MONTREAL, Sept. 2 /CNW Telbec/ - ExelTech Aerospace Inc. (TSX-V: XLT)
today announces that Mr. Derek Nice has resigned as Chairman and CEO,
effective immediately, and Mr. Roland Blais has resigned as Chief Financial
Officer, effective September 30, 2008. Both executives are leaving ExelTech to
pursue other opportunities.
Mr. Robin Wohnsigl, currently a member of the board of ExelTech, was
elected to serve as interim CEO for an indefinite period. Mr. Wohnsigl has
extensive leadership experience in the aerospace MRO and services industries.
He was previously President and COO of Airbus North America Customer Services
and President of Air Canada Technical Services (ACTS), Senior Vice President,
maintenance, engineering, and supply chain for Air Canada and Senior Vice
President of maintenance and engineering at US Airways.
In addition to his airline experience with Virgin USA, Air Canada, US
Airways and Northwest Airlines, Mr. Wohnsigl is a retired USAF Colonel with
24 years of maintenance and engineering leadership.
Mr. Gérard Moretti, currently Finance Director at ExelTech, will serve as
interim Chief Financial Officer. A search for a replacement is currently
Recently appointed President and Chief Operating Officer, Mr. Sylvain
Duval will continue to oversee operations at the company's three existing
facilities in Montreal and Quebec City.
Mr. Wohnsigl said, "One of my first tasks will be to formulate a plan to
return ExelTech to profitability in the short term. This plan will also
address the need for the company to capitalize on the many opportunities that
a changing MRO market offers. I am confident that with the continued support
of the excellent team of employees at ExelTech we will accomplish this thus
rewarding all of our stakeholders - customers, employees, shareholders and
vendors - well into the future."
Mr. Russ Ray, currently Lead Director, was elected by the board to assume
the role as Chairman. Mr. Ray previously held that position.
The board extends its gratitude to Mr. Nice for his foresight as a
founder and executive manager during the formative years of the company and to
Mr. Blais for his hard work contribution at ExelTech.
About ExelTech Aerospace
The third-largest commercial airframe Maintenance, Repair, and overhaul
(MRO) vendor in Canada, ExelTech Aerospace is listed on the TSX Venture
Exchange and trades under the symbol XLT. The company holds Transport Canada,
US Federal Aviation Administration (FAA) and European Aviation Safety Agency
(EASA) approvals to maintain a range of aircraft and associated structures,
components and systems. Aircraft models serviced by ExelTech Aerospace include
Embraer ERJ and Bombardier CRJ regional jets and ATR-42 and 72, Bombardier
Dash-8 and Saab 340 regional turboprops.
With 230,000 square feet of hangar, shop and office space in three
facilities at Montreal and Quebec City, and with marketing offices in the US
and Europe, ExelTech Aerospace provides maintenance repair and overhaul
services to airlines in Canada, the US and 24 other countries around the
In July of 2008, ExelTech moved into a purpose-built 140,000 sq. ft.
state-of-the-art regional jet and turboprop maintenance facility at Montreal's
Pierre Elliott Trudeau International Airport.
To learn more about ExelTech Aerospace Inc. (TSX-V: XLT), please visit
our website at www.exeltech-aerospace.com.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy of this release.
For further information:
For further information: Mr. Robin Wohnsigl, Interim Chief Executive
Officer, ExelTech Aerospace Inc., (514) 631-8999