Past News

Gales Industries Incorporated Announces Acquisition of Sigma Metals, Inc.
January 03, 2007

Gales Industries Incorporated announced that it has signed a stock purchase agreement for the acquisition of all of the outstanding shares of Sigma Metals, Inc., a strategic metals distributor based in Deer Park, Long Island, NY. As part of the purchase agreement Gales Industries has agreed to pay approximately $5.0 million plus an amount equal to Sigma's earnings for the period from January 1, 2006, until the closing. The purchase price will be paid in a combination of cash, restricted stock, and debt. Further, Gales will assume approximately $1.2 million of Sigma's indebtedness.

Gales Industries Incorporated Announces Business Deal
November 08, 2006

Gales Industries Incorporated announced that its wholly owned operating subsidiary, Air Industries Machining Corp. (AIM) has received multiple new awards valued at $3.9 million since the beginning of its fiscal fourth quarter on October 1, 2006. These awards include the previously announced $1.3 million EA6B Aircraft arresting gear contract from Northrop Grumman Corporation, $717,000 in additional contracts for the F35 Joint Strike Fighter landing gear components, and $802,000 for spare parts from Rotair Industries.

Gales Industries Incorporated Announces New $1.3 Million Award from Northrop Grumman for Aircraft Arresting Gear
October 30, 2006

Gales Industries Incorporated announced that its wholly-owned operating subsidiary, Air Industries Machining Corp. (AIM), has received a $1.3 million award from Northrop Grumman Corporation for the manufacture of 47 EA6B Aircraft arresting gear truss assemblies. AIM has maintained a long term relationship with Northrop Grumman as a preferred provider of arresting gear.

Gales Industries Incorporated's Air Industries Unit Signs Approximate $20 Million Memorandum Of Agreement with Landing Gear Provider For Drag Brace Assemblies
August 08, 2006

Gales Industries Incorporated announced the initial contract for the manufacture of drag brace assemblies for the landing gear of one of the newest commercial aircraft in accordance with a Memorandum of Agreement (MOA) negotiated between Air Industries (a subsidiary of the Company) and the global landing gear provider for the manufacture and support of these items. The MOA is for both the passenger as well as freightliner versions of the aircraft.

Gales Industries Incorporated's Air Industries Unit Wins New Contract
June 29, 2006

Gales Industries Incorporated announced the award of a prospectively five-year contract for support tube assemblies between its subsidiary, Air Industries Machining Corporation, and the US Government's Defense Supply Center, located in Richmond, Virginia. The contract consists of a base year, and four option years, with a maximum value of over $1.8 million.