MONTREAL, Oct. 20 /CNW Telbec/ - Canadian Helicopters Income Fund (TSX: CHL.UN) is pleased to announce receipt of a Notice of Intent from the U.S. Department of Defense to exercise "Option Year 1" of its contract with Canadian Helicopters with respect to providing transportation services in Afghanistan.
The extension, subject to availability of funds, covers the period between December 1, 2009 and November 30, 2010, and represents the first of four one-year renewal periods originally contracted with the U.S. Department of Defense.
This support contract involves the provision of three crewed and supported Bell 212 medium category aircraft to facilitate the movement of supplies and passengers. Revenue to Canadian Helicopters is comprised of fixed monthly and variable hourly components. The contract is denominated in US currency.
"This extension of our supply contract in Afghanistan represents another continuation of our long term relationship with the U.S. military," said Don Wall, Senior Executive Vice-President of Canadian Helicopters Income Fund. "The contract has performed exceedingly well for Canadian Helicopters, as we have flown more than the expected hours to date. We are continuing to pursue further work in support of the U.S. military, whether it be in Afghanistan, in the arctic supporting the North Warning System, or in our British Columbia school where we provide advanced mountain and operational training to military pilots."
ABOUT CANADIAN HELICOPTERS INCOME FUND
Through Canadian Helicopters Limited, Canadian Helicopters Income Fund is the largest helicopter transportation services company operating in Canada and one of the largest in the world based on the size of its fleet. From over 40 base locations across Canada, Canadian Helicopters provides helicopter services to a broad range of sectors, including emergency medical services, infrastructure maintenance, military support, utilities, oil and gas, forestry, mining and construction. In addition to helicopter transportation services, Canadian Helicopters operates three flight schools and provides third party repair and maintenance services. With over 60 years of experience, Canadian Helicopters is an industry leader in establishing safety standards and operating procedures.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements relating to the future of the contractual relationship between Canadian Helicopters and the U.S. military and expected revenues from the contracts. Such forward-looking statements are subject to certain risks and uncertainties, and actual results or events may differ materially. Consequently, readers should not place any undue reliance on such forward-looking statements. The forward-looking statements relate to the date on which they were made. Canadian Helicopters disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise unless being required by applicable laws.
SOURCE HNZ Group Inc.
For further information: For further information: Canadian Helicopters Income Fund: Jean-Pierre Blais, President, (450) 452-3007; Don Wall, Senior Executive Vice-President, (780) 429-6919