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BAS Announces Acquisition

Hamilton, Bermuda: 1 February 2002€” Bermuda Aviation Services Ltd. (BAS) has advised the Bermuda Stock Exchange (BSX) that it has acquired a majority interest in the business and property of Weir Enterprises effective 1 February.

In a statement released early today, BAS President & CEO Eugene Bean noted, " Weir Enterprises is a privately held business specializing in the sale of auto parts and quick service repair. The business has proven to be very well managed over the past five years, which contributed to its enormous success. BAS expects the business to add great value and stability to BAS and its group of companies.

BAS expects the customers of Weir Enterprises to experience no change in the fine service they have always received as all staff of weir enterprises, including the Managing Director, Mr. George Hammond, will continue with the business. Indeed, Mr. Hammond will retain a minority interest in the business.

The acquisition was financed in part by the Bank of N. T. Butterfield & Son Ltd."