TAT Technologies Announces Potential Write Down and Impairment of Certain Assets
TAT Technologies Ltd., a leading provider of services and products to the commercial and military aerospace and ground defense industries, today announced that in the process of preparing its unaudited interim financial statement as of June 30, 2012 and in accordance with policies and practices customary to it and to its subsidiaries, TAT periodically evaluates the fair value of certain assets of the Group Companies. These valuations are conducted, inter alia, with the assistance of independent valuation companies and management estimates.
Initial indications of preliminary valuations received by the Company with respect to its subsidiary - Bental Industries, and to its 30% owned First Aviation Services Inc., suggest that a material write down and/or impairment might be required with respect to the fair value of these companies, the total of which may range approximately between $4.0 to $4.5 million.
It should be noted that the information set forth above is an estimate based upon partial data gathered at the Company. The complete data used in the preparation of the unaudited interim financial statements is being processed and analyzed and is yet to be reviewed by the Company's auditors. Accordingly, changes to the information stated above are possible.