Heritage Global Partners in Conjunction with Cloud Investment Partners to Host Online Auction Featuring Large Quantity of CFM56-3, 5A, 5B, 5C and 7B Surplus Parts Inventory No Longer Required by Skybus LLC

Rhea-AI Summary

Heritage Global Inc. (NASDAQ: HGBL) to host an online auction of CFM56-3, 5A, 5B, 5C and 7B surplus parts inventory, no longer required by Skybus LLC, in collaboration with Cloud Investment Partners. The auction opens on August 16th and closes on August 17th, 2023. Key items include engines, LLP's, blades, disks, and more.

Positive

• The CFM56 Market is in extremely high demand, as evidenced by a previous outstanding sale for iAeroThrust, indicating potential strong interest in the upcoming auction.
• Heritage Global Inc. and Cloud Investment Partners' collaboration for the auctioning of Skybus’s surplus inventory of CFM56-3, 5A, 5B, 5C and 7B parts reflects a strategic and well-planned approach to asset disposition.

Negative

• None.

Online Auction Opens August 16^th and Bidding Closes August 17^th, 2023

https://www.hgpauction.com/auctions/118284/skybus-llc/

SAN DIEGO--(BUSINESS WIRE)-- Heritage Global Partners (“HGP”), a subsidiary of Heritage Global Inc. (NASDAQ: HGBL), and a worldwide leader in asset advisory and auction services, in conjunction with Cloud Investment Partners, a diversified global investment firm dedicated to Strategic investments primarily in the Aviation sector, announced today that they will host an online auction of large quantity of CFM56-3, 5A, 5B, 5C and 7B surplus parts inventory, no longer required by Skybus LLC. The online auction is scheduled to open on August 16^th at 7:00am ET and slated to close in sequential order at 10:00am ET on August 17^th, 2023.

“The CFM56 Market is in extremely high demand. We had an outstanding sale for iAeroThrust earlier this year, prompting Skybus to entrust both HGP and Cloud Investment Partners with their assets for sale. This impressive list of assets includes Engines, LLP’s, Blades, Disks and more,” said David Weiss from Cloud Investment Partners.

Craig Thompson, Senior Vice President of HGP added, “We are excited to collaborate with Cloud Investment Partners for the auctioning of Skybus’s surplus inventory of CFM56-3, 5A, 5B, 5C and 7B parts. We anticipate a robust participation in the event and are confident that this offering will be highly sought-after in the marketplace.”

Interested parties can view all assets for sale and register to bid on HGP’s website.

Key items for sale include:

• (2) CFM56-5B4/P Complete Engine in Stand
• PW JT9D-7J Complete Engine in Stand
• Engine Module Stands
• LLP’s
• Various Tagged HPT
• LPT Stage Blades
• Fan Disks
• Booster Spools
• LPT Shafts and Cases
• Air Seals
• HPT Shafts

Heritage Global Partners, Inc. ("HGP") is a subsidiary of Heritage Global Inc. (NASDAQ: HGBL). HGP operates under the Industrial Assets business unit and is a full-service auction, liquidation and asset advisory firm which holds a prominent spot in the industrial sectors including Aerospace, Automotive, Aviation, Biotech, Broadcast & Postproduction, Chemical, Electronics Manufacturing, Energy, Food & Beverage, Heavy Construction, Metalworking, Oil & Gas, Pharmaceutical, Plastics, Printing, Real estate, Semiconductor, Solar, Textile & Woodworking, and others. HGP conducts 150-200 auction projects per year, globally.

Heritage Global Inc. (“HG”) values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, and charged-off account receivable portfolios through its two business units: Industrial Assets and Financial Assets.

Cloud Investment Partners is a team with unparalleled experience. Cloud Investment Partners understands that it is critical to help meet our client challenges and capitalize on opportunities successfully. A diversified global investment firm dedicated to Strategic investments primarily in the Aviation sector.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230725152293/en/

Craig Thompson

(858) 210-8785

cthompson@hginc.com

David Weiss

(561) 771-4246

david.weiss@cloudlllp.com

Investor Relations:

John Nesbett/Jennifer Belodeau

IMS Investor Relations

203/972.9200

InvestorRelations@HGinc.com

Source: Heritage Global Partners

FAQ

What is the date of the online auction for the CFM56 surplus parts?

The online auction opens on August 16th and closes on August 17th, 2023.

What are the key items for sale in the auction?

Key items for sale include engines, LLP's, blades, disks, and more.

Who is collaborating with Heritage Global Inc. for the auction?

Heritage Global Inc. is collaborating with Cloud Investment Partners for the auction.

What is the significance of the CFM56 Market?

The CFM56 Market is in extremely high demand, which may lead to robust participation in the auction.