Discovery Air Inc. announces need to revise interim agreement to purchase VIH Aviation Group Ltd.

    LONDON, ON, March 7 /CNW/ - David Taylor, President & C.E.O. of Discovery
Air Inc. (TSX: DA.A) announces that material issues arose during the due
diligence by Discovery Air of VIH Aviation Group Ltd. and its affiliate, YYJ
FBO Services Ltd. ("VIH"). To address these issues, Discovery Air hopes to
revise certain material terms of the Interim Agreement governing the
acquisition of VIH, including the purchase price. At this time it is not known
whether the Vendor will be amenable to such revisions and if not, Discovery
Air will terminate the transaction.
    Discovery Air's goal is to consolidate the fragmented Canadian niche
aviation industry to realize synergies and economies of scale, thereby
creating a profitable and diversified company able to deliver safe,
professional air service to clients in selected niche markets.
    Discovery Air's Class A common shares trade on the Toronto Stock Exchange
under the symbol DA.A.

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:

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