Precision Aerospace & Defense Group, Inc., a high-growth aerospace & defense engineering and manufacturing firm, and FACT II Acquisition Corp. (NASDAQ: FACT), a special purpose acquisition company, today announced that they have entered into a definitive business combination agreement. Upon closing of the proposed business combination, the combined company will operate under the name Precision Aerospace & Defense Group, Inc. The transaction implies an enterprise value of up to $320 million for PAD (assuming a $10.00 per share price and after giving effect to certain pending acquisitions). It is expected that the combined company will continue to be led by PAD's existing management team, with Brent Borden remaining as Chief Executive Officer.

Under the business combination agreement, PAD's implied enterprise value is up to $320 million (at a $10.00 per share reference price and after giving effect to certain pending acquisitions).

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