Discovery Air Announces Extension to Expiry Time of Rights Offering

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TORONTO, March 26, 2014 /CNW/ - Discovery Air Inc. (DA.A) ("Discovery Air" or the "Corporation") today announced that, in connection with its previously announced rights offering for gross proceeds of approximately $15,000,000 (the "Offering"), the expiry time for the rights issued pursuant to the Offering (the "Rights") will be extended until 5:00 p.m. (Toronto time) on April 28, 2014.

The Rights will be listed on the Toronto Stock Exchange (the "TSX") under the symbol "DA.RT" and will be posted for trading beginning on March 28, 2014 until 12:00 noon (Toronto time) on April 28, 2014 at which time they will be halted from trading.

This extension is being made in order to provide holders of Rights with additional time to exercise the Rights.

The TSX has approved the posting of the Rights on the TSX as well as the Common Shares issuable upon the exercise of the Rights and pursuant to the standby commitment from Clairvest Group Inc.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor will there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of the securities under the securities laws of such jurisdiction.

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.

With respect to the matters described in this news release, specific risks include the risk that the conditions precedent to Clairvest Group Inc.'s purchase of Common Shares that are available to be purchased but not otherwise subscribed for under the Offering are not satisfied.

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.

ABOUT DISCOVERY AIR AND ITS SUBSIDIARIES

Discovery Air is a Canadian specialty aviation company operating over 160 aircraft with approximately 850 team members. Its subsidiaries provide airborne training to the Canadian military, helicopter operations, air ambulance services, airborne fire services, 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).


SOURCE Discovery Air Inc.

For further information:

Sheila Venman
Investor Relations
sheila.venman@discoveryair.com
(866) 903-3247