PHILADELPHIA, PA – Keystone Ranger Holdings, the aviation private equity group formed and led by Steve Townes of Ranger Aerospace, topped just over $100 million in 2004. The group expects growth in 2005 to reach approximately $120 million, excluding any additional acquisitions that might be made. The milestone marks the second time Mr. Townes and his partners have led a segment consolidation venture’s revenues to over $100 million in less than four years. Over the last several years, this Ranger venture has posted Compound Average Growth Rates for both revenues and profitability of over 20%.

Aircraft Service International Group (ASIG), Ranger’s previous venture, grew from under $100 million in revenues in 1997, just before Ranger Aerospace acquired it, to roughly $180 million when the group sold it to a British conglomerate in July 2001. That airfield services group has become one of the largest and best brands in its segment, with over 8,000 employees.

Keystone Ranger Holdings, which Mr. Townes formed to buy Keystone Helicopter in late 2001, has run true to form: Buy a solid aviation services company for a base and then build on it. “Keystone Helicopter made a superb platform,” Mr. Townes observed. “It had strong customer relationships in flight services and MRO, plus 50 years of high-quality brand equity. We’ve driven business development with additional substantial investments in people, technology, physical capacity, process improvements, quality and safety. It’s worked well.”

The combined rotorcraft enterprise’s projected revenues of $120 million for 2005 will triple its pre-acquisition performance of $38.6 million in 2000. The venture’s newest subsidiary, Composite Technology Inc., the largest independent overhauler of rotorblades in the industry, was recently added to the fold. “CTI will be an even stronger global player in the years ahead,” Mr. Townes said. “They’ve made aggressive moves into new markets around the world and their rotorblade and composites capabilities fit right into our full line of rotorcraft services.

“Our prospects for continued robust internal growth, plus outside acquisitions, are outstanding.”

About Keystone Ranger Holdings

Keystone Ranger Holdings, Inc., is a Philadelphia-area private equity investment organization specializing in aviation-related ventures. Additional information is available online at www.rangeraerospace.com.

About Keystone Helicopter

Keystone Helicopter is one of the largest and oldest helicopter services companies in the United States. Founded near Philadelphia in 1953, Keystone Helicopter employs nearly 500 people in multiple locations, including the new “Heliplex,” its state-of-the-art MRO facility adjacent to the Chester County Airport in Coatesville, PA.

The company is FAA/JAA certified, with extensive expertise and experience in maintaining, modifying, updating, completing, overhauling and operating helicopters. MRO is its largest business. It also operates a large fleet of turbine helicopters in numerous locations across several eastern states, primarily in the air medical mission. In addition to major hospital systems, other customers include flight departments of Fortune 100 companies, other fleet operators, state and local governments, and federal agencies. Additional information is available online at www.keystonehelicopter.com.

About Composite Technology Inc.

Composite Technology, Inc. (CTI) has spent 30-plus years specializing in metal and composite rotor blade repair, building a worldwide reputation for mission-critical quality and service among both OEMs and customers. CTI is the only independent rotor blade service provider with operations in five countries: Brazil, Canada, England, Singapore and the United States.

Licensing agreements with Agusta, Bell Helicopter, Eurocopter, Kaman Helicopters, MD Helicopters, Schweizer and Sikorsky, allow CTI to offer one-stop shopping, featuring approved procedures, tooling and parts — all backed by an industry-leading 2000-hour/3-year warranty. Additional information is available online at www.rotorblades.com.

About Ranger Aerospace

Ranger Aerospace LLC is a privately held investment and management holding company with private equity institutions, venture capital companies and management as shareholders. Ranger and its co-investors add value to acquired companies via seasoned veterans experienced in aviation services, aerospace programs, engineering, finance, corporate development, MIS, marketing and strategic planning, Total Quality Management, mergers and acquisitions, post-merger integration and turnarounds. Additional information is available online at www.rangeraerospace.com.

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.