LOS ANGELES, CA -- (Marketwire) -- 11/03/09 -- New Century Companies, Inc. (OTCBB: NCNC) announced today that it has reached an agreement to merge a Texas aerospace manufacturing firm into New Century with a cashless merger. The aerospace firm has orders in excess of $3,500,000 to manufacture aerostructure components for the F-135 Joint Strike Fighter.
Michael C. Cabral, CEO, Precision Aerostructures division, stated, "We are excited and pleased to have acquired a firm that manufactures components for the Joint Strike Fighter. With orders for over 6,000 aircraft and a $300 billion value this is by far the largest Military Fighter contract ever. Work from this contract will last for the next two decades."
David Duquette, CEO, New Century Companies, Inc., stated, "We are thrilled with this acquisition which continues our roll up strategy to combine aerospace companies into New Century. We have already identified and begun discussions with two additional aerospace firms to continue this growth strategy."
About New Century Companies, Inc.
New Century Companies, Inc. is a supplier of structural aircraft components and assemblies, as well as a leading re-manufacturer of machine tools. New Century, through its wholly owned subsidiary Precision Aerostructures, specializes in engineering and manufacturing precision details for the aerospace industry that perform reliably in harsh conditions, including high and low temperatures, severe shock and vibration. New Century also is a leading domestic manufacturer of machine tools, primarily vertical boring mills and large lathes such as Vertical Turning Centers (VTC). Precision serves major aircraft builders such as General Electric, Boeing L3 Communications and Eclipse Aerospace. The Company has production facilities in Rancho Cucamonga, CA and Santa Fe Springs, CA.
Forward-looking statement: Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions and other risks detailed from time to time in the Company's ongoing quarterly filings, annual information form, and annual reports. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.