0001036848-15-000002.txt : 20150210 0001036848-15-000002.hdr.sgml : 20150210 20150210152220 ACCESSION NUMBER: 0001036848-15-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150206 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20150210 DATE AS OF CHANGE: 20150210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AEROCENTURY CORP CENTRAL INDEX KEY: 0001036848 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 943263974 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13387 FILM NUMBER: 15593449 BUSINESS ADDRESS: STREET 1: 1440 CHAPIN AVE STE 310 CITY: BURLINGAME STATE: CA ZIP: 94010 BUSINESS PHONE: 6503401888 MAIL ADDRESS: STREET 1: 1440 CHAPIN AVENUE SUITE 310 CITY: BURLINGAME STATE: CA ZIP: 94010 FORMER COMPANY: FORMER CONFORMED NAME: AEROMAX INC DATE OF NAME CHANGE: 19970331 8-K 1 acy8krewilsonbd.htm RE: BOARD APPOINTMENT DAVID P. WILSON acy8krewilsonbd.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 acylogo
Date of Report (Date of Earliest Event Reported): February 6, 2015
Commission File No.:    001-13387
 
AEROCENTURY CORP.
_________________________________________
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
94-3263974
 
(State or Other Jurisdiction of incorporation)
 
(I.R.S. Employer Identification No.)
 
   
1440 Chapin Avenue, Suite 310
Burlingame, CA  94010
 
94010
(Address of principal executive offices)
(Zip Code)
 
 
(650) 340-1888
 
Registrant’s telephone number, including area code:
 
 
Not Applicable
Former Name or Former Address, if changed since last report
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
 o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 
 
 

 
Item 5.02: Election of Director
 
On February 6, 2015, the Board of Directors of AeroCentury Corp. adopted a resolution increasing the authorized number of members of the Board of Directors to 6.  The newly created seat on the Board of Directors was designated as a Class II director seat, the term for which expires at the May 2015 Annual Stockholders' Meeting.  On the same date, the Board of Directors appointed Mr. David P. Wilson  to fill the vacancy created by this new seat.  Mr.  Wilson retired in 2014 from GE Capital Aviation Services, one of the world's largest aircraft leasing companies, after a 21 year tenure, most recently as Senior Vice President focusing on worldwide asset sales and aircraft securitization.  The Board also also appointed Mr. Wilson to the Audit Committee of the Board of Directors.
 
On February 9, 2015, the Company issued a press release announcing the appointment of Mr. Wilson to the Board of Directors, a copy of which is attached hereto.
 
Item 9.01:  Financial Statements and Exhibits
 
(d)    Exhibits
 
   
 Exhibit No.  Document
 99.1  Press Release dated February 9, 2015
 
 
                                                             
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereeunto duly authorized.
 
 
    
  AEROCENTURY CORP.
 
 		  
 		  
 
Date: February 10, 2015 By:   /s/  Neal D. Crispin
 
  Title: President
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Toni Perazzo
Chief Financial Officer
(650) 340-1888
FOR IMMEDIATE RELEASE

AEROCENTURY CORP. ANNOUNCES ADDITION TO BOARD OF DIRECTORS

(BURLINGAME, CA), February 9, 2015 — AeroCentury Corp. (NYSE MKT: ACY), an independent aircraft leasing company, today announced the addition of David P. Wilson to its Board of Directors.

“Dave Wilson brings over thirty years of aircraft finance and trading experience to the Board,” said Neal D. Crispin, President and Chief Executive Officer.  “We are pleased to have Dave join AeroCentury.”

After 21 years, Wilson retired in 2014 from GECAS, one of the world’s largest aircraft leasing companies, where he was Senior Vice President, focusing on asset sales and aircraft securitizations to a worldwide investor base.  Prior to joining GECAS, Wilson was in Citicorp’s equipment finance and leasing division.  He started his career with the public accounting firm of Ernst & Young.

Wilson received a Bachelor’s Degree in Accounting and Finance from Boston College and a MS/MBA in Finance from Drexel University.

“Dave’s vast experience and industry knowledge will be valuable to the Board.  He is joining AeroCentury at a time when the Company is successfully implementing its strategy to upgrade its aircraft portfolio, having added two new regional jet aircraft types and one new turboprop aircraft type while recently selling, or writing down with the intention of selling, older aircraft.  The Company’s aircraft that are being held for sale constitute 3% of the current book value of our portfolio,” said Neal Crispin.  “The average age of the Company’s leasing portfolio today is about 13 years, having decreased 28% from about 18 years in January 2014.  In addition, the average remaining lease term for the portfolio today is approximately 60 months, having increased 67% in the last 12 months from approximately 36 months.”

AeroCentury is an aircraft operating lessor and finance company specializing in leasing regional aircraft and engines utilizing triple net leases.  The Company’s aircraft and engines are leased to regional airlines and commercial users worldwide.