aircraft in ferry-able condition and fly it in to the Hamilton Aerospace facilities, which it has performed on schedule. Management expects to finish the remainder of the work scope and make on-time and on-budget delivery of the aircraft to the customer.
About Renegade Venture
Through its Hamilton Aerospace subsidiary, Renegade provides maintenance, repair and overhaul (MRO) 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.
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 the above date, and Renegade disclaims any intent or obligation to update them.