GlobeNewswire Inc | Dec 9, 2020 08:40AM EST

December 09, 2020

Wood Dale, Dec. 09, 2020 (GLOBE NEWSWIRE) -- AAR (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs and OEMs, was awarded a $148,357,084 firm-fixed-price, indefinite-delivery/indefinite-quantity follow-on contract with Naval Air Systems Command. This expanded contract provides contractor logistics support required for operating and maintaining the C-40A aircraft, aircraft subsystems, appliances and support equipment, including depot-level, main operating base and supply support. This award also introduces additional requirements including new operating sites, commercial line maintenance, and scheduled engine overhauls.

We are proud to have been selected for the second consecutive time to provide this pivotal service for the U.S. Navy and the expanding C-40A fleet, said Nick Gross, AAR Senior Vice President, Integrated Solutions. As we move forward, the government can rely on a trusted partner to provide uninterrupted performance and continue delivering commercial best practices for the expanded fleet. We will continue drawing from the breadth and depth of our services and facilities across the country to maintain the availability of the airframes.

Heavy maintenance work on the C-40A aircraft will be performed at AARs MRO facility at the Oklahoma City airport, with line maintenance support conducted at two Naval Air Stations within the United States and logistics support at six Naval Air Stations. AAR will also use its landing gear repair facility in Miami and component repair shop in New York to support the Navy fleet.

This is the first time an incumbent has been awarded a follow-on contract for this program which is a testament to AARs commitment to service, quality, excellence and value for the U.S. Navy. We remain focused on enabling the Navy mission and supporting the fleet, delivering some of the highest aircraft availability rates in the Navy, said Jay Pereira, AAR Vice President, General Manager, Government Services. The increase in the fleet and the additional maintenance and site support services provide further opportunities for AAR to continue the outstanding support we are known for across our government portfolio.

For more information on AAR Government Solutions, visit aarcorp.com/integrated-solutions/government-solutions/.

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About AARAAR is a global aerospace and defense aftermarket solutions company with operations in over 20 countries. Headquartered in the Chicago area, AAR supports commercial and government customers through two operating segments: Aviation Services and Expeditionary Services. AARs Aviation Services include Parts Supply; OEM Solutions; Integrated Solutions; and Maintenance, Repair and Overhaul (MRO) Services. AARs Expeditionary Services include Mobility Systems operations. Additional 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 PrivateSecurities Litigation Reform Act of 1995, including the contract value and theavailability of further opportunities for AAR to continue the outstandingsupport we are known for across our government portfolio. Forward-lookingstatements may also be identified because they contain words such as??anticipate,?? ??believe,?? ??continue,?? ??could,?? ??estimate,?? ??expect,????intend,?? ??likely,?? ??may,?? ??might,?? ??plan,?? ??potential,????predict,?? ??project,?? ??seek,?? ??should,?? ??target,?? ??will,????would,?? or similar expressions and the negatives of those terms. Theseforward-looking statements are based on beliefs of Company management, as wellas assumptions and estimates based on information currently available to theCompany, and are subject to certain risks and uncertainties that could causeactual results to differ materially from historical results or thoseanticipated, including those factors discussed under Item 1A, entitled ?RiskFactors?, included in the Company?s Form 10-K for the fiscal year ended May 31,2020. Should one or more of these risks or uncertainties materialize adversely,or should underlying assumptions or estimates prove incorrect, actual resultsmay vary materially from those described. These events and uncertainties aredifficult or impossible to predict accurately and many are beyond the Company?scontrol. The Company assumes no obligation to update any forward-lookingstatements to reflect events or circumstances after the date of such statementsor to reflect the occurrence of anticipated or unanticipated events. Foradditional information, see the comments included in AAR?s filings with theSecurities and Exchange Commission.

NAVAIR Public Release 2020-963. Distribution Statement A - "Approved for public release; distribution is unlimited"

Contact:

Daniela Pietsch

editor@aarcorp.com

+1 630 227 5100