WOOD DALE, Ill., June 11, 2012 /PRNewswire/ -- AAR (NYSE: AIR) announced today that the United States Transportation Command (USTRANSCOM) has exercised a renewal option for AAR to provide airlift support in Afghanistan through May 31 of 2013. The option has a value of $104 million and is part of a task order awarded to AAR in June 2010.
The Company's AAR Airlift operating unit will continue to support the requirement using 15 fixed-wing aircraft from its fleet. The Company provides both fixed-wing and rotary-wing aircraft, related personnel, equipment and maintenance to transport personnel, cargo and mail for U.S. Department of Defense and NATO operations in Afghanistan.
"We are proud of our role as the largest independent provider of airlift for the U.S. Government and its allies in Afghanistan and to serve as an integral part of our nation's transportation and logistics capability," said Randy J. Martinez, President of AAR Airlift and Group Vice President, with AAR CORP. "This renewal acknowledges the dedication and work of our pilots and support teams and the confidence that they have earned from USTRANSCOM and the Department of Defense."
The mission of USTRANSCOM is to direct deployment and distribution in support of national security capabilities and to provide end-to-end process visibility and responsive support of joint, U.S. government and Secretary of Defense-approved multinational and non-governmental logistical requirements.
AAR's Airlift Group provides expeditionary airlift services and performs specialized aircraft modifications for defense, security and humanitarian relief operations. Under current contracts, the Company provides airlift for the Department of Defense (DoD) in three regions around the world, transporting personnel, supplies and mail over land and at sea.
AAR is a leading provider of products and value-added services to the worldwide aerospace and government and defense industries. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve customers through four operating segments: Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems; and Government and Defense Services. More information can be found at www.aarcorp.com.
This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including those factors discussed under Item 1A, entitled "Risk Factors", included in the Company's Form 10-K for the fiscal year ended May 31, 2011. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company's control. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. For additional information, see the comments included in AAR's filings with the Securities and Exchange Commission.