CHARLOTTE, NC, November 28, 2023 Today The Company announces the completion of a private placement of $4.0 million of its 8% Trust Preferred Securities (NASDAQ: AIRTP) at a price of $17.00 per share for a 12.1% yield to maturity. This offering complements the Company’s currently active program to sell up to $5.4 million of 8% Trust Preferred Securities (“TruPs”) through its at-the-market offering. The principal buyers of the private placement were its largest shareholder and their affiliates. Moreover, the private placement buyers have an option to buy an additional $4.0 million at the same $17.00 per-share price. 

The Company anticipates that it will more likely than not be offering additional TruPs under its at-the-market offering at the same $17.00 per share price or better, for a 12.1% or better yield to maturity. 

Balancing its growth initiates and cost of capital, and in consultation with Directors and Management, the Company has concluded that its limited TruPs offerings are a prudent step at this time. Growth is funded and common equity dilution is avoided. Initiatives made possible by this nearly 30-year capital include:

• Expansion of Global Ground Support’s (“GGS”) balance sheet — including investment into an entirely new line of regional deicers for the 2024-2025 season. 

• Investments into leases on aircraft and engine assets, including through the LP interests of its Aircraft Asset Management Joint Venture, which we believe have returns consistently outpacing the Company’s cost of capital. 

• Expansion of maintenance programs for the Company’s recently-acquired subsidiary, Worldwide Aviation Services’ numerous ATR, SAAB 340 and Embraer operators— including expansion to satisfy growing demand from a large leasing company. 

• Expanding working capital needs of Mountain Air Cargo associated with adding 13 aircraft during calendar 2023 in support of its largest air cargo customer. 

• Continued investment into its expanding software business, including into Ambry Hill Technologies with its recognized ‘game changer’ software suite for aviation parts traders, distributors and maintenance facilities.

• Funding commercial printing equipment sales growth at Delphax Solutions, Inc., which has achieved 186% year-over-year revenue growth thus far in Fiscal 2024.