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Ranger Promotes Ferrucci to VP – Engineering & Quality

September 24, 2004

BERWYN, PA — Effective September 1, Robert D. Ferrucci was promoted by Keystone Ranger Holdings, Inc., to the open position of Vice President – Engineering and Quality. He had previously been Director of Engineering Programs for the rotorcraft services holding company.

In this role, Ferrucci will be responsible for completing the construction of large new facilities in Pennsylvania, process improvement initiatives such as ISO 9000, and post merger integration efforts among newly acquired companies and joint ventures. Ferrucci will also become the company’s key liaison with a Congressional effort that will create a rotorcraft research center in the greater Philadelphia area.

Steve Townes, CEO of Keystone Ranger Holdings and founder of Ranger Aerospace, said: “Bob Ferrucci has become a high impact player in our steadily growing businesses. We are adding significant new content to his role in recognition of his substantial contributions and capabilities. This much deserved promotion comes immediately after our most recent acquisition of another rotorcraft services subsidiary.”

Ferrucci, a native Pennsylvanian, is an honors graduate of Penn State University’s engineering school, and holds multiple mechanical and process engineering patents. Prior to joining Ranger’s rotorcraft ventures in mid- 2002, Ferrucci held engineering management positions in Emerson Electric, Time-Warner, and Lucent Technologies. Ferrucci has led efforts in the company for ISO 9000 achievements, lean manufacturing, and numerous process enhancements, allowing better throughput and reliability. His leadership role in the creation of the new Keystone Heliplex has saved the company millions while yielding a world-class technical center.

Keystone Ranger Holdings is a venture organization that specializes in acquiring and growing helicopter related companies. Keystone Helicopter is one of the largest and oldest helicopter services companies in the United States. Founded in 1953, Keystone operates a large technical services depot and completion center near Philadelphia. The firm also operates a large fleet of turbine helicopters in numerous locations across several eastern states, primarily in the air medical mission. Composite Technology, Inc., (“CTI”), the largest independent rotor blade repair company operating worldwide, is headquartered in the Dallas-Fort Worth Metroplex and has facilities in Canada, Brazil, England and Singapore. CTI and Keystone together comprise one of the largest independent helicopter overhaul companies in the industry. The CTI acquisition is intended as the first step toward a larger depot sized presence in Texas, to complement the very large technical capacities of Keystone in the Northeast USA.

Ranger Aerospace LLC, with head offices in Berwyn PA, 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 & strategic planning, Total Quality Management, mergers & acquisitions, post-merger integration, and turnarounds.

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.