LONDON, ON, Aug. 27 /CNW/ - David Taylor, Chairman & C.E.O. of Discovery
Air Inc. (TSX: DA.A), is pleased to announce that Discovery Air has completed
the acquisition of all of the issued and outstanding shares of Top Aces Inc.,
previously announced on June 20, 2007 and August 20, 2007. The total purchase
price paid for the Top Aces shares at the closing was an aggregate sum of
CDN$35,000,000 and an aggregate of 20,000,000 common shares in the capital of
Discovery Air. The cash portion of the purchase price was financed by an
interest only term loan arranged by Pacific & Western Bank of Canada with
9.25% interest and no prepayment penalty. The financing terms included
Discovery Air granting up to 1,250,000 warrants for Class A Common shares.
Mr. Taylor stated, "Top Aces is an ideal addition to Discovery Air's
alliance of niche aviation businesses. The Discovery Air team will be
strengthened by the addition of the pilots and other aviation professionals
brought together by the founders of Top Aces, Paul Bouchard, Dave Jennings and
Mr. Toussaint, President of Top Aces, stated, "We are very excited to be
a member of the Discovery Air alliance. We are joining a group of respected,
professional, successful aviation companies which are commonly focused on
providing specialized aircraft services under very diverse and challenging
operating conditions. We at Top Aces are looking forward to contributing to
the diversity and depth of the aviation experience and expertise which is
supported by Discovery Air's aviation business alliance. Additionally, we are
excited about the opportunity to benefit from the synergies and economies of
scale which will become available to Top Aces as a result of Discovery Air
bringing together such a progressive and capable group of companies."
Top Aces is an approved supplier to the Canadian federal government of
airborne training services to the Department of National Defence.
Discovery Air's mission is to build shareholder value by creating an
alliance of profitable aviation businesses that can realize synergies,
economies of scale and deliver safe, professional air services to clients in
selected niche markets.
Discovery Air's Class A common shares trade on the Toronto Stock Exchange
under the symbol DA.A.
Discovery Air's Debentures trade on the Toronto Stock Exchange under the
For further information:
For further information: Wade MacBain, Director of Investor Relations,
Phone: (519) 913-2204, ext. 358, Toll-free: 866-903-3247, ext. 358, E-mail: