January 12, 2016
TROIS-RIVIÈRES and QUEBEC CITY, QC, Jan. 8, 2016 /CNW/ – Premier Aviation Overhaul Centre Inc. (“Premier“) and Discovery Air Technical Services Inc. (“DATS“), a wholly-owned subsidiary of Discovery Air Inc. (TSX DA.A), today announced that Premier has now completed the acquisition of substantially all of the assets of DATS on January 8, 2016. The parties previously announced Premier’s offer to purchase DATS on June 22, 2015.
Ronnie Di Bartolo, Premier’s President and CEO commented, “We are excited to welcome the DATS employees into the Premier family. The closing of the transaction is an important milestone in our strategic growth plan and the DATS facility positions Premier to better support our growing customer base.”
Capital Canada Limited (“Capital Canada“) acted as financial advisor to Discovery Air Inc. with respect to the transaction.
About Premier Aviation
Premier Aviation is the largest Canadian-owned aircraft Maintenance, Repair and Overhaul (MRO) and aircraft painting company in North America, with facilities in, Trois-Rivières, Quebec, Canada, Windsor, Ontario, Canada and Rome, New York, United States. Since its inception in 2002, the company has maintained a steady growth of clients and services. For more information on Premier Aviation, visit www.premieraviation.ca.
About Discovery Air and Its Subsidiaries
Discovery Air is a Canadian specialty aviation company operating over 150 aircraft with approximately 800 team members. Its subsidiaries provide airborne training to the Canadian and German military, air ambulance services, airborne fire services, helicopter operations, fixed-wing air charter services, expediting and logistics support, and a range of maintenance, repair, overhaul, modification, engineering and certification services.
Discovery Air’s Class A common voting shares and unsecured convertible debentures trade on the Toronto Stock Exchange (symbols DA.A and DA.DB.A, respectively).
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release includes forward-looking statements (as defined in applicable securities laws) regarding Discovery Air and/or its subsidiaries. Forward-looking statements by definition are based on assumptions and, as a result, are subject to risks and uncertainties. As a result of such risks and uncertainties, actual results may differ materially from those discussed in forward-looking statements, and readers should not place undue reliance on such statements. For a more detailed discussion of forward-looking statements and the risks associated therewith, please refer to the statement regarding forward-looking statements contained in the Management’s Discussion and Analysis section of Discovery Air’s financial statements for the fiscal year ended January 31, 2015, which are available on Discovery Air’s web site at www.discoveryair.com and on SEDAR at www.sedar.com.
Forward-looking statements represent expectations as of the date they are made, and Discovery Air disclaims any intention or obligation to update or revise any forward-looking statements it may make, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.