TAMPA, Fla. (August 24, 2012) — PEMCO World Air Services (PEMCO) has today announced the completion of its restructuring following an open letter last week to aviation industry colleagues, where the company provided an update on its activities to strengthen and reorganize its aircraft maintenance and industry leading Boeing aircraft modification business lines.

Following months of restructuring, PEMCO has now emerged as an independent company solely focused on serving the growing aviation MRO and conversion markets. PEMCO has realigned its business and significantly strengthened its balance sheet, positioning the company for growth and long-term stability. The new PEMCO is an attractive business partner due to its capabilities, its people, its capacity and its know-how. Similar to other iconic companies that have seen greater success following their own reorganization, resulting in superior capabilities, so will PEMCO.

“As all of us know, the airline industry has faced great challenges for a number of years that have resulted in many of our customers as well as competitors undergoing significant restructurings,” stated PEMCO CEO, William A. Meehan. “I’m pleased to report that our process is now complete. We appreciate the support of our valued customers and suppliers during the restructuring process and look forward to a thriving future. I am proud of our outstanding people. Together, with our customers, we will make aviation history.”

The new PEMCO has an excellent capital structure, an expert management team, highly effective operations in desirable locations (Tampa, FL and Southeast Asia), and a solid global reputation for its aircraft maintenance and market-leading cargo conversion businesses. Customers and industry leaders can expect PEMCO’s conversion business to remain robust, including a new program launch as well as expanding key partnerships later this year. PEMCO is making key investments in technical operations, product support and technology to ensure it remains a market leader for years to come. For more information, please view PEMCO’s newest video at www.pemcoair.com.