TORONTO, Aug. 19 /CNW/ - Vector Aerospace Corporation (TSX-RNO) (Vector)
today announced that it has, through Vector Helicopter Services - North
America, been awarded a contract by the Brazilian Air Force in support of its
fleet of Bell H-1H helicopters valued at approximately $15M USD over a five
year period. The contract was signed by representatives of the Brazilian Air
Force and Vector at the Brazilian Aeronautical Commission in Washington, DC.
Under the terms of the contract, Vector will provide in-country support
for airframe inspection and repair services and logistics at a military
facility located in Brazil. The contract also includes dynamic component
repair and overhaul work for transmissions, gearboxes and hydraulics which
will be carried out in Vector's Bell Helicopter-approved repair and overhaul
facility in Andalusia, Alabama. Alan Fletcher, Vice-President Operations said;
"We are proud to continue our support domestic and international military
fleets and further develop our Bell helicopter platform centre of excellence
in our new facilities in Alabama".
Paul Cockell, President of Vector Helicopter Services - North America,
explains that the contract award from the Brazilian Air Force is a critical
component of Vector's strategic plan to further expand its presence in the
international marketplace. "Vector has a wide range of engine, dynamic
component, airframe and avionics capabilities to support these markets.
Product diversity and years of experience and success in supporting military
and commercial fleet operators, combined with a growing global network of
facilities positions Vector for continued market growth and expansion,"
Vector Aerospace Corporation is an independent provider of aviation
repair and overhaul services. Through facilities in Canada, the United States,
the United Kingdom and Africa, Vector provides services to commercial and
military customers for various types of gas turbine engines, components and
helicopter airframes. It also provides information technology solutions to an
international customer base. The Company has approximately 2,500 employees.
This news release contains certain information that may constitute
forward looking information within the meaning of applicable securities laws.
These statements are based on current expectation, related to the markets in
which Vector operates, its financial condition and its general business. By
their very nature, forward-looking statements involve inherent risks and
uncertainties that the expectations will not be achieved. Indeed, the
forward-looking statements herein, including, without limitation, anticipated
future growth and earnings and licence term, may differ materially from actual
results or events. While Vector considers the assumptions on which these
statements are made to be reasonable, based on information currently available
to it, they may prove to be incorrect and readers are cautioned, therefore,
not to place undue reliance on these statements as a number of important
factors could cause actual results to differ materially from those expressed
in such forward-looking statements.
These factors include, without limitation, global and local political and
economic factors and future demand for Vector's services. Readers should also
refer to Vector's continuous disclosure materials filed with Canadian
Securities Regulatory Authorities for additional information with respect to
certain of these risk factors. A discussion of risk factors is contained in
Vector's 2008 Annual Report which is available on Vector's website and on
SEDAR. Readers should not place undue importance on forward looking
information and should not rely upon this information as of any other date.
While Vector may elect to, it is under no obligation and does not undertake to
update or revise this information at any particular time, except as required
For further information:
For further information: Declan G. O'Shea, President and CEO, (416)
640-2121; Randal L. Levine, Senior Vice-President and Chief Financial Officer,
(416) 640-2120; www.vectoraerospace.com