TORONTO, Jan. 30, 2014 /CNW/ - Discovery Air Inc. ("Discovery Air") announced today that Discovery Air Defence Services Inc. ("Defence Services"), a wholly-owned subsidiary of Discovery Air, has entered into a contract to provide airborne training services to the German Armed Forces (the "Contract").
Under the Contract, Defence Services will provide fast jet airborne training services to the German Armed Forces for a term of five years utilizing a fleet of seven Douglas A-4 aircraft. The services will be provided from various locations in Europe, including Germany, France, the Netherlands, Belgium and Italy. Defence Services anticipates performing approximately 1,200 flight hours per year under this Contract commencing in January 2015.
Discovery Air attributes strategic importance to this contract. It establishes Defence Services in Europe, and provides a solid foundation for future expansion in that market.
Paul Bouchard, President of Defence Services, stated "We are very proud of this significant achievement, and are looking forward to providing high quality airborne training services to Germany's military. Over the last eight years, we have provided over 41,000 hours of high quality airborne training services to the Canadian Armed Forces and earned a reputation as a premier provider of combat support solutions. The opportunity to provide our services to the German Armed Forces is a testament to the experience and professionalism of the Discovery Air Defence Services Team. This, coupled with the recent acquisition of Advanced Training Systems International, is further evidence of our commitment to expanding our international footprint in the military airborne training space."
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release includes forward-looking statements (as defined in applicable securities laws). Forward-looking statements can be identified by words such as "may", "anticipate", "expect", "should" and variations thereof. Forward-looking statements are based on assumptions and, as a result, are subject to risks and uncertainties, including those identified in Management's Discussion and Analysis relating to Discovery Air's financial statements, which are available at www.sedar.com. As a result of those risks and uncertainties, actual results may differ materially from those discussed in forward-looking statements, and readers should not place undue reliance on such statements.
With respect to the Contract, specific risks include, among others, lower than anticipated use of the services by the German Armed Forces, changes in foreign exchange rates and the inability to secure all regulatory authorizations required to employ the aircraft in the performance of the Contract. The preceding do not constitute an exhaustive list of all risk factors; other factors could also adversely affect Discovery Air's results.
Forward-looking statements represent expectations as of the date they are made, and Discovery Air disclaims any intention or obligation to update or revise any forward-looking statements it may make, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
ABOUT DISCOVERY AIR AND ITS SUBSIDIARIES
Discovery Air is a Canadian specialty aviation company operating over 160 aircraft with approximately 850 team members. Its subsidiaries provide airborne training to the Canadian military, helicopter operations, air ambulance services, airborne fire services, fixed-wing air charter services, expediting and logistics support, and a range of maintenance, repair, overhaul, modification, engineering and certification services.
Discovery Air's Class A common voting shares and unsecured convertible debentures trade on the Toronto Stock Exchange (symbols DA.A and DA.DB.A, respectively).
SOURCE: Discovery Air Inc.
For further information: Sheila Venman, Investor Relations, [email protected], (866) 903-3247