Precision Aerospace Components, Inc. announced that effective January 16, 2015, prior to or upon the First Closing, each of Alexander Kreger and David Walters resigned from their directorships and any committee of which they were a member. Effective as of the First Closing, and pursuant to the terms of the Purchase Agreement and the Shareholder Agreement, the company appointed John F. Wachter, 33, and William J. Golden, 38, to the board of directors. Mr. Wachter was also appointed Chairman of the Board.

Each of Messrs. Pursuant to the terms of the Stock Purchase Agreement and the Shareholder Agreement, on the 11th calendar day after the company has mailed or otherwise sent a Section 14(f) Information Statement to the shareholders of the company, Donald Barger shall resign his positions from the board of directors and the committees of the board, and C3 Capital Partners III, L.P. (C3) and Precision Group Holdings LLC (the Holdings) shall designate, and the board of directors shall appoint, one or more additional members to the board and the committees to fill the vacated positions. Effective as of the First Closing, and pursuant to the terms of the Stock Purchase Agreement, Mr. Andrew Prince resigned as President, CEO, and Principal Financial Officer of the company, but retained his position as a member of the board of directors.

John F. Wachter was appointed interim CEO. Effective as of the First Closing, and pursuant to the terms of the Purchase Agreement, the company appointed Richard McVaugh as President of the company. McVaugh, 60, has served as President of each of the company's Subsidiaries since 2008.