Tempus Applied Solutions to acquire ex-Royal Air Force air-to-air refueling aircraft

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Tempus Applied Solutions to acquire ex-Royal Air Force air-to-air refueling aircraft

August 14, 2017

Tempus Applied Solutions (TAS) announced today that the company has entered into a definitive purchase agreement for 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. Although the aircraft served the RAF and NATO for 30 years until their retirement in 2014, the aircraft have many years of service life remaining. The L-1011s have been in flyable storage in the UK since their retirement. The closing of the acquisition will take place following satisfactory inspection of the aircraft and associated log books and support equipment. The company intends to utilize three of the AAR configured aircraft while the additional three aircraft will be used as spare parts. Marketing of the aircraft for contractor owned/operated AAR operations will begin immediately with a focus on the US Navy, NATO, and other allied air forces which require hose and drogue AAR services. The aircraft are currently registered in the United States and will be ferried from the UK to an existing TAS base of operations in the continental USA upon acceptance and the completion of required maintenance.

Company CEO Scott Terry stated, "We are very encouraged to have found a potential solution for the shortage of AAR services that currently exist within the US Navy and Marine Corps tactical aviation and many NATO/Allied air forces. We will perform the necessary inspections and evaluations over the next several weeks in order that the transaction can close as soon as possible."

Assuming a successful inspection and evaluation, the aircraft will be acquired utilizing TMPS common shares. TAS expects to issue to the Seller approximately 6,730,769 common shares at a value of $0.52 per share.

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