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Acorn Growth Equities Leads Acquisition of Commuter Air Technology OKLAHOMA CITY, OK, December 15, 2005 – Acorn Growth Equities, an affiliate of Acorn Growth Companies, completed the acquisition of privately held, Arizona based Commuter Air Technology, (CAT). Founded in 1987 by Sharon Thuell and Keith Nickels, the company is renowned around the globe for its performance-enhancing modifications and aftermarket support of Raytheon’s Beechcraft King Air aircraft and military C12 variant. “Commuter Air Technology is an industry leader in the area of enhancing the performance of this highly versatile aircraft system worldwide,” said Rick Nagel, Partner in Acorn Growth Equities. “We are excited to have the opportunity to expand its special mission capabilities in concert with our on-going effort to support the changing requirements of the US Department of Defense and its Allies worldwide.” Marco Capital Group, a Texas based investment firm with offices in Oklahoma City joined Acorn as an equity investor in the transaction. Arvest Bank provided long-term debt financing for the acquisition. “This was a very complex transaction completed in a short time frame,” said Nagel. “We are very appreciative of the efforts of Marco Capital and Arvest to ensure that we were able to move quickly and thoughtfully.” “The acquisition of CAT is an excellent example of the Acorn model, which is to identify latent value in aerospace and defense enterprises, apply our sector-specific knowledge and leverage our substantial business network to monetize that value,” said Jeff Davis, Partner in Acorn Growth Equities. Commuter Air Technology developed an early modification package for the King Air that enabled small regional commuter airlines to use the aircraft for their passenger operations. The enhancement package, called a CATPASS (Commuter Air Technology Passenger and Safety Systems) combines various FAA approved enhancements which maximize the utility of the aircraft by increasing passenger loads, cargo and carrying capacity, enabling operations in harsh or underdeveloped environments, while maintaining or improving flight performance. The same modifications implemented for commercial and corporate use appeal to both US and foreign defense agencies in need of mid-sized special mission platforms to meet the needs of boarder patrol and drug enforcement programs, as well as other national security purposes. “With the global war on terror intensifying, the need for special mission aircraft that allow for effective surveillance and reconnaissance capabilities is essential,” remarked Nagel. “This is a collective, coordinated effort, and the need for consistency and ubiquity is critical. The C12 is a proven, stable workhorse that has a great history of being adapted to a variety of requirements and operating conditions. We intend to leverage that track record and expand the scope to other comparable aircraft.” Over 6,000 mid-sized, twin-engine turboprop King Air aircraft have been manufactured with production continuing to this day. Foreign commuter airlines seeking to expand accessibility to many remote and difficult to reach areas, according to Nagel, are purchasing King Airs to fill that niche market, and the modifications and enhancements featured in the CATPASS have made the aircraft an ideal choice. Acorn Growth Equities, an affiliate of Acorn Growth Companies, specializes in the acquisition of strategic, closely held later stage and corporate divestiture opportunities with an emphasis in sectors that support aerospace and U.S. Department of Defense initiatives and contracts. Acorn Growth Equities is positioned to acquire, operate, and maximize mission-critical systems and service companies in the following applied areas; aerospace (maintenance, repair, overhaul, engineering and logistics), Environmental Sciences, and Communications. For more information, please visit the Acorn Growth Equities website at www.acornge.com. At Commuter Air Technology, we’re always expanding our line of enhancement products and overall capabilities to better serve our growing base of clientele. For the most up-to-date news about our company, To find out about new products or research and development activities, click on In Development. Finally, Events provides a complete list of conferences and conventions we’ll be attending throughout the year. What a great way |
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