Ranger Saudia Announces Teaming Agreement with Ranger International Services Group, Inc.
November 1, 2011
NEWS FOR IMMEDIATE RELEASE
Contact: Mr. Aziz Bashiti, Spokesman for Ranger Saudia, +966.1.466.7676
RIYADH, Saudi Arabia – November 1, 2011 – >Ranger Saudia, Ltd., a Saudi Arabia holding company, announces a strategic teaming agreement with Ranger International Services Group, a private equity consolidator from the U.S. specializing in aerospace/defense services. The teaming agreement between Ranger Saudia and its exclusive U.S. business partners was arranged for the purpose of competitively responding to solicitations and tenders in the Kingdom of Saudi Arabia ("KSA") and in other member nations of the Cooperative Council of Arab States of the Gulf ("GCC") in the broad field of aerospace/defense projects in that region. Initial contracting pursuits have already commenced with various Saudi aircraft service companies for aircraft equipment calibration, and with the Royal Saudi Air Force for bidding on future airfield equipment projects and aircraft technical support programs. Ranger International already has a multi-site presence in the Gulf States region through its subsidiaries such as CAV International (airfield services) and US Logistics (tactical vehicle overhaul & RESET). Initial projects that are in-work with Ranger Saudia will be undertaken through Ranger TechWorks, the engineering services subsidiary of Ranger International Services Group, Inc.
The head office for Ranger Saudia is at 494 King Abdullah Ibn Abdulaziz Road, Jalubal Building, Suite 3, Riyadh, Kingdom of Saudi Arabia. Ranger Saudia is owned by Saudi principals, and will be jointly staffed by local senior Saudi personnel and deployed senior Ranger personnel from the U.S. The corporate identity and branding of the new venture builds upon the many years of brand equity of Ranger Aerospace and its affiliates, using the traditional Ranger motif for the logo which has been employed in the aerospace services sector since 1988, and in the private equity sector since 1997.
Ahmed Bashir, speaking on behalf of the parties in the Ranger Saudia teaming group, said: "Through Ranger Saudia, we will provide cost-effective technical services to various government agencies here in the Kingdom, and also create jobs here for the Saudi people. Our vision for this is wide, and our strategy is very long-term. The industrial sectors for Ranger Saudia are many and diverse across the entire spectrum of aerospace/defense, aviation, aircraft, spares & logistics, airfield services, engineering, components, MRO, and avionics. The capital strengths of our principals, combined with the aerospace acumen of our business partners from Ranger International, together create a formidable new competitive force on behalf of Saudi and GCC government customers."
Steve Hanvey, President/CEO of Ranger TechWorks, said: "We are proud and honored to be entering into this important growth program with Ranger Saudia and its Saudi principals as our partners. Our initial projects stem directly from the core strengths and past performance of Ranger TechWorks and other Ranger subsidiaries. I envision that we will have a substantial and growing presence on aerospace/defense projects throughout KSA and the GCC States in the coming years. In my 40 years of aerospace industry experience, this is quite possibly the most dynamic long-term growth channel that I have ever seen."
Steve Townes, Ranger Aerospace founder and CEO of Ranger International Services Group said: "It is our privilege to co-invest with strong partners on behalf of a whole new array of international customers. Acting primarily as a subcontractor to Ranger Saudia or other Saudi-controlled companies, this venture will yield potentially dramatic growth in the next few years for our total enterprise."
Ranger in the U.S. is a privately held investment and management holding company that partners with larger private equity institutions to acquire and grow companies in aviation services and aerospace/defense support operations. Ranger and its co-investors add value to acquired companies via seasoned veterans experienced in an array of aerospace/defense operations, engineering, business services, TQM, marketing, and private equity. The Ranger headquarters office is in Greenville S.C.
Forward Looking Statements: The Company from time to time may discuss forward-looking information. Except for factual historical information, all forward looking statements are estimates by the Company's management and are subject to various risks and uncertainties that are beyond the Company's control and may cause actual results to differ materially from management's expectations.