AeroMechanical Services Ltd. TSX-V Trading Symbol "AMA"
A Tier 2 Industrial Issuer
CALGARY, March 24 /CNW/ - AeroMechanical Services Ltd. ("AMA") is pleased
to announce we have received a contract from a Canadian low-cost charter
airline to outfit two aircraft with AMA's patented afirs(TM) UpTime(TM)
The terms of the contract are as follows: the contract is for a 5-year
term whereby AMA will provide AMA's patented afirs(TM) UpTime(TM) solution on
two aircraft (with the possibility to increase it as the size of the carrier's
fleet of aircraft increases). If AMA is able to install on both aircraft and
provide service for the full term of the agreement, the gross revenues to AMA
under this agreement would be approximately $291,900. Initially, it is
intended that installation on one aircraft would begin on or about April 2008
and the second aircraft would begin on or about May 2008. AMA has acquired the
necessary STC approval to provide the services to this customer.
This addition increases the total aircraft under contract with AMA to 690
from 29 carriers.
This disclosure as it relates to this agreement is subject to the
When a contract is initially signed, the intended number of aircraft,
pricing and potential installation schedules is agreed to by the parties. The
actual installation schedules as well as the number and types of aircraft are
often revised throughout the term of the agreement as the airline realigns its
fleet of aircraft with its business requirements. Delays in installations can
and do occur which can affect the total value of the contracts such that the
revenues noted above may not be fully achieved. Fulfillment of the contract
terms may also be affected if there are any changes to government statutes,
regulations or rules of the applicable governing bodies. The contract terms
and values disclosed herein are based on the original information available to
AMA upon execution of the contract and are subject to change. For the actual
revenue earned, please see AMA's financial statements including its revenue
recognition policy disclosed within the notes to the Audited Annual Financial
About AeroMechanical Services Ltd.
AeroMechanical Services Ltd. provides proprietary technological solutions
and services designed to reduce costs and improve efficiencies in the airline
industry. The company has successfully commercialized three products and
associated services currently marketed to airlines, manufacturers and
maintenance organizations around the world. Its premier technology, afirs(TM)
UpTime(TM), allows airlines to monitor and manage aircraft operations
anywhere, anytime, in real-time.
afirs, UpTime, FLYHT and aeroQ are Trade Marks of AeroMechanical Services
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: Tom French, CFO, AeroMechanical Services Ltd,
(403) 291-7427, firstname.lastname@example.org; Bob Beaty, The Howard Group Inc., Toll
Free: 1-888-221-0915, Info@howardgroupinc.com, www.howardgroupinc.com