DELTA, BC, Feb. 15, 2012 /CNW/ - Avcorp Industries is pleased to announce that its subsidiary, Comtek Advanced Structures (Comtek), has been awarded a contract by Bombardier Aerospace under which Comtek will design, manufacture and support the floor panels for the Learjet 85* business jet. Comtek currently supplies the floor panels for Bombardier's Q400* turboprop and CRJ700*, CRJ900* and CRJ1000* regional jets and has done so since the program's start. The Learjet 85 aircraft program contract marks a significant expansion of Comtek's relationship with Bombardier as a provider of similar design-build products for business aircraft. Under a separate agreement with Bombardier, Comtek also provided flooring spares through its global distribution network for Q-Series* 100/200/300 turboprop aircraft.
"Comtek is excited to expand its long-term relationship with Bombardier as a Tier 1 design-build supplier," said Patrick Whyte, Comtek's President. "As a specialist in composite aircraft structures, we are well-positioned to grow as the use of composites in new aircraft designs continues to increase."
Launched in 2007, the Learjet 85 aircraft program fits the midsize segment of the market. It will be the first Bombardier business jet to feature a primarily composite structure.
In addition to the flooring, Comtek will also provide composite panels that are integrated into the avionics rack for the Learjet 85 aircraft.
Avcorp designs and builds major airframe structures for some of the world's leading aircraft companies, including Boeing, BAES and Cessna. With more than 50 years of experience, 500 skilled employees and 354,000 square feet of facilities in Delta BC and Burlington ON, 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).
*Trademarks of Bombardier Inc. or its subsidiaries.
| 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