WINNIPEG, Feb. 27, 2014 /CNW/ - Exchange Income Corporation (TSX: EIF) (the "Corporation"), a diversified, acquisition-oriented company announced today a correction to the Financial Statements and Notes for the year ended December 31, 2013 ("Financial Statements") and to the Management Discussion and Analysis for the year ended December 31, 2013 ("MD&A"), which were filed on SEDAR on February 26, 2014.
The original disclosure referenced that during 2013 WesTower recorded total revenues of US$505.4 million from AT&T, which represented 49% of total revenues. The disclosure should have been that during 2013 WesTower recorded total revenues of US$381.2 million from AT&T, which represented 38% of total revenues.
All other details of the Financial Statements and MD&A, including total revenue, remain in effect. Amended MD&A and Financial Statements have been filed as of this date, which incorporates all necessary changes.
About Exchange Income Corporation
Exchange Income Corporation is a diversified acquisition-oriented company, focused on opportunities in the industrial products and transportation sectors which are ideally suited for public markets except for their size. The strategy of the Corporation is to invest in profitable, well-established companies with strong cash flows operating in niche markets in Canada and/or the United States.
The Corporation currently operates in two niche business segments: aviation and specialty manufacturing. The aviation segment consists of the operations by Perimeter Aviation, Keewatin Air, Calm Air International, Bearskin Lake Air Service, Custom Helicopters and Regional One, and the specialty manufacturing segment consists of the operations by Jasper Tank, Overlanders Manufacturing, Water Blast Manufacturing, Stainless Fabrication and WesTower Communications. 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).
The statements contained in today's press 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 the 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, competitive pressures (including price competition), changes in market activity, the cyclicality of the industries, seasonality of the businesses, poor weather conditions, and foreign currency fluctuations, legal proceedings, commodity prices and raw material exposure, dependence on key personnel, and environmental, health and safety and other regulatory requirements. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by the Corporation with the securities regulatory authorities, available at www.sedar.com.
SOURCE: Exchange Income Corporation
For further information:
President and Chief Executive Officer
Exchange Income Corporation
Phone: (416) 815-0700 Ext. 243