SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
May 15, 2006
GALES INDUSTRIES INCORPORATED
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(Exact Name of Registrant as Specified in its Charter)
Delaware 000-29245 20-4458244
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State of Commission IRS Employer
Incorporation File Number I.D. Number
1479 North Clinton Avenue, Bay Shore, NY 11706
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Address of principal executive offices
Registrant's telephone number: (631) 968-5000
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 7.01 REGULATION FD DISCLOSURE.
The following information is furnished under Item 7.01 - Regulation FD
Disclosure:
On May 15, 2006, Gales Industries Incorporated issued a press release
announcing a two-year extension of the Strategic Spares Alliance between its
subsidiary, Air Industries Machining, Corp., and Northrop Grumman Corporation. A
copy of such press release is attached to this report as Exhibit 99.1 and is
incorporated herein by reference.
EXHIBIT
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99.1 Press Release, dated May 15, 2006, of Gales Industries Incorporated
announcing an extension of the Strategic Spares Alliance with Northrop
Grumman.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: May 16, 2006
GALES INDUSTRIES INCORPORATED
By: /s/ Michael A. Gales
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Michael A. Gales, Executive Chairman
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EXHIBIT INDEX
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99.1 Press Release, dated May 15, 2006, of Gales Industries Incorporated
announcing an extension of the Strategic Spares Alliance with Northrop
Grumman.
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EXHIBIT 99.1
GALES INDUSTRIES
INCORPORATED
Michael A. Gales, Executive Chairman
631-968-5000 ext: 124
PRESS RELEASE: Gales Industries Incorporated Secures Two-Year Extension of
Exclusive Strategic Spares Alliance with Northrop Grumman; Three Additional
Two-Year Options Have Total Estimated Value of $12 Million
Dow Jones & Company, Inc. -- May 15, 2006
BAY SHORE, N.Y.--(BUSINESS WIRE)--May 15, 2006--
Gales Industries Incorporated (OTC BB: GLDS), an emerging operating group
within the aerospace/defense industry, today announced the extension of the
exclusive Strategic Spares Alliance (SSA) between its subsidiary, Air Industries
Machining Corp., and Northrop Grumman Corporation, a leading global defense
company headquartered in Los Angeles, CA. The estimated value of this 2-year SSA
is $3 million. The Alliance contains three additional 2-year options, with a
total estimated value of $12 million.
The Alliance encompasses all of the spare machined parts and
sub-assemblies for out-of-production Northrop Grumman aircraft, including the
A-10, C2A, E-2C, EA6B, F-5, F-14, and F-18C/D. Since the inception of the
program in May 2004, Air Industries has delivered several thousand parts, valued
at over $1.7 million. Under the terms of the Alliance, Air Industries is the
exclusive supplier to Northrop Grumman for these items. In return, Air
Industries continues to meet the stringent performance criteria pertaining to
quote- response, delivery and quality. In supporting the program requirements,
Air Industries applies both its internal manufacturing expertise, and cognizance
of integrated supply chain necessities.
Peter Rettaliata, President and CEO of Gales Industries announced, "This
extension will ensure a steady and reliable supply of parts for aircraft still
in use by the US and its allies, but which are no longer in production. The SSA
between Gales and Northrop Grumman has proved its value to both parties since it
began two years ago, and we are now positioned for it to continue for at least
another two years or more. We look forward to continuing our healthy
relationship with Northrop Grumman and to providing them with timely, high-grade
aviation parts for their applications."
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Gales' Executive Chairman, Michael A. Gales, stated, "We are very pleased
with the news that our Strategic Spares Alliance with Northrop Grumman has been
extended. Warfighting has grown more technological and complex, but equipment
must be kept in top condition, and that means replacing worn parts with new
ones, or lives are put at risk. The extension of our SSA will help ensure that
the warfighters of the US and its many allies continue to have the necessary
aircraft in combat-ready condition for the numerous missions they face around
the world."
ABOUT GALES INDUSTRIES INCORPORATED
Gales' strategy and attendant tactical plan is to execute consolidation
among Tier III and IV aerospace/defense subcontractors. Gales offers a tailored
exit strategy in exchange for qualified acquisitions and targets technically
superior organizations in the $15-100 million annual range. Gales is an
operating/holding and management services integrator group within the
defense/aerospace field, focusing on manufacturing, technical services and
strategic product distribution opportunities.
ABOUT NORTHROP GRUMMAN CORPORATION
Northrop Grumman Corporation is a global defense company headquartered in
Los Angeles, CA. Northrop Grumman provides technologically advanced, innovative
products, services and solutions in systems integration, defense electronics,
information technology, advanced aircraft, shipbuilding and space technology.
With approximately 125,000 employees and operations in all 50 states and 25
countries, Northrop Grumman serves US and international military, government and
commercial customers.
Certain matters discussed in this press release are 'forward-looking
statements' intended to qualify for the safe harbors from liability established
by the Private Securities Litigation Reform Act of 1995. In particular, the
Company's statements regarding trends in the marketplace and potential future
results are examples of such forward-looking statements. The forward-looking
statements include risks and uncertainties, including, but not limited to, the
timing of projects due to the variability in size, scope and duration of
projects, estimates made by management with respect to the Company's critical
accounting policies, regulatory delays, and other factors, including general
economic conditions, not within the Company's control. The factors discussed
herein and expressed from time to time in the Company's filings with the
Securities and Exchange Commission could cause actual results and developments
to be materially different from those expressed in or implied by such
statements. The forward-looking statements are made only as of the date of this
press release and the Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstance.
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CONTACT: Porter, LeVay & Rose, Inc.
Michael Porter, President - Investor Relations
Tel: 212-564-4700
Fax: 212-244-3075
www.plrinvest.com
plrmail@plrinvest.com
or
Gales Industries Incorporated
Michael A. Gales, Executive Chairman
631-968-5000 ext. 124
SOURCE: Gales Industries Incorporated Copyright Business Wire 2006
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