Pointe Claire, QC, November 17, 2011 – Top Aces Inc., a wholly owned subsidiary of Discovery Air, announced today that it has been notified by Public Works and Government Services Canada (PWGSC) that the existing CATS solicitation has been cancelled. The Government has stated their intention to re-issue a solicitation for the CATS requirement at a later date.
Top Aces will continue to deliver services to the Crown under the current Interim Contracted Airborne Training Services (ICATS) framework through to June 2012, with a government option to extend the ICATS contract an additional 12 months to June 2013.
President of Top Aces, Didier Toussaint, stated “Top Aces stands ready to respond to the CATS long term requirement with an excellent, cost effective solution for Canada. We will continue to deliver combat support services to train the men and women of the Canadian Forces and to assist in ensuring they are ready for their worldwide commitments.”
ABOUT DISCOVERY AIR AND ITS SUBSIDIARIES
Discovery Air Inc. is a Canadian specialty aviation company, operating over 140 aircraft with our 850 team members. We deliver airborne training to the Canadian military; airborne fire services; VFR helicopter operations; fixed-wing air charter services; expediting and logistics support; and a range of maintenance, repair, overhaul, modification, engineering and certification services.
Discovery Air’s shares and debentures are listed on the Toronto Stock Exchange (Symbols DA.A and DA.DB respectively).
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Discovery Air’s public communications may include written or oral forward-looking statements (as defined in applicable securities laws) regarding the future performance of the company and/or its subsidiaries. Forward-looking statements by definition are based on assumptions and are as a result subject to risks and uncertainties, including those identified in the Management’s Discussion and Analysis section of Discovery Air’s financial statements for the fiscal year ended January 31, 2011, available at www.sedar.com. As a result of such risks and uncertainties, actual results may differ materially from those discussed in forward-looking statements, and readers should not place undue reliance on such statements. Forward-looking statements represent expectations as of the date they are made, and Discovery Air disclaims any intention or obligation to update or revise any forward-looking statements it may make, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
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