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June 9, 2014
09:04 EDTWLFCWillis Lease, CASC announce engine leasing joint venture
Willis Lease Finance and China Aviation Supplies Import & Export Corporation announced the launch of CASC Willis Engine Lease, a new 50/50 joint venture. The new company will be dedicated to supplying Chinese airlines with the best engine support solutions and creating an engine resource sharing platform. CASC Willis will be based in Shanghai and will concentrate on meeting the demand for leased commercial aircraft engines and aviation assets in the People's Republic of China. The formation of the joint venture company is subject to board approvals and certain Chinese government approvals, which are in process and expected in the near term.
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September 10, 2014
13:47 EDTWLFCWillis Lease settles SEC action on late filings
Willis Lease announced that the U.S. Securities and Exchange Commission has approved the settlement of an administrative proceeding, previously disclosed in the company's Forms 10-K and 10-Q, alleging that in certain instances company executives had failed to timely file reports regarding their stock ownership. The SEC's case was part of a broad sweep against multiple public companies and their executives relating to late filings of such reports. The company has hired a new General Counsel and has taken remedial steps to ensure ongoing compliance with filing deadlines, including the hiring of a new SEC compliance manager. The company will continue to monitor its policies and personnel to ensure ongoing corporate compliance. Without admitting or denying the allegations, the company has agreed to pay a civil penalty of $150K and to cease and desist from future violations of applicable securities law provisions, while officers Charles Willis IV, Bradley Forsyth, and Donald Nunemaker have agreed to pay $75.5K, $25K, and $25,K, respectively.

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