EDAC Technologies Awarded $5.3 Million Rotorcraft Parts Contract

EDAC Technologies Awarded $5.3 Million Rotorcraft Parts Contract

FARMINGTON, Conn., Aug. 2 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq: EDAC), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, today announced that it has signed a multi-year agreement to supply a major rotating component for a leading manufacturer of rotorcraft.  The agreement has an initial term of three years, with an option for an additional two-year extension, and is valued at approximately $5.3 million during the initial three-year period.

The Company noted that with this agreement its backlog has increased to a record $140 million.

"This significant multi-year agreement represents our first contract 'win' in the market for rotorcraft parts.  It reflects our strategy of targeting markets beyond our traditional engine components business, in order to diversify the Company's revenue base and expand upon our strengths in precision aerospace parts manufacturing.  Rotorcraft parts represent just one of many developmental areas in which we are investing, and which we believe will contribute to our future profitable growth.  I congratulate the EDAC AERO team on this tremendous achievement," said Dominick A. Pagano, President and Chief Executive Officer of EDAC Technologies Corporation.

About EDAC Technologies Corporation

EDAC Technologies Corporation is a diversified manufacturing company serving the aerospace and industrial markets.  In the aerospace sector, EDAC offers design and manufacturing services for commercial and military aircraft, in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines.  Industrial applications include high-precision fixtures, gauges, dies and molds, as well as the design, manufacture and repair of precision spindles, which are an integral part of machine tools found in virtually every manufacturing environment. EDAC's core competencies include extensive in-house design and engineering capabilities, and facilities equipped with the latest enabling machine tools and manufacturing technologies.

Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995; including forward-looking statements regarding future profitability, expected sales and other matters that are subject to risks and uncertainties. The Company uses words such as "plans," seeks," "projects," "expects," "believes," "may," "anticipates," "estimates," "should," and similar expressions to identify these forward looking statements. These statements are subject to risks and uncertainties and are based upon the Company's beliefs and assumptions. There are a number of important factors that may affect the Company's actual performance and results and the accuracy of its forward-looking statements, many of which are beyond the control of the Company and are difficult to predict. These important factors include, without limitation, factors which could affect demand for the Company's products and services such as general economic conditions and economic conditions in the aerospace industry and the other industries in which the Company competes; competition from the Company's competitors; and the Company's ability to enter into satisfactory financing arrangements. These and other factors are described in the Company's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company's expectations and beliefs as of the date of this release. The Company anticipates that subsequent events and developments may cause these expectations and beliefs to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation or intention to do so.

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