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TORONTO, Oct. 8 /CNW/ - Vector Aerospace Corporation ("Vector" or the "Corporation") (TSX:RNO) announced today that it has received a letter from I.M.P. Group Limited ("IMP Group") indicating that IMP Group does not wish for Vector to proceed with the completion of the formal valuation as currently being conducted in connection with IMP Group's proposal to consider making an insider bid. Accordingly, the Special Committee has instructed that the valuation not be completed. Vector notes that Canadian securities laws generally require a formal valuation be included with any insider bid.
Vector is an independent provider of aviation repair and overhaul services. Through facilities in Canada, the United States, the United Kingdom and Africa it provides services to commercial and military customers for various types of gas turbine engines, components and helicopter airframes. Principal operations include, Vector Aerospace Helicopter Services-North America, Vector Aerospace International Limited - UK, Vector Aerospace Engine Services - Atlantic and Vector Aerospace Engine Services - UK. It also provides information technology solutions to an international customer base. Vector has approximately 2,500 employees.
This news release contains certain information that may constitute forward looking information within the meaning of applicable securities laws. These statements are based on current expectations related to the markets in which Vector operates, its financial condition and its general business. By their very nature, forward-looking statements involve inherent risks and uncertainties that the expectations will not be achieved. Indeed, the forward-looking statements herein may differ materially from actual results or events. While Vector considers the assumptions on which these statements are made to be reasonable, based on information currently available to it, they may prove to be incorrect and readers are cautioned, therefore, not to place undue reliance on these statements as a number of important factors could cause actual results to differ materially from those expressed in such forward-looking statements.
These factors include, without limitation, global and local political and economic factors and future demand for Vector's services. Readers should also refer to Vector's continuous disclosure materials filed with Canadian Securities Regulatory Authorities for additional information with respect to certain of these risk factors. A discussion of risk factors is contained in Vector's 2008 Annual Report which is available on Vector's website and on SEDAR. Readers should not place undue importance on forward looking information and should not rely upon this information as of any other date. While Vector may elect to, it is under no obligation and does not undertake to update or revise this information at any particular time, except as required by law.
SOURCE VECTOR AEROSPACE CORPORATION
For further information: For further information: Declan G. O'Shea, President and CEO, Toronto, Ontario, Telephone: (416) 640-2121; Randal L. Levine, Senior Vice-President and Chief Financial Officer, Toronto, Ontario, Telephone: (416) 640-2120; Website: www.vectoraerospace.com