Avcorp announces 2014 Annual Meeting Results

VANCOUVER, May 28, 2014 /CNW/ - Avcorp Industries Inc. (TSX: AVP) (the "Company" or "Avcorp") today announces that at its annual meeting of shareholders held on May 22, 2014 (the "Meeting"), all directors nominated as listed in the management proxy circular dated April 23, 2014 were elected.  The detailed results are as follows:

  Votes For     Withhold Votes
Director #   % # %
David Levi 190,432,246   99.96 78,139 0.04
Eric Kohn TD 190,432,302   99.96 78,083 0.04
Kees de Koning 190,432,302   99.96 78,083 0.04
Elizabeth Otis 190,432,302   99.96 78,083 0.04
Mark van Rooij 190,432,302   99.96 78,083 0.04
Jaap Rosen Jacobson 190,432,302   99.96 78,083 0.04
Raymond Castelli 190,432,149   99.96 78,236 0.04
           

As a ballot was not required, the number of votes disclosed reflects only the proxies received by management of the Corporation in advance of the Meeting.

The Corporation has also filed a report of voting results on all other resolutions voted on at the Meeting on www.sedar.com

About Avcorp

Avcorp designs and builds major airframe structures for some of the world's leading aircraft companies, including BAE Systems, Boeing, and Bombardier. With more than 50 years of experience, over 400 skilled employees and 354,000 square feet of facilities in Delta BC and Burlington ON, Avcorp offers integrated composite and metallic aircraft structures to aircraft manufacturers, a distinct advantage in the pursuit of contracts for new aircraft designs, which require lower‐cost, light weight, strong, reliable structures. Our Comtek subsidiary also offers composite repairs for commercial aircraft out of their Burlington location. Avcorp is a Canadian public company traded on the Toronto Stock Exchange (TSX:AVP).

(signed)
MARK VAN ROOIJ
PRESIDENT and CHIEF EXECUTIVE OFFICER

Forward-Looking Statements

This release should be read in conjunction with the Company's unaudited financial statements contained in the Company's Annual Report and with the quarterly financial statements and accompanying notes filed with Sedar (www.sedar.com).

Certain statements in this release and other oral and written statements made by the Company from time to time are forward-looking statements, including those that discuss strategies, goals, outlook or other non-historical matters; or projected revenues, income, returns or other financial measures.  These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the following:  (a) the extent to which the Company is able to achieve savings from its restructuring plans; (b) uncertainty in estimating the amount and timing of restructuring charges and related costs; (c) changes in worldwide economic and political conditions that impact interest and foreign exchange rates; (d) the occurrence of work stoppages and strikes at key facilities of the Company or the Company's customers or suppliers; (e) government funding and program approvals affecting products being developed or sold under government programs; (f) cost and delivery performance under various program and development contracts; (g) the adequacy of cost estimates for various customer care programs including servicing warranties; (h) the ability to control costs and successful implementation of various cost reduction programs; (i) the timing of certifications of new aircraft products; (j) the occurrence of further downturns in customer markets to which the Company products are sold or supplied or where the Company offers financing; (k) changes in aircraft delivery schedules or cancellation of orders; (l) the Company's ability to offset, through cost reductions, raw material price increases and pricing pressure brought by original equipment manufacturer customers; (m) the availability and cost of insurance; (n) the Company's ability to maintain portfolio credit quality; (o) the Company's access to debt financing at competitive rates; and (p) uncertainty in estimating contingent liabilities and establishing reserves tailored to address such contingencies.

 

SOURCE Avcorp Industries Inc.

For further information:

Sandi DiPrimo, Investor Relations Contact 604-587-4938 or email info@avcorp.com