Precision Aerospace Components, Inc. (OTCPK:PAOS) acquired the assets of Fastener Distribution and Marketing Company, Inc. for $9.8 million on May 25, 2012. Precision Aerospace will deposit $0.5 million in escrow at closing. The transaction was financed with a new credit facility consisting of a $2.5 million term loan and a $10 million revolving loan. For the year ended December 31, 2011, Fastener Distribution and Marketing Company had net sales of $19.62 million, income from operations of $0.54 million, net loss of $2.99 million, total assets of $11.44 million and total stockholders' equity of $5.02 million. The transaction is subject to approval from all governmental authorities. David A. Monaghan of Buchanan Ingersoll & Rooney PC acted as legal advisor to Fastener Distribution and Marketing Company. John J. Oberdorf of LeClairRyan acted as legal advisor to Precision Aerospace Components. Precision Aerospace Components, Inc. (OTCPK:PAOS) completed the acquisition of the assets of Fastener Distribution and Marketing Company, Inc. on May 25, 2012.