- Investment in Aviation Infrastructure Critical to Developing Canada's
WINNIPEG, Jan. 24, 2012 /CNW/ - The Western Canada Aviation Museum
(WCAM) Winnipeg Airports Authority (WAA) and Exchange Income
Corporation (EIC) (TSX: EIF); announced today plans for building
infrastructure to forever connect Manitoba to its aviation roots,
provide new connections with the North and a state of the art vision
for the future.
The joint announcement sees the creation of a new facility to house the
world-class collection of bush aircraft and other one-of-a kind
artifacts of the Aviation Museum. Additionally EIC announced the
development of a state of the art maintenance facility for large
aircraft in its fleet of 100 aircraft. The transaction will see EIC
invest in a long term lease with WAA for 40 years on what is now the
WCAM site. Additionally, understanding the importance of preserving
where they've come from, EIC will contribute $2.5M towards the capital
campaign for the new WCAM purpose built site. EIC's four airlines have
operated for an average of 50 years.
On hand supporting the announcement, Manitoba Premier Greg Selinger
said, "By choosing to make James Richardson International Airport its
headquarters for aircraft maintenance and by creating so many
good-paying jobs for skilled technicians, Exchange Income Corporation
will strengthen Winnipeg's position as the Gateway to the North."
Premier Selinger continued, "This new high-tech facility, plus the new
larger home for the aviation museum will also provide a significant
economic boost for the airport and the region."
Barry Rempel, WAA's President and CEO agreed saying, "We are honoured to
be working with incredible partners, people, who standing on the
shoulders of a rich aviation heritage see a future of connectivity with
the emerging North". Rempel continued, "Enabling the development of
EIC's new aviation home leverages WAA assets in a way which provides
greater opportunities for the people of the region we serve."
"Critical to our success is having the infrastructure to make sure our
people have the right tools to do their work. We've announced our
plans to acquire Custom Helicopters and will be developing combined
services such as air ambulance using our newly acquired helicopter
business. With the growth of our existing passenger, cargo and air
ambulance work, we've simply run out of space in our current
facilities. For our people to contribute the best they can, we needed
contiguous facilities and the further development of our EIC campus in
Winnipeg. This building will facilitate our needs and future growth of
our aviation companies", said Mike Pyle, President and CEO of
EIC. "We're focused on providing our customers and the communities we
serve the very best product in the most cost effective manner," he
Ross Robinson, the co-chair of the WCAM Capital Committee said, "This is
wonderful news for Canada's, if not the world's, best collection of
historically significant Bush aircraft and Canadian aviation
artifacts. Thanks to the hard work on behalf of the Province, the WAA,
the Western Canada Aviation Museum and EIC with their outstanding gift,
our plans are underway to relocate directly next to the new terminal
building in a fabulous new facility. Like 1930 Fokker Super Universal
in our collection, the second such James Richardson purchased to open
up Canada's North, we have many one-of-a-kind examples of bush aircraft
retrieved from forests, tundra, mountainsides and even the bottom of
lakes. We're very grateful for EIC's generous gift.
About Western Canada Aviation Museum
Western Canada Aviation Museum is Canada's custodian for our aviation
past, with a focus on bush flying and northern development. The
collection of the museum is one of the most significant in North
About Winnipeg Airports Authority
Winnipeg Airports Authority is a non-share capital corporation
responsible for the management and operation of Winnipeg James
Armstrong Richardson International Airport and affiliate businesses.
Winnipeg Airports Authority serves our region by providing value to our
customers and community. A source of pride for our community, we strive
to be a leader in its growth and development.
Director, Communications & Public Affairs
Phone: 204.987.2021 24 Hour Media Line: 204.992.2791
About Exchange Income Corporation
Exchange Income Corporation is a diversified acquisition-oriented
company, focused on opportunities in the industrial products and
transportation sectors which are ideally suited for public markets
except for their size. The strategy of the Corporation is to invest in
profitable, well-established companies with strong cash flows operating
in niche markets in Canada and/or the United States.
The Corporation is currently operating in two niche business segments:
aviation and specialty manufacturing. The aviation segment consists of
the operations by Perimeter Aviation, Keewatin Air, Calm Air
International and Bearskin Lake Air Service and in January 2012,
announced the acquisition of Custom Helicopter. The company also
operates a specialty manufacturing segment which consists of the
operations by Jasper Tank, Overlanders Manufacturing, Water Blast
Manufacturing, Stainless Fabrication and WesTower Communications. For
more information on Exchange Income 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
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