YELLOWKNIFE, May 4, 2012 /CNW/ - Discovery Air Inc. ("Discovery Air") subsidiary, Great Slave Helicopters Ltd., announced today that it has completed the acquisition of Northern Air Support previously announced on February 21, 2012.
Dave Jennings, President and CEO of Discovery Air stated, "We are very fortunate to have secured a company like Northern Air Support. Their professional approach to operations and their focus on safety is well aligned with the culture at Great Slave Helicopters. We welcome Mark McGowan, Chief Operating Officer of Northern Air Support, to the Discovery Air group and look forward to working with his team in Kelowna, B.C. and Rocky Mountain House, Alberta."
The acquisition of Northern Airport Support's assets was financed, in part, by a new equipment loan facility that was obtained primarily to finance this acquisition and the purchase of additional aircraft to support future growth. The new facility, which has a limit of $15 million, is secured by a first charge against the equipment financed, a general security agreement in respect of all present and after-acquired property as well as guarantees from certain subsidiaries of Discovery Air.
ABOUT DISCOVERY AIR AND ITS SUBSIDIARIES
Discovery Air is a Canadian specialty aviation company, operating over 150 aircraft with our 850 team members. We deliver airborne training to the Canadian military; 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.
Discovery Air's Class A common voting shares and unsecured debentures trade on the Toronto Stock Exchange (symbols DA.A and DA.DB.A, respectively).
For further information: