On December 13, 2019, Aircraft MSN 29922 Trust, a trust controlled by Contrail Aviation Leasing, LLC (“Contrail”), a wholly-owned subsidiary of Contrail Aviation Support, LLC, a 79%-owned subsidiary Air T, Inc. (the “Company”), entered into a purchase agreement to sell one Boeing 737-800 Aircraft with serial number 29922 and two CFM International, Inc., model CFM56-7B24 engines with serial numbers 890420 and 890421, which were previously on lease by Contrail. Upon closing, the total transaction value will exceed $10,000,000.*

Entering into the purchase agreement as discussed above continues Contrail’s business of purchasing aircraft and/or aircraft engines for the purpose of leasing or disassembling them and selling them for parts.

The purchase agreement with respect to the transaction is filed as Exhibit 10.1, which is incorporated herein by reference.

*Portions of the transaction exhibit have been omitted for confidential treatment.

Item 9.01 Financial Statements and Exhibits

10.1.Purchase Agreement, dated December 13, 2019 by and between Wilmington Trust Services (Dublin) Limited and KG Aircraft Rotables Co., Ltd.*

*Portions of the transaction exhibit have been omitted for confidential treatment.

AIR T INC Exhibit
EX-10..1 2 exhibit101-purchaseagr.htm EXHIBIT 10.1 – PURCHASE AGREEMENT AS DATED 12.13.2019 Document         CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.PURCHASE AGREEMENTdatedas of 13 December 2019betweenWilmington Trust SP Services (Dublin) Limited,…
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About Air T, Inc. (NASDAQ:AIRT)

Air T, Inc. is a holding company. The Company operates through five segments: overnight air cargo, ground equipment sales, ground support services, printing equipment and maintenance, and leasing. The company’s overnight air cargo segment operates in the air express delivery services industry. The ground equipment sales segment manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the United States military and industrial customers. The ground support services segment provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. The printing equipment and maintenance segment designs, manufactures and sells advanced digital print production equipment, maintenance contracts, spare parts, supplies and consumable items for these systems. The Company’s leasing segment provides funding for equipment leasing transactions.