Or did it?
U.S. Aerospace is based in Los Angeles, (TICKER: USAE.OB) with a market cap of about $3 million.
The company was created by investors looking for a defense and aerospace company registered in the United States, but small enough to take over.
Earlier this year, the group bought New Century, a subcontractor which makes components for P-3 Orions and 747s, reworked the debt, added $500 million, and changed the name. The goal is to become a prime contractor partnering with international manufacturers to bid on major contracts. The board believes that aerospace and defense will increasingly be sourced globally. However, the company is not profitable, sales are down, and while it is break even or better on a cash flow basis, it only has $311,000 cash on hand.
The Air Force isn't interested.
Why? Because the tanker U.S. Aerospace is offering...is Ukrainian. The company has partnered with Antonov to turn the AN-70 cargo plane into a tankerwhich will cost millions less to build, and potentially billions less to maintain, than tankers being offered by Boeing and EADS.