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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 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.
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