MONTREAL, June 29 /CNW Telbec/ - ExelTech Aerospace Inc. (TSX Venture:
XLT) (the "Corporation") announced today that it has exercised it's early
repayment option and repaid approximately $710,000 or 50% of the outstanding
balance of $1,420,000 owing to Desjardin Capital from an early debt financing
of NordTech Aerospace Inc., with whom the Corporation merged in 2005. Even
factoring a penalty of 2% on the amount outstanding, the repayment of debt
carrying an interest rate of 15%, affords a net saving of up to $72,000 in the
current fiscal year. The balance outstanding will be paid on its original
term, in February 2008
The repayment is a component of the Corporation's plan to optimize the
use of its working capital towards growth initiatives.
About ExelTech Aerospace Inc.
The third-largest commercial airframe maintenance, repair, and overhaul
(MRO) vendor in Canada, ExelTech Aerospace Inc. 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 repair a wide range of aircraft, structures, components
and electrical and electronic systems. Aircraft models serviced by ExelTech
Aerospace Inc. include Bombardier CRJ and Embraer ERJ regional jets; ATR-42
and 72, Bombardier Dash-8 and Saab 340 regional turboprops; and Boeing 737,
757 and MD-80 narrow body airliners. 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 Inc. provides
maintenance, repair and overhaul services to airlines in Canada, the US and 20
other countries around the world.
To learn more about ExelTech Aerospace Inc. (TSX Venture: XLT), please
visit the company's website at www.exeltech-aerospace.com.
For further information:
For further information: Elisabeth Preston, Vice President Corporate
Affairs, (613) 614-4884, email@example.com; Derek Nice,
President and Chief Executive Officer, (514) 631-3884,