SYMBOL: NAS Common Shares
CHICAGO, Jan. 20 /CNW/ - Northstar Aerospace Inc. announced today that it
has sold all of its interest in Vector Aerospace Corporation ("Vector") for
gross proceeds of approximately Cdn. $14.2 million. The sale was overseen by a
special committee of the Company's Board of Directors. The sale was completed
through the facilities of the Toronto Stock Exchange and is expected to settle
in accordance with standard policies. Net proceeds from the sale will be used
to reduce corporate debt.
"The sale of our investment in Vector Aerospace improves our balance
sheet, assists in a reduction of reliance on the credit markets and
contributes to our strategy to focus on our core business of manufacturing
flight-critical aerospace gears and transmissions," said Glenn Hess, President
and Chief Executive Officer, Northstar Aerospace Inc.
Northstar Aerospace, Inc. (www.nsaero.com) is North America's leading
independent manufacturer of flight critical gears and transmissions. Northstar
Aerospace is a public company (TSX:NAS) with operating subsidiaries in the
United States and Canada. Its principal products include helicopter gears and
transmissions, accessory gearbox assemblies, rotorcraft drive systems and
other machined and fabricated parts. It also provides maintenance, repair and
overhaul of helicopter engines and transmissions.
For further information:
For further information: Craig Yuen, Chief Financial Officer, (708)