EXHIBIT 99.1

Hal Lyons

Chief Financial Officer

(650) 340-1888

FOR IMMEDIATE RELEASE

AeroCentury Corp. Reports Second Quarter 2021 Results

BURLINGAME, California, August 20, 2021 -- AeroCentury Corp. (“AeroCentury” or the “Company”) (NYSE American: ACY), an independent aircraft leasing company, today reported a second quarter 2021 net loss of $3.2 million, or ($2.07) per share, compared to a net loss of $13.5 million, or ($8.74) per share, for the second quarter of 2020.

Revenues and other income decreased by 66% to $1.5 million in the second quarter of 2021 from $4.4 million in the second quarter of 2020. As discussed below, the decrease was primarily a result of a 66% decrease in operating lease revenues to $1.5 million in the second quarter of 2021 from $4.4 million in the second quarter of 2020.

Expenses decreased by 76% to $4.7 million in the second quarter of 2021 from $19.2 million in the second quarter of 2020. As discussed below, the decrease was primarily a result of decreases in asset impairment losses, interest expense, professional fees, general and administrative expenses, and depreciation, the effects of which were partially offset by increases in reorganization costs and bad debt expense. Expenses in the second quarter of 2021 also were net of ($0.3) million of Paycheck Protection Program (“PPP”) Loan forgiveness.

The Company’s results in the second quarter of 2021 reflect the effect of its reorganization in bankruptcy, including disposition of aircraft in connection with the expected full discharge of its secured debt.

Second Quarter 2021 Highlights and Comparative Data

Aircraft and Engine Portfolio

AeroCentury’s portfolio currently consists of six aircraft, spread over three different aircraft types: (i) three regional jets and two turboprops that are held for sale and are on lease to two customers operating in two countries and (ii) one turboprop that is financed under a sales-type lease. The Company also owns an inventory of spare engine parts that are held for sale. With the exception of the aircraft that is subject to a sales-type lease, during the second quarter of 2021, the Company reclassified all of its aircraft to held for sale as a result of a sale order approved by the Bankruptcy Court.

About AeroCentury: AeroCentury is an independent global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines. The Company’s aircraft are leased to regional airlines and commercial users worldwide.

(1) EBITDA is a non-GAAP measure. See below for its method of calculation and reconciliation to its most directly comparable GAAP measure, as well as other information about the use of non-GAAP measures generally, at the end of this press release.

Condensed Consolidated Statements of Income

(in thousands, except share and per share data) (Unaudited)

Condensed Consolidated Balance Sheets

(in thousands) (Unaudited)

Use of Non-GAAP Financial Measures

To supplement the Company’s financial information presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this press release includes the non-GAAP financial measure of EBITDA. The Company defines EBITDA as net (loss)/income, plus depreciation expense, plus interest expense and plus/(minus) income tax provision/(benefit). The table below provides a reconciliation of this non-GAAP financial measure to its most directly comparable financial measure calculated and presented in accordance with GAAP. This non-GAAP financial measure should not be considered as an alternative to GAAP measures such as net (loss)/income or any other measure of financial performance calculated and presented in accordance with GAAP. Rather, the Company presents this measure as supplemental information because it believes it provides meaningful additional information about the Company’s performance for the following reasons: (1) this measure allows for greater transparency with respect to key metrics used by management, as management uses this measure to assess the Company’s operating performance and for financial and operational decision-making; (2) this measure excludes the impact of items management believes are not directly attributable to the Company’s core operating performance and may obscure trends in the business; and (3) this measure may be used by institutional investors and the analyst community to help analyze the Company’s business. The Company’s non-GAAP financial measures may not be comparable to similarly-titled measures of other companies because they may not calculate such measures in the same manner as the Company does.