MAIDEN, N.C., Dec. 3, 2015 — Air T, Inc. (NASDAQ: AIRT) today announced that it has completed its investment in Delphax Technologies, Inc. (www.delphax.com) and its subsidiary, Delphax Technologies Canada Limited, pursuant to the previously announced Securities Purchase Agreement dated as of October 2, 2015.
Nick Swenson, Air T’s Chief Executive Officer, commented, “Delphax has developed a disruptive inkjet production printing platform, investing over $17 million into the elan™ 500 over the past 5 years. Three elan 500 units have been installed at customer sites, and they are performing in line with expectations. Air T’s debt and equity investment will allow Delphax to build inventories and initiate an effective sales and marketing strategy to accelerate the rollout of the elan 500. In addition, Air T is working with Delphax to develop a competitive leasing program.”
“Air T has a growth mindset and long-term perspective. We seek to partner with seasoned managers who run high quality businesses. We believe our investment in Delphax comes at the right time and will allow Delphax to effectively market its elan 500 product,” Mr. Swenson continued.
For a more detailed description of the Securities Purchase Agreement referred to above, please read the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 5, 2015. Copies of the Form 8-K may be accessed on the Internet at the SEC’s website, http://www.sec.gov.
Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines. Air T is one of the largest, small-aircraft air cargo operators in the United States. Air T’s Mountain Air Cargo and CSA Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft nightly in the eastern half of the United States, Puerto Rico and the Caribbean Islands. Air T’s Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world. The Global Aviation Services subsidiary provides ground support equipment and facilities maintenance to domestic airline customers.
SOURCE: Air T, Inc.