GREENSBORO, N.C., Nov. 16 /PRNewswire-FirstCall/ -- TIMCO Aviation Services, Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS) today announced the results of its rights offering, which expired at 5:00 PM yesterday. In the rights offering, stockholders subscribed to purchase 9,350,948 shares of the Company's post- reverse split authorized but unissued common stock at an exercise price of $4.80 per share, including 3,959,837 shares purchased by Lacy Harber, the Company's principal stockholder, using the proceeds of a promissory note due to him from the Company as consideration for his purchase of shares. The rights offering is expected to close on November 22, 2005. The gross cash proceeds of the rights offering to the Company, excluding Mr. Harber's promissory note (which had an outstanding balance as of yesterday of $19,007,218), is expected to be approximately $25.9 million. After completion of the rights offering, the Company will have outstanding 21,341,431 post- reverse split shares of its common stock and Mr. Harber will own approximately 42.7% of the outstanding common stock. The Company also reported that its previously announced one-new-share-for- 40-old-shares reverse split of its outstanding common stock will become effective at 12:01 AM on November 22, 2005. TIMCO Aviation Services, Inc. is among the world's largest providers of aviation maintenance, repair and overhaul (MRO) services for major commercial airlines, regional air carriers, aircraft leasing companies, government and military units and air cargo carriers. The Company currently operates four MRO businesses: Triad International Maintenance Corporation (known as TIMCO), which, with its four active locations (Greensboro, NC; Macon, GA; Lake City, FL and Goodyear, AZ), is one of the largest independent providers of heavy aircraft maintenance services in the world and also provides aircraft storage and line maintenance services; Brice Manufacturing, which specializes in the manufacture and sale of new aircraft seats and aftermarket parts and in the refurbishment of aircraft interior components; TIMCO Engineered Systems, which provides engineering services both to our MRO operations and our customers; and TIMCO Engine Center, which refurbishes JT8D engines and performs on-wing repairs for both JT8D and CFM-56 series engines. Visit TIMCO online at http://www.timco.aero/. This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. A number of factors, including those identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2004 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2005, could adversely affect the Company's ability to obtain these results. Copies of the Company's filings with the U.S. Securities and Exchange Commission are available from the SEC or may be obtained upon request from the Company. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date. DATASOURCE: TIMCO Aviation Services, Inc. CONTACT: Roy T. Rimmer, Jr., Chairman & CEO, or James H. Tate, Executive Vice President, CAO and CFO, of TIMCO Aviation Services, Inc., +1-336-668-4410 Web site: http://www.timco.aero/

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