SYMBOL: NAS Common Shares
TORONTO, Oct. 22 /CNW/ - Northstar Aerospace, Inc. ("Northstar") and its wholly-owned subsidiary, Northstar Aerospace (Canada) Inc. ("Northstar Canada" and collectively, the "Company"), announced today that the settlement agreement with the plaintiffs in the previously announced environmental class proceeding in the Ontario Superior Court of Justice has been finalized, approved by the Court, early termination provisions have expired and current settlement amounts have been paid, namely Cdn $4.55 million (Cdn $1.55 million in cash and Cdn $3.0 million by way of a promissory note due within three years which can be repaid in cash or, subject to regulatory approval, in Northstar common shares at the option of Northstar Canada). Under the settlement terms, a further settlement payment of Cdn $0.5 million is due in March 2010. This settlement will not affect Northstar Canada's ongoing remediation efforts.
The plaintiffs, all property owners in the neighborhood adjacent to Northstar Canada's facility in Cambridge, Ontario, sought damages for diminution of property values and other losses associated with environmental issues relating to the historical operation of the Cambridge facility. The plaintiffs sought to certify the lawsuit as a class proceeding on behalf of all property owners in the neighborhood as at August 23, 2005.
The Company did not admit any liability under the settlement and received full and final releases for the claims made in the proceeding. The plaintiffs' lawsuit has been dismissed with prejudice.
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 helicopter transmissions. The Company's executive offices are located in Chicago, Illinois. Its plants are located in Chicago, Illinois; Phoenix, Arizona; Anderson, Indiana; and Milton and Windsor, Ontario.
Forward Looking Statements
Certain information included in this news release may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts. Such forward-looking information reflects management's current beliefs and is based on information currently available to Northstar. Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events discussed in the forward-looking information including, without limitation, risks related to early termination provisions, court and regulatory approvals. These factors should not be considered exhaustive. In addition, in evaluating this information, investors should specifically consider various factors, including the risks outlined under "Risks and Uncertainties" in Northstar's Management's Discussion and Analysis for the year ended December 31, 2008, which may cause actual events or results to differ materially from any forward looking statement. Although the forward-looking information is based on what Northstar considers to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management's assumptions may prove to be incorrect. This forward-looking information is made as of the date of this news release, and Northstar does not assume any obligation to update or revise them to reflect new events or circumstances. Undue reliance should not be placed on forward-looking information.
SOURCE Northstar Aerospace
For further information: For further information: Craig Yuen, Vice President and Chief Financial Officer, (708) 728-2121 or email@example.com