Gibralt Capital Corporation completes acquisition of majority interest in Skyservice Airlines

    TORONTO, Oct. 19 /CNW/ - Skyservice Airlines Inc. announced today that
Gibralt Capital Corporation has completed the acquisition of a majority
interest in the Skyservice charter airline business, as announced August 27,
    Skyservice's senior leadership team, comprising Russ Payson, CEO, Rob
Giguere, President and COO and Jackie Smalec, CFO, will continue in their
current roles. No changes to the company's current operations and workforce
are planned.
    "The consolidation of ownership under Gibralt marks the start of a new
era for our company," said Rob Giguere. "With a solid and profitable business
foundation, a strong management team and a professional and dedicated
workforce, we believe that Skyservice is perfectly positioned to capitalize on
its numerous opportunities for profitable growth, as well as expanded
opportunities for the Skyservice team."
    The Skyservice Business Aviation Group, which specializes in corporate
aircraft management and sales, business jet charter services, fixed base
operations and an international air ambulance service, was not included in the
sale to Gibralt. These operations will continue to be owned and operated by
Skyservice Investments Inc.

    About Skyservice - Founded in 1986, Skyservice is a Canadian aviation
enterprise serving the needs of Canadian travelers and the business aviation
community. Skyservice operates Canada's premier commercial charter airline,
fixed base operations and a leading worldwide air ambulance service.
Skyservice Airlines' customers include tour operators, corporations,
professional sport teams, governments, relief agencies and travel incentive
companies. The airline is widely recognized for its quality customer service
and the versatility of its charter operations.

    About Gibralt - Gibralt Capital Corporation is private investment company
headquartered in Vancouver, British Columbia. Gibralt Capital focuses on
private equity investments, mezzanine loans and bridge loans in middle market
companies primarily in North America. Gibralt seeks to make investments in
companies that have experienced management, a leading and defensible market
position and stable and growing earnings. Gibralt's previous investments have
included: The Keg Restaurants (management led buyout); Education Lending Group
Inc. (marketer of products, services and solutions to the federal guaranteed
student loan industry in the United States); AMJ Campbell Inc. (management led
buyout of Canada's largest household goods carrier and corporate office
relocation company); and CE Franklin (oilfield services company).

    Note to editors/news directors:
    Photographs of Skyservice aircraft (hi res) are available at:

For further information:

For further information: Allan Austin, Bryan Mills Iradesso, Tel: (416)
447-4740 ext 240,

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