No more Pan Am Academy?

[Princess]

So is it Simcom Academy now?

http://www.panamacademy.com/template_press.asp?ID=435

PAN AM INTERNATIONAL FLIGHT ACADEMY’S
COMMERCIAL DIVISION COMPLETES MANAGEMENT LED BUYOUT

MIAMI & ORLANDO, FL, JULY 20, 2006 - Pan Am International Flight Academy (PAIFA) announced today that the Academy’s Commercial Airline Training, Air Traffic Control Training (ATC) and the Saab Training divisions completed a management led buyout. These divisions will continue to operate under the Pan Am International Flight Academy name. SimCom, PAIFA’s Business and General Aviation division, the Regional business and the Career Pilot, PAIFA’s Ab Initio Training division, will remain under the ownership of J.W. Childs Associates, L.P. (J.W. Childs). Management’s buyout was sponsored by American Capital Strategies, Ltd. (NASDAQ: ACAS) a publicly traded buyout and mezzanine fund with capital resources of approximately $8.4 billion.

“We are extremely pleased to have attracted a financial partner of the stature of ACAS, and we’re confident that we will enjoy a very exciting and profitable relationship with them,” said Vito Cutrone, Chief Executive Officer, Pan Am International Flight Academy. “ACAS will provide the capital we need to strategically expand our Commercial Airline Training business and to provide the same high quality simulator based training to an even broader customer base.” Cutrone added that the company will be headquartered in Miami, FL and will continue to operate training centers in Miami, FL; Memphis, TN; Minneapolis, MN; Cincinnati, OH; and Las Vegas, NV where customers will have the ability to train on a wide-range of commercial aircraft.

“The divestiture of the Commercial division will enable both companies to better focus their energies and resources on the needs of their respective customers,” said Wally David, the former Chief Executive Officer of Pan Am International Flight Academy and current President and Chief Executive Officer of SimCom, Inc. “SimCom will now have the opportunity to expand its portfolio of services to include Regional Airline Training, where we intend to implement our signature ‘value, personal, friendly’ approach to the business.” Later this year, the J-41 and the 328 JET simulators will be relocated to SimCom’s Orlando training facility. The company will continue to be headquartered in Orlando, FL. SimCom operates training facilities in Orlando and Vero Beach, FL and Scottsdale, AZ. The Career Pilot Division operates training centers in Phoenix, AZ and Beaver Falls, PA.