YELLOWKNIFE, NT, Aug. 6, 2012 /CNW/ - Discovery Air Innovations Inc. ("DAI"), a wholly-owned subsidiary of Discovery Air Inc. ("Discovery Air"), and Hybrid Air Vehicles Limited ("HAV") have agreed to allow their commercial agreement, previously announced in August 2011, to expire in accordance with its terms. Under that agreement, DAI had secured aircraft delivery options which were subject to the fulfilment of certain conditions.
Paul Bouchard, President of DAI, stated "The commercial agreement provided a helpful framework for our initial collaboration, but we have concluded that the option structure does not align with our current investment horizon. We remain excited about this technology's potential and intend to continue working with HAV to promote the commercialization of heavy lift Hybrid Air Vehicles."
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Public communications of Discovery Air and/or its subsidiaries may include written or oral forward-looking statements (as defined in applicable securities laws) regarding the future performance of Discovery Air and/ or its subsidiaries. Forward-looking statements by definition are based on assumptions and, as a result, are subject to risks and uncertainties, including those identified in the Management's Discussion and Analysis section of Discovery Air's financial statements for the fiscal year ended January 31, 2012 and the first quarter of fiscal year 2013, both of which are available at www.sedar.com. As a result of such 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. 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 150 aircraft with 850 team members. We deliver airborne training to the Canadian military; air ambulance services; airborne fire services; helicopter operations; fixed-wing air charter services; expediting and logistics support; and a range of maintenance, repair, overhaul, modification, engineering and certification services.
The Discovery Air's Class A common voting shares and unsecured convertible debentures trade on the Toronto Stock Exchange under the symbols DA.A and DA.DB.A, respectively.
SOURCE: Discovery Air Inc.
For further information:
Discovery Air Innovations Inc.
Paul Bouchard, President
(514) 694-5565, ext. 231