LONDON, ON, Jan. 30 /CNW/ - David Taylor, President & C.E.O. of Pacific &
Western Credit Corp. (TSX: PWC) is pleased to announce that Discovery Air Inc.
(TSX:DA.A) has entered into an Interim Agreement to purchase all of the issued
and outstanding shares of VIH Aviation Group Ltd. and its affiliate, YYJ FBO
Services Ltd. ("VIH"). VIH operates a fleet of over 60 helicopters with a head
office in Victoria, British Columbia.
Mr. Taylor stated, "The entering into of the agreement between Discovery
Air and VIH should prove very beneficial to PWC's shareholders in light of our
announcement that Discovery Air shares will be paid out to PWC's common
shareholders as a dividend on March 7, 2007 at the rate of .53 Discovery Air
shares for every 1 PWC common share."
Discovery Air's subsidiary, Great Slave Helicopters ("GSHL"), and VIH
represent a powerful new force in the Canadian helicopter industry. GSHL
operates a fleet of 70 light and medium VFR helicopters and dominates the
northern and central Canadian markets. VIH primarily operates a fleet of heavy
and IMC capable helicopters in the coastal regions of Canada. Ken Norie, VIH's
owner and President, said "I have known Adam Bembridge, GSHL's President, for
over 20 years and am looking forward to working with him to capitalize on the
many synergies between our two companies."
VIH effectively doubles the size of Discovery Air's annual revenues and
earnings. VIH has an excellent reputation in the helicopter industry, which is
in large part due to its dedicated long-standing employees, who will continue
to be a valuable asset to VIH and the Discovery Air team going forward.
Pacific & Western Credit Corp.'s shares trade on the TSX under the symbol
For further information:
For further information: Investor Relations: Bruce Schruder, Vice
President, Investor Relations & Marketing, (800) 244-1509,
InvestorRelations@pwbank.com; Public Relations & Media: Tel Matrundola, Vice
President, Public & Strategic Initiatives, (416) 203-0882, email@example.com; To
receive company news releases via e-mail: Karen McConnell, (519) 675-4204,
firstname.lastname@example.org; Further information on PWC is available through Pacific &
Western's corporate web site at http://www.pwbank.com