GlobeNewswire Inc | Aug 31, 2021 08:00AM EDT

August 31, 2021

PURCHASE, N.Y. and INCHEON, South Korea, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) announced today that its wholly-owned subsidiary Atlas Air, Inc. has signed a Memorandum of Agreement to enter into a joint venture with Sharp Technics K to develop a dedicated maintenance, repair and overhaul (MRO) facility at Incheon International Airport (ICN) in South Korea. The maintenance facility is expected to open in 2025.

Sharp Technics K President Soon-Suk Paik said his company is honored to partner with Atlas Air on this custom freighter aircraft maintenance facility. This facility at Incheon Airport will be able to accommodate multiple wide-body aircraft at the same time, enabling the facility to contribute to the growth of airfreight and e-commerce on a global scale as ICN expands its role in the MRO aviation industry, Mr. Paik said.

John W. Dietrich, President and Chief Executive Officer of Atlas Air Worldwide, said he welcomes Sharp Technics Ks approach to finding the right solution for Atlas Airs growing wide-body maintenance needs in the Asia-Pacific region.

Incheon International Airport is a key airport for us in our global network as we serve customers around the world, Mr. Dietrich said. Our partnership with Sharp Technics K will enable us to further streamline maintenance planning with their integrated approach to servicing our fleet.

Kyung-Wook Kim, President of Incheon International Airport Corporation said: We look forward to supporting Atlas Airs MRO needs with this new facility as ICN focuses on cultivating theair cargo industry. This development will serve as a cornerstone for new growth as westrengthen Koreas competitive position in serving the worldwide aviation MRO industry.

About Atlas Air Worldwide:

Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., Southern Air Holdings, Inc. and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Our companies operate the worlds largest fleet of 747 freighter aircraft and provide customers the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations.

Atlas Air Worldwides press releases, SEC filings and other information may be accessed through the companys home page, www.atlasairworldwide.com.

About Sharp Technics K:

Sharp Technics K is a dedicated FAA Certified MRO company located at Incheon International Airport that provides heavy maintenance services for wide-body aircraft.

Its parent company, Sharp Aviation K, is the largest independent aviation and airport service provider in Korea. With more than 50 years of experience, it is committed to delivering the best one-stop service to its clients with operations in Korea.

Please visit the companys home page, www.sharp.co.kr, for more information.

Contacts: Investors ?InvestorRelations@atlasair.com Media ? CorpCommunications@atlasair.com