MONTREAL, May 1 /CNW Telbec/ - Canadian Helicopters Income Fund (TSX:
CHL.UN), the largest helicopter transportation services company operating in
Canada, is pleased to announce it has completed the previously announced
acquisition of a 49% interest in Heli-Welders Canada Ltd ("Heli-Welders")
through its wholly-owned subsidiary Canadian Helicopters Limited.
Founded in 2004, Heli-Welders is a Langley, British Columbia-based
airframe repair business primarily specializing in Eurocopter AS350/355
aircraft. Heli-Welders is fully certified by Transport Canada and the European
Aviation Safety Agency and its focus on aircraft type ensures dedicated
service and support of the highest quality. Heli-Welders reported revenues of
approximately $3 million in its last full fiscal year and has acted as a
trusted service supplier to Canadian Helicopters for several years.
"We have been consistently impressed with Heli-Welders' very strong
management team led by Hugh Whitfield and Patrick Siew, and believe its
operations offer an excellent fit with Canadian Helicopters," said Don Wall,
Senior Executive Vice-President of Canadian Helicopters Income Fund. "With an
excellent track record, Heli-Welders is positioned for strong growth. The
350/355 series has achieved significant market penetration throughout the
world with a growing fleet of approximately 5,000 aircraft, 50 of which are
currently operated by Canadian Helicopters. This transaction represents
increased diversification for us into a niche that is less seasonal, and less
dependent on flight operations."
The terms of the acquisition contemplate the potential acquisition by
Canadian Helicopters Limited of the balance of the shares in Heli-Welders but
the investment is intended to remain passive for the time being.
Heli-Welders focuses on airframe repair for the Eurocopter AS350/355.
Providing customers firm pricing, guaranteed delivery and OEM like quality,
Heli-Welders has full build capability for the AS350/355 fuselage, tailboom
and stabilizers. Heli-Welders' field support division deploys globally for AOG
requirements, and its AS350/355 capabilities include: complete fuselage and
tailboom rebuild; 12-year corrosion inspection; tailboom battery relocation
modification; vertical fin overhaul; and stabilizer overhaul.
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, 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
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements relating to
Heli-Welders' management, performance and growth prospects. Such
forward-looking statements are based, inter alia, on management evaluation of
Heli-Welders' prospects and are subject to certain risks and uncertainties.
Actual results or events may differ materially and, consequently, readers
should not place any undue reliance on such forward-looking statements. The
forward-looking statements relate to the date of this press release. Canadian
Helicopters Income Fund 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.
For further information:
For further information: Jean-Pierre Blais, President, Canadian
Helicopters Income Fund, (450) 452-3007; Don Wall, Senior Executive
Vice-President, Canadian Helicopters Income Fund, (780) 429-6919