Common Stock Listed Toronto
Trading Symbol: AV
VANCOUVER, Feb. 29, 2012 /CNW/ - Avcorp Industries Inc. ("AVP" or the "Company") today announced that it has received a 2011 Silver Boeing Performance Excellence Award. The Boeing Company issues the award annually to recognize suppliers who have achieved superior performance. Avcorp maintained a Silver composite performance rating for each month of the 12-month performance period, from Oct. 1, 2010, to Sept. 30, 2011.
This year, Boeing recognized 529 suppliers who achieved either a Gold or Silver level Boeing Performance Excellence Award. Avcorp is one of only 407 suppliers to receive the Silver level of recognition.
"This award is greatly appreciated and demonstrates that Avcorp employees are focused and determined to deliver value to our customers every day through their commitment to excellence, hard work and superior performance over a sustained period" said Mark Van Rooij, President and CEO of Avcorp.
Avcorp supplies integrated aerostructure assemblies and metal bonded components to Boeing locations in Seattle, Salt Lake City, Long Beach, Winnipeg and Philadelphia for several Boeing Commercial Airplanes and Boeing Defense and Space Programs.
Avcorp designs and builds major airframe structures for some of the world's leading aircraft companies, including BAE Systems, Boeing, Bombardier, and Cessna. With more than 50 years of experience, over 500 skilled employees and 354,000 square feet of facilities, Avcorp offers integrated composite and metallic aircraft structures to aircraft manufacturers, a distinct advantage in the pursuit of contracts for new aircraft designs, which require lower-cost, light weight, strong, reliable structures. Avcorp is a Canadian public company traded on the Toronto Stock Exchange (TSX:AVP).
| MARK VAN ROOIJ
CHIEF EXECUTIVE OFFICER
Certain statements in this release and other oral and written statements made by the Company from time to time are forward-looking statements, including those that discuss strategies, goals, outlook or other non-historical matters; or projected revenues, income, returns or other financial measures. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the following: (a) the extent to which the Company is able to achieve savings from its restructuring plans; (b) uncertainty in estimating the amount and timing of restructuring charges and related costs; (c) changes in worldwide economic and political conditions that impact interest and foreign exchange rates; (d) the occurrence of work stoppages and strikes at key facilities of the Company or the Company's customers or suppliers; (e) government funding and program approvals affecting products being developed or sold under government programs; (f) cost and delivery performance under various program and development contracts; (g) the adequacy of cost estimates for various customer care programs including servicing warranties; (h) the ability to control costs and successful implementation of various cost reduction programs; (i) the timing of certifications of new aircraft products; (j) the occurrence of further downturns in customer markets to which the Company products are sold or supplied or where the Company offers financing; (k) changes in aircraft delivery schedules or cancellation of orders; (l) the Company's ability to offset, through cost reductions, raw material price increases and pricing pressure brought by original equipment manufacturer customers; (m) the availability and cost of insurance; (n) the Company's ability to maintain portfolio credit quality; (o) the Company's access to debt financing at competitive rates; and (p) uncertainty in estimating contingent liabilities and establishing reserves tailored to address such contingencies.
For further information:
Sandi DiPrimo, Investor Relations Contact 604-587-4938