Tempus Applied Solutions finalizes acquisition of ex-Royal Air Force air-to-air refueling aircraft

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Tempus Applied Solutions finalizes acquisition of ex-Royal Air Force air-to-air refueling aircraft

March 12, 2018

Tempus Applied Solutions (TAS) announced today that the company has finalized the acquisition of six Lockheed L-1011s formerly owned and operated by the Royal Air Force (RAF) of the United Kingdom. Four of these aircraft are specifically configured for air-to-air refueling (AAR) operations and the remaining two are configured for passenger and cargo operations only. The aircraft previously served the RAF and NATO.

Company CEO Scott Terry stated, "We are delighted that the aircraft inspections and records reviews were consistent with our expectations thus allowing us to complete this very important transaction. We can now focus our attention on military customers in the USA and NATO that have urgent requirements for air-to-air refueling services." Terry added, "Now that the deal is closed, our potential customers can better understand our commitment to the aerial refueling mission."

The aircraft acquisition was completed utilizing TMPS common shares. 6,730,769 common shares were issued to the Seller at a value of $0.52 per share as payment for the aircraft. Additionally, TMPS has agreed to either pay $150K in cash or to issue to the Seller approximately 833,000 common shares at a value of $0.18 per share to compensate the Seller for maintenance and storage costs incurred for keeping the aircraft in the condition required by the aircraft purchase agreement.

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