Commercial Aerospace Joint Venture Opens Carroll County Operation

VILLA RICA, October 10, 2012 — International Component Repair (ICR) of Villa Rica, a commercial aerospace airframe and engine component repair facility, announced today that it will create a joint venture with IHI Corporation of Japan that will establish the first Japanese aerospace affiliated production facility in the United States. The partnership marks the creation of a multi-phase investment strategy that will begin with the merger of existing and new client business for fuel diverter valves –phase I and engine overhauls of commercial jet engines in the near future-phase II. Phases I and II of the joint venture will create 25 new jobs for Villa Rica and the West Metro Atlanta region with an economic impact of approximately $10 Million.  "I am proud and humbled that IHI, one of the most respected companies in the aerospace industry, chose to create their first joint venture project with ICR," said Wayne Dewell, President/CEO of ICR. 'This is a big step for ICR and IHI as it will enhance IHI's ability to support current North American customers and further enhance the possibility of supporting additional domestic airlines.' IHI's impact on the global aerospace arena will prove to enhance the regions ability to attract high tech aerospace jobs.  "The addition of quality job opportunities for our workforce is tremendous," stated Villa Rica Mayor Jay Collins. 'The fact that these jobs are in the high tech field of aerospace means great things for our citizens and strengthens our ability to create a positive 'live-work-play' environment for our community.' ICR and IHI each have significant industry ties to Delta Air Lines and the client base at Hartsfield-Jackson Atlanta International Airport.  Both companies are recognized worldwide for their attention to detail and customer service and are poised to take advantage of the ever-changing landscape of global commercial aerospace. With 14 overseas offices and 26,000 employees worldwide, it is an opportune time for IHI to have a manufacturing presence in the United States. 'I am very proud to represent IHI in this endeavor and look forward to a successful long term relationship with ICR and the Villa Rica community,' stated Kaz Sato, Senior Vice President of IHI. 'We value our partnerships and are proud that ICR represents our first aerospace joint venture project.' Carroll Tomorrow, Carroll County economic development organization and the Georgia Department of Economic Development (GDEcD) worked diligently on the project since the fall of 2011, negotiating with both corporations and meeting with IHI officials in Dubai, Tokyo and Villa Rica to make sure corporate leadership received the resources and information that would make the new joint venture an immediate success. "It was also important that we emphasized to all parties the opportunity that a facility in Villa Rica, Georgia will have on the community and region," said Loy Howard, Carroll Tomorrow Board Chairman. "As we continue to coordinate with ICR and IHI on future expansion opportunities, this will be a significant impact on our local workforce."  The 40,000 square foot joint venture facility is located at 330 West Industrial Court in Villa Rica with production slated to commence this fall. 'This announcement represents all the best that public-private partnerships have to offer,' stated Bill Chappell, Chairman of the Carroll County Board of Commissioners. 'County, City and Carroll Tomorrow partnering with existing industry to grow jobs and create new capital investment in the high tech aerospace sector is the perfect example of effective leadership and teamwork.' 'Commercial aerospace ventures are viewed as the next exciting phase of innovation for the growth of this industry in Georgia, so we are encouraged by the ICR and IHI collaboration,' said GDEcD Commissioner Chris Cummiskey. 'We look forward to growth of this joint venture, and to the creation of additional meaningful work opportunities for Georgians. Aerospace remains a strategic industry for Georgia, so this decision helps further position Georgia as a competitive location for all sectors of the aerospace industry.' About ICR: International Component Repair, Inc. (ICR) www.icrr255x.com , founded in 2002, is an approved FAA Repair Station that holds an EASA 145.5663 certificate. Founder and CEO Wayne Dewell has 42 years experience in commercial aviation, most notably with Delta Airlines in Atlanta. ICR specializes in the repair of commercial aerospace airframe and engine components such as tubes, ducts, manifolds, brackets, hardware, engine mounts, engine mount components, mechanical components and fan blade platforms. The company has a wealth of knowledge in specialized aerospace services and boasts an in house repair development and research focus. The company currently has 31 employees with a global outreach of more than 102 customers in 16 countries. About IHI: Founded in 1853, IHI Corporation www.ihi.co.jp/en is a global advanced engineering corporation of more than 26,000 employees with offices in 14 countries and 19 facilities in Japan alone. The company began in the industries of shipbuilding and dock construction, branching into aerospace and automobiles in the early 1920's and diversified from there to become one of the global leaders in over 14 industry sectors most notably aerospace, energy and industrial machinery. With Corporate Headquarters in Tokyo and a major subsidiary in New York City, IHI's first north American manufacturing facility will be in Villa Rica, Georgia.