MILTON, ON, Feb. 21, 2012 /CNW/ - Northstar Aerospace (Canada), Inc. (NAS:TSX) ("Northstar Canada"), a wholly owned subsidiary of Northstar Aerospace, Inc. (the "Corporation") announced that it has entered into an amendment to a customer agreement and entered into a new customer agreement.
Northstar Canada agreed to amend the Revenue Sharing Agreement with GE Aviation for the CF34-3 program. As previously disclosed in the Corporation's financial statements, Northstar Canada was scheduled to pay the final contingent installment of U.S. $5 million in early 2012. Under the amendment, Northstar Canada will satisfy this obligation through a combination of cash and payment in kind of parts from April through November 2012.
Additionally, Northstar Canada reached a long-term agreement with Sikorsky Aircraft Corporation to provide parts for the UH-60 Blackhawk helicopter. The agreement provides pricing and forecasted quantities for deliveries in 2013 through 2017. There is no obligation for the amount ordered or the timing of deliveries. Based on the forecasted quantities, the estimated value of this agreement is U.S. $9 million over the five year agreement.
Northstar Aerospace, Inc. (www.nsaero.com) is North America's leading independent manufacturer of flight critical gears and transmissions. Northstar Aerospace is a public company (TSX:NAS) with operating subsidiaries in the United States and Canada. Its principal products include helicopter gears and transmissions, accessory gearbox assemblies, rotorcraft drive systems and other machined and fabricated parts. It also provides maintenance, repair and overhaul of components and transmissions. The Company's executive offices are located in Chicago, Illinois. Its plants are located in Chicago, Illinois; Phoenix, Arizona; Milton and Windsor, Ontario, Canada.
Forward Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. All statements, other than statements of historical fact included in this press release, including the statements in the press release relating to the cash payments, anticipated deliveries and forecasted quantities may be or include forward-looking statements. Forward-looking information contained herein is based upon a number of assumptions and actual future events may differ materially depending on a variety of factors, including the Corporation's ability to meet delivery schedules and the timing and quantity of the customers' demands. Other important factors that could cause actual results to differ materially from the Corporation's expectations (together with the cautionary statements in the previous sentence, "Cautionary Statements") are included in the Corporation's Consolidated Financial Statements for the Years Ended December 31, 2010 and 2009 - Management's Discussion and Analysis - Risks and Uncertainties, the Corporation's Annual Information Form filed on March 25, 2011, under the heading of Risks and Uncertainties, the Corporation's Consolidated Interim Financial Statements for the three and nine months ended September 30, 2011, and 2010 under the heading Basis Of Preparation And Adoption Of IFRS - Going Concern and in the related Management's Discussion and Analysis under the heading Risks and Uncertainties and the heading Going Concern. Although the Corporation believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to have been correct. All information contained in this press release and subsequent written and oral forward-looking statements attributable to the Corporation or persons acting on behalf of the Corporation are expressly qualified in their entirety by the Cautionary Statements. The Corporation disclaims any intentions or obligation to update or revise any forward looking statements or comments as a result of any new information, future event or otherwise, unless such disclosure is required by law.
For further information:
Craig Yuen, Chief Financial and Strategy Officer, at [email protected] or 708-728-2121.