Global Aircraft Solutions, Inc. (Global) is a holding company with over 97% of its operations conducted by its two operating subsidiaries: Hamilton Aeropsace Technologies, Inc. (HAT) and Word Jet Corporation (World Jet). HAT accounts for approximately 82% of Global's revenue and Word Jet accounts for approximately 15% of Global's revenue. HAT is an aviation maintenance and modification repair facility that performs heavy maintenance and component overhaul of body jets, such as the Boeing 727, 737, 757, DC9 and MD80 series aircraft. World Jet is an aircraft parts sales and aircraft parts brokerage facility servicing aircraft operators, aircraft leasing companies and maintenance, repair and overhaul (MRO) facilities. On July 15, 2004, (effective as of January 1, 2004), Global acquired World Jet pursuant to a stock purchase agreement whereby Global acquired 100% of the stock of World Jets. Although a majority of Global's business is conducted by its wholly owned subsidiaries, HAT and World Jet. Global does report some revenue and operating expenses that represents less than 10% of the overall consolidated revenue, expenses and assets of Global on a standalone basis. The operating expenses incurred by Global are for administrative, legal and accounting functions associated with Global managing the shares of its wholly owned subsidiaries, as well as all activities related to capitalizing and maintaining adequate capitalization levels for its subsidiaries. The revenue that has been reported by Global is revenue derived from a contract with Mesa Airlines, beginning in 2003 and ending in December of 2004. This represents the first revenue produced by the parent Company (Global) since consolidation with HAT. This work was performed by HAT, but revenue and expenses were booked to Global because the customer wanted to contract with HAT's parent (Global) rather than with the wholly owned subsidiary (HAT). HAT is an aircraft repair station licensed by the Federal Aviation Administration (FAA) and by the Joint Aviation Authority of the European Economic Community, and is known as an Air Agency in FAA parlance. Its MRO services include maintenance, repair, overhaul and modification services for narrow-body Transport Category aircraft, repair and overhaul services on aircraft components and aircraft interiors. The Company's modification services include the conversion of passenger aircraft to freighter configuration and technical support for third-party modification programs. HAT provides airport terminal turn around maintenance for most of the airlines operating into Tucson International airport. HAT also has engine hush-kit experience, including Federal Express and Raisbeck kits for Boeing 727 aircraft, ABX kits for DC9 aircraft, as well as Nordam and Av Aero kits for Boeing 737 aircraft. HAT's services include routine minor and major maintenance (phase checks A, B, C and D), corrosion control and prevention programs, structural inspections, avionic upgrades, interior reconfiguration and refurbishment, strip and paint services to operators' livery requirements, systems and structural modifications, flight test support and component overhaul. The Company's competitors include Evergreen Air Center, Goodrich Corporation, AAR Group, Inc., Ozark Aircraft, Mobile Aerospace, Timco, FlightStar, Commercial Jet Miami, Avborn Heavy Maintenance, Israeli Aircraft Industries, Coopesa and Taca Groupa.

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