New Century to acquire Precision Aerostructures

LOS ANGELES, Calif., 4 Sept. 2009. New Century Companies Inc. has signed a definitive agreement to acquire Precision Aerostructures Inc. through a cashless merger. Precision Aerostructures manufactures structural aircraft components and assemblies, serving customers in defense, government systems, aerospace, and commercial markets.

David Duquette, CEO, New Century Companies, states: "Precision Aerostructures Inc. has an excellent management team and a backlog of $27,000,000 in contracts. We expect the combined companies to have earnings in the next 12 months in excess of $.12 per share. The closing, expected shortly, is subject to certain financing conditions and final due diligence, as is the case in any merger."