Interview with Mr. Jim Worsham, CEO of U.S. Aerospace, Inc. (USAE.OB).
OCT. 4, 2010: INDUSTRY VETERAN JIM WORSHAM NEW CEO OF U.S. AEROSPACE, INC.
LOS ANGELES - U.S. Aerospace, Inc. (OTCBB:USAE.ob - News), a U.S. aerospace and defense contractor, today announced that aerospace industry veteran Jim Worsham has agreed to serve as the Company’s Chief Executive Officer. Worsham developed and has served as head of Aviation Marketing and Business Development for the Southern California Logistics Airport (SCLA) for the last 10 years. From 1982 to 1989, he served as President of Douglas Aircraft Company for McDonnell Douglas Corporation, now The Boeing Company (NYSE:BA - News). In over 30 years with General Electric Co. (NYSE:GE - News), Worsham rose from jet engine aero thermo designer, to Vice President Military Engines, Vice President Commercial Engines, and Vice President Market Development.
“We are honored to have someone of Jim’s stature in the aerospace community agree to join us as CEO,” said Chairman of the Board, Jerrold S. Pressman. "His outstanding background and experience in the aviation industry is a perfect fit for our new business model to globalize the aerospace industry. Jim’s ability to develop profitable opportunities is demonstrated by the many groundbreaking projects he has led throughout his impressive career.”
Notable projects led by Worsham include: C-17 Globemaster, KC-10A Extender, T-45 Goshawk, MD-11, DC-10, MD-80, MD-90, 717. He initiated aircraft leasing in China and assembled 100 MD-80 aircraft in China.
Worsham’s honors, awards and accomplishments include: Goddard Award (while at GE), Collier Trophy (while at McDonald Douglas), Former Member of USAF Military Airlift Command Advisory Board, Former Member of US Science and Technologies Board.
“I am very excited about the growth opportunities at U.S. Aerospace, Inc.,” said Worsham. “I am confident that together we will build upon the Company's strategy of globalization in the aviation marketplace and, as a result, increase shareholder value.”
Worsham joins U.S. Aerospace, Inc. after successfully revitalizing and developing George Air Force Base, located in Victorville, California, into a modern commercial and military airport. Worsham served as Chairman of Asia Pacific and North America divisions of Guinness Peat Aviation, a commercial aircraft sales and leasing company, where he oversaw the conversions of DC-8 aircraft to freighters and initiated aircraft leasing in China. While at Guinness Peat Aviation, the Company was valued at more than $4 Billion.
As President of Douglas Aircraft, Worsham was instrumental in securing military and commercial aircraft business for a family of seven different lines of aircraft and developed the “rent-a-plane” concept which today is recognized as fractional ownership, and played a significant role in revitalizing the general aviation industry.
Worsham founded the SCLA School of Aviation Technology. He served as a Captain in the U.S. Army. Worsham received his BS in Mechanical Engineering, magna cum laude, from Vanderbilt University, his MS in Mechanical Engineering from University of Arkansas, attended Dartmouth Institute, has a honorary doctorate from Northrup University and is a registered professional engineer.
About U.S. Aerospace, Inc.
U.S. Aerospace, Inc. is a publicly-traded aerospace and defense contractor based in Southern California. The Company is an emerging world-class supplier on projects for the Lockheed Martin Corporation (NYSE: LMT - News), L-3 Communications Holdings, Inc. (NYSE: LLL - News), the Middle River Aircraft Systems subsidiary of General Electric Company (NYSE: GE - News), and other aerospace companies, commercial aircraft manufacturers and prime defense contractors. The Company supplies aircraft assemblies, structural components and highly-engineered, precision-machined details for commercial and military aircraft. The Company has offices and production facilities in Rancho Cucamonga, California.
For further information please visit the Company’s website at http://www.USAerospace.com.
Forward Looking Statements
Except for statements of historical fact, the matters discussed above are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the Company's control, may cause actual results to differ materially from stated expectations. These risk factors include, among others, dependence on its key suppliers and international partners, limited capital resources, intense competition, government regulation, complications and risks related to bidding on government contracts, and difficulty in aerospace product and parts manufacturing; as well as additional risks factors discussed in the reports filed by the Company with the Securities and Exchange Commission, which are available on its website at http://www.sec.gov. Except as required by law, the Company undertakes no obligation to update any information.
For U.S. Aerospace, Inc.
Media and Investor Relations
Richard Watkins, 386-409-0200