WINNIPEG, Jan. 13, 2016 /CNW/ - Exchange Income Corporation ("EIC") (TSX: EIF) announces that pursuant to the terms of the employee benefit trust ("Trust") established at the time of the acquisition of Provincial Aerospace Limited ("Provincial") and to satisfy certain retention obligations, Carmele Peter, President of EIC, has in her capacity as trustee of the Trust transferred an aggregate of 81,769 common shares of EIC to the beneficiaries of the Trust from the period December 30, 2015 to January 12, 2016. Ms. Peter has no beneficial interest in the Trust or ownership of the Shares transferred.
The Trust still retains 245,307 Shares for future distributions to the beneficiaries over the next three anniversaries of the acquisition closing.
The Trust was established as part of the original acquisition of Provincial. Ms. Peter has made no disposition of shares in her personal capacity and any of the trades related to the Trust were done solely in her capacity as trustee. These trades were done on behalf of the Trust to transfer the vested shares into the hands of the beneficiaries.
About Exchange Income Corporation
Exchange Income Corporation is a diversified acquisition-oriented company, focused in two sectors: aviation services and equipment, and manufacturing. The Corporation uses a disciplined acquisition strategy to identify already profitable, well-established companies that have strong management teams, generate steady cash flow, operate in niche markets and have opportunities for organic growth.
The Corporation currently operates two segments: Aviation and Manufacturing. The Aviation segment consists of the operations by Perimeter Aviation, Keewatin Air, Calm Air International, Bearskin Lake Air Service, Custom Helicopters, Regional One and Provincial Aerospace. The Manufacturing segment consists of the operations by Jasper Tank, Overlanders, Water Blast, Stainless Fabrication, WesTower Communications in Canada and Ben Machine. For more information on the Corporation, please visit www.ExchangeIncomeCorp.ca. Additional information relating to the Corporation, including all public filings, is available on SEDAR (www.sedar.com).
SOURCE Exchange Income Corporation
For further information: Mike Pyle, Chief Executive Officer, Exchange Income Corporation, (204) 982-1850, MPyle@eig.ca; Joe Racanelli, Investor Relations, NATIONAL Equicom, (416) 586 1943, JRacanelli@national.ca