Founded as Cowan Aircraft.

Acquired by Banner Industries, Inc. Establishment of the name Banner Aircraft International.

Banner Industries' acquisition of Fairchild Corporation, corporate

re-shuffle, and the establishment of two separate corporations

with two positions on the New York Stock Exchange under the

names of Banner Aerospace, Inc. (NYSE: BAR) and Fairchild Corporation (NYSE: FA). With this split, Banner Aircraft

International became one of several distribution units of the

Banner Aerospace network of companies consisting of approximately 700 employees with annual sales of US$235

million. The Fairchild Corporation became the manufacturing

group of companies.

In a deal financed with BAI’s close ally, Kanematsu Group, Japan,

the company was purchased by Mr. R.C. Cain, the President and

CEO.

BAI is one of the leaders in the industry