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Keystone Helicopter Parent Company Appoints Chief Financial Officer

May 14, 2003

Berwyn, PA – Keystone Helicopter, an industry leader in helicopter services for 50 years, announced today the appointment of Stephen J. Gambone as Senior Vice President and Chief Financial Officer of Keystone Ranger Holdings, Inc., and all subsidiaries. Immediately prior to joining Keystone Ranger Holdings, Mr. Gambone was Controller & Chief Accounting Officer for Teleflex Corporation, a large public company with interests in aerospace and other markets (NYSE: “TFX”). Gambone, with a Fortune 1000 and CPA background, will direct all internal and external financial matters for the rotorcraft holding company and its operating units.

Steve Townes, CEO of Keystone Helicopter and its parent company, and founder of Ranger Aerospace, said: “Steve Gambone brings enormous new talent to our leadership team. We are poised for continued growth, and Steve’s impressive qualifications and direct-fit experiences will help us reach our goals.”

Mr. Gambone’s 24-year financial career is distinguished by his operational oversight and fiscal leadership role with numerous small to medium-sized subsidiaries, as well as audit management with PricewaterhouseCoopers. At Teleflex, a $2 billion company, Gambone guided the actions of 80 business unit controllers across numerous markets, including aerospace (

Mr. Gambone replaces James McCaughan, who left the company earlier in the year to pursue other business interests.

Mr. Gambone said: “In the aviation industry, there are very few bright success stories these days–Keystone Helicopter is certainly one of them. Arguably, Keystone Helicopter is one of the best performing venture capital-backed aviation services enterprises currently in the entire industry. We will continue to fuel and grow the company internally and through additional acquisitions, always with a Quality First business philosophy.”

Keystone Helicopter is one of the largest and oldest helicopter services companies in the United States. Founded in 1953, Keystone operates a large fleet of turbine helicopters in multiple locations across several eastern states, primarily in the air medical mission. The firm also operates a large technical services depot and completion center near Philadelphia, and is building new, even larger facilities near Chester County Airport, Pennsylvania.

Keystone Helicopter is owned by Keystone Ranger Holdings, Inc., a Philadelphia-area private equity investment organization that specializes in aviation-related ventures. The venture consortium is led by Ranger Aerospace LLC, and includes Meridian Venture Partners, Argosy Investment Partners, CD Ventures, and other private investors.

Ranger Aerospace LLC, headquartered in suburban Philadelphia, 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. Ranger’s previous successful aviation ventures include Aircraft Service International Group, one of the world’s largest airfield services companies.

Additional information is available on the Web at: and at For information about Teleflex Corporation, visit

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.