Acting President and Chief Financial Officer
FOR IMMEDIATE RELEASE
(BURLINGAME, CA), May 14, 2015 — AeroCentury Corp. (NYSE MKT: ACY), an independent aircraft leasing company, announced today the final election results received from American Election Services, LLC, the independent tabulator and election inspector engaged for the Company's 2015 Annual Stockholder meeting.
In the election of directors, Thomas W. Orr and David P. Wilson were elected to the two open Board seats. "We are gratified that our stockholders followed the recommendation of the Board of Directors and reelected Mr. Orr and Mr. Wilson," said Neal D. Crispin, President of AeroCentury. "They each bring invaluable experience and expertise to the boardroom, and we are glad that they will continue to serve the Company as board members for an additional term.
The stockholders also approved the proposal regarding the advisory vote on executive compensation and the appointment of BDO USA, LLP as independent auditors. The advisory vote on executive compensation asked for approval of the compensation that JetFleet Management Corp., AeroCentury's management company, pays to the executive officers of JMC who also serve in that same capacity at AeroCentury. Nevertheless, a dissident stockholder attempted to mischaracterize the vote on officer compensation as a referendum on the management fee that AeroCentury pays JMC notwithstanding that executive compensation is not the same as the management fee. We are gratified that the stockholders were not confused by the dissident shareholder's attempts and understood the actual issue being voted on.
Both the fees paid to JMC and the executive compensation earned by AeroCentury executive officers in their capacity as JMC officers are fully disclosed in AeroCentury's periodic securities filings. We believe that the results of the vote indicate that our stockholders understand that the cost of managing a diverse portfolio of thirty-eight aircraft and five engines on six continents is not insignificant. We believe that they also understand that, because the management fee is well-defined and predictable, it eliminates the risk of increases in management costs to AeroCentury."
AeroCentury is an aircraft operating lessor and finance company specializing in leasing regional aircraft and engines utilizing triple net leases. Currently, the Company's portfolio consists of thirty-eight aircraft and five engines, covering ten different aircraft types. The Company's current customer base comprises thirteen airlines operating worldwide.