WINNIPEG, Oct. 29, 2018 /CNW/ - Exchange Income Corporation (TSX: EIF) (the "Corporation" or "EIC") announced that PAL Aerospace, an EIC subsidiary, reached a significant milestone in their Force Multiplier Surveillance Program. PAL's DASH-8 demonstrator surveillance aircraft, has, following a complex process due to the highly modified state and technical capabilities of the aircraft, received final certification from Transport Canada.
This demonstrator surveillance aircraft is a rapidly deployable asset that can immediately assist clients with the provision of actionable data/information within a broad range of missions. This modern platform significantly enhances PAL Aerospace's contracted Intelligence, Surveillance and Reconnaissance (ISR) capabilities worldwide in addition to their historic surveillance programs. This aircraft has several key differentiators from other ISR assets such as its enhanced onboard data management capabilities and long range mission ability.
"I would like to congratulate the PAL Aerospace team on their innovation and dedication to completing this new sophisticated flexible platform for clients around the world and thank Transport Canada for its support and dedication throughout the certification process", said Mike Pyle, CEO of EIC. "This specialized aircraft, capable of global operations in all climates, has already generated significant interest during previews at events such as the Dubai Airshow and EuroNaval 2018 in Paris."
"We are excited about meeting the market demand to provide cost effective state of the art surveillance capabilities to new and existing clients with this innovative Force Multiplier aircraft", added Brian Chafe, CEO of PAL Aerospace. "This modern platform sets new benchmarks for flexibility and quick response for ISR clients globally and further solidifies PAL Aerospace's significant position in this niche market."
About Exchange Income Corporation
Exchange Income Corporation is a diversified acquisition-oriented company, focused in two sectors: aerospace & aviation services and equipment, and manufacturing. The Corporation uses a disciplined acquisition strategy to identify already profitable, well-established companies that have strong management teams, generate steady cash flow, operate in niche markets and have opportunities for organic growth.
The Corporation currently operates two segments: Aerospace & Aviation and Manufacturing. The Aerospace & Aviation segment consists of the operations by Perimeter Aviation, Keewatin Air, Calm Air International, Bearskin Lake Air Service (operating as a division of Perimeter Aviation), Custom Helicopters, Regional One, Provincial Aerospace and Moncton Flight College, and an investment in Wasaya Group. The Manufacturing segment consists of the operations of Overlanders Manufacturing, Water Blast, Stainless Fabrication, WesTower Communications, Ben Machine and Quest Window Systems. For more information on the Corporation, please visit www.ExchangeIncomeCorp.ca. Additional information relating to the Corporation, including all public filings, is available on SEDAR (www.sedar.com).
Caution concerning forward-looking statements
The statements contained in this news release that are forward-looking are based on current expectations and are subject to a number of uncertainties and risks, and actual results may differ materially. These uncertainties and risks include, but are not limited to, the dependence of Exchange Income Corporation on the operations and assets currently owned by it, the degree to which its subsidiaries are leveraged, the fact that cash distributions are not guaranteed and will fluctuate with the Corporation's financial performance, dilution, restrictions on potential future growth, the risk of shareholder liability, competitive pressures (including price competition), changes in market activity, the cyclicality of the industries, seasonality of the businesses, poor weather conditions, foreign currency fluctuations, legal proceedings, commodity prices and raw material exposure, dependence on key personnel, and environmental, health and safety and other regulatory requirements. Except as required by Canadian Securities Law, the Corporation does not undertake to update any forward-looking statements; such statements speak only as of the date made. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by Exchange Income Corporation with the securities regulatory authorities, available at www.sedar.com.
SOURCE Exchange Income Corporation
For further information: Mike Pyle, Chief Executive Officer, Exchange Income Corporation, (204) 982-1850, [email protected]; Trevor Heisler, Investor Relations, NATIONAL Equicom, (416) 848-1434, [email protected]