AIRT 8k LMA Lease agreement dated June 16, 2006
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of
Report (Date of earliest event reported)
June
16, 2006
AIR
T,
INC.
(Exact
Name of Registrant as Specified in its Charter)
Delaware
0-11720
52-1206400
(State
or
Other Jurisdiction (Commission
File Number) (I.R.S.
Employer
of
Incorporation) Identification
No.)
3524
Airport Road
Maiden,
North Carolina
28650
(Address
of Principal Executive Offices)
(Zip
Code)
(704)
377-2109
(Registrant’s
Telephone Number, Including Area Code)
|
Not
Applicable
|
|
(Former
name or former address, if changed from 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 (see
General
Instruction A.2. below):
Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
| |
_____ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
| |
_____ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
| |
_____ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4c))
|
Item
1.01. Entry
into a Definitive Material Agreement
The
following matter was reported by Air T, Inc. (the “Company”) in Item 9B, Other
Information, in its Annual Report on Form 10-K for the fiscal year ended March
31, 2006. Because the Form 10-K was filed with the Securities and Exchange
Commission more than four business days after the date of the event
reported in Item 9B, the Company is filing this Current Report on Form
8-K.
On
June
16, 2006, Mountain Air Cargo, Inc., which is a subsidiary of Air T, Inc., and
Little Mountain Airport Associates, Inc. entered into an agreement to lease
approximately 68 acres with one 3,000 foot paved runway, approximately 20,000
square feet of hangar space and approximately 12,300 square feet of office
space
until May 31, 2008 at a monthly rental payment of $12,736.79. The lease
agreement replaced a lease agreement with Little Mountain Airport Associates,
Inc. for these facilities that expired on May 31, 2006. The lease agreement
includes an option permitting the Mountain Air Cargo, Inc. to renew the lease
for an additional two-year period, with monthly rental payment to be adjusted
to
reflect the Consumer Price Index (CPI) change from June 1, 2006 to April 1,
2008. The lease agreement provides that Mountain Air Cargo, Inc. shall be
responsible for maintenance of the leased facilities and for utilities, ad
valorem taxes and insurance. The stock of Little Mountain Airport Associates,
Inc. is owned by William H. Simpson, John J. Gioffre, the estate of David
Clark, three unaffiliated third parties and a former executive officer of the
Company. Messrs. Simpson and Gioffre are executive officers and directors of
the
Company, and the Company’s Chairman and Chief Executive Officer, Walter Clark,
is an executor and beneficiary of the estate of David Clark.
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 hereunto
duly authorized.
Date:
August 2, 2006
MOUNTAIN
AIR CARGO, INC.
By: /s/
John J. Gioffre
John
J.
Gioffre, Vice President-Finance and Secretary