Item 2.01. Completion of Acquisition or Disposition of Assets.
On April 13, 2022, Contrail Aviation Support, LLC ("CAS"), a 79%-owned
subsidiary Air T, Inc. (the "Company") completed the acquisition of two (2)
CFM56-5B3/2P engines. The engines were purchased pursuant to the purchase
agreement dated January 19, 2022 reported in Air T, Inc's Current Report on Form
8-K dated January 24, 2022. The transaction value for the purchase of the two
engines exceeded $3,000,000. The purchase continues Contrail's business of
purchasing aircraft and/or aircraft engines for the purpose of leasing or
disassembling them and selling them for parts.
As of the date of this Form 8-K filing, all eight (8) engines to be purchased
pursuant to the January 19, 2022 purchase agreement have been acquired.
The foregoing summary of the terms of the purchase transaction documents does
not purport to be complete and is qualified in its entirety by reference to the
documents which are filed as Exhibit 10.1 and Exhibit 10.2 hereto and are
incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
10.1 Acceptance Certificate, dated April 13, 2022 with respect to Engines
CFM56-5B3/2P Serial numbers 779476 and 779945.
10.2 Bills of Sale, dated April 13, 2022 with respect to Engines CFM56-5B3/2P Serial
numbers 779476 and 779945.
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