LOS ANGELES WORLD AIRPORTS ANNOUNCES ARRIVAL OF FIRST AIRCRAFT AT PALMDALE’S SR TECHNICS FACILITY

(Los Angeles, CA – August 18, 2000) Los Angeles World Airports (LAWA) today announced the arrival of the first aircraft, a Federal Express DC-10, to SR Technics America, Inc. for aircraft conversion at the company’s North American headquarter operations located at Palmdale Regional Airport (PMD).

By September 1, SR Technics will have hired 200 workers in preparation for the conversion of the DC-10 passenger aircraft to a modern MD-10 cargo freighter. The company will be adding another line to its operations after the first of the year, and anticipates hiring an additional 150-200 workers. SR Technics’ five-year strategic plan calls for up to 5,000 skilled workers, many of whom the company will train for its specific operations.

LAWA, which brought together and coordinated a coalition of government and business executives in support of the SR Technics deal, is particularly excited about this initial job creation and the future economic benefits it will bring to the City of Palmdale and the surrounding Antelope Valley communities. SR Technics had been considering a number of other sites outside of California for its new facility, and its decision to locate in Palmdale is an example of LAWA’s dedication to bring business to its surrounding airport communities and to develop its four area airports into assets that serve the broader Southern California region.

LAWA invested nearly $12 million in the site in order to establish the Swiss firm’s first facility of its kind in North America. The SR Technics lease at the former Boeing site is part of LAWA’s ongoing efforts to actively market Palmdale Regional Airport to aviation maintenance operations and commuter airlines. Currently underway is a marketing program which includes capitalizing on the SR Technics lease to attract interest by other airlines.

The SR Technics facility is located on LAWA property, known as Site 9, at 30th Street East and Avenue P, adjacent to the U.S. Air Force Plant 42.

The Palmdale Regional Airport is an integral part of LAWA’s overall effort to finding regional solutions to meeting Southern California’s increasing air transportation demands.