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LONDON - Discovery Air Inc. ("DA") is pleased to
announce that it has reached a letter of understanding with the shareholders
of Air Tindi Ltd. ("Air Tindi") to purchase all of the issued and outstanding
shares in the capital of Air Tindi in exchange for cash and newly issued
shares of DA. Completion of the transaction is subject to a number of
conditions including receipt of all necessary regulatory approvals and the
entering into of a definitive purchase and sale agreement with the
shareholders of Air Tindi that will, among other things, fix the purchase
price and payment terms. It is expected that the acquisition will be completed
in the fall of 2006.
Air Tindi operates a diversified fleet of 22 fixed wing aircraft offering
scheduled and chartered passenger and cargo services, as well as air ambulance
services, in Northern Canada. Its customers include, among others, major
diamond and base metal exploration and mining companies and the Governments of
Canada and the Northwest Territories. It typically employs over 180 people
during the peak summer season.
David Taylor, President and Chief Executive Officer of DA, stated that:
"I believe that Air Tindi is a great fit for DA. It is an established fixed
wing aircraft operator providing safe, dependable and efficient air
transportation services."
DA's goal is to consolidate the fragmented Canadian niche aviation
industry to realize synergies and economies of scale, thereby creating a
profitable and diversified company able to deliver safe, professional air
service to clients in selected niche markets.
DA's Class A common shares trade on the Toronto Stock Exchange under the
symbol DA.A.
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