Vector Aerospace Corporation

Vector Aerospace Corporation

September 17, 2008 09:20 ET

Decision Rendered in IMP Group Lawsuit

TORONTO, ONTARIO--(Marketwire – September 17, 2008) - Vector Aerospace Corporation (Vector) (TSX:RNO) announced today that it has been provided with a decision dated September 16, 2008 issued by the Ontario Court of Justice in the lawsuit involving IMP Group Limited, Mark Dobbin, Killick Capital Inc. and Donald K. Jackson.

In the decision, the Court determined that IMP Group Limited is entitled to an order of specific performance requiring the transfer of 2,974,350 Vector common shares held by Donald K. Jackson to IMP Group Limited. After giving effect to this share transfer, Vector understands that IMP Group Limited will own approximately 14,054,214 or 37.28% of Vector's issued and outstanding shares.

Vector is not aware of whether or not any of the parties will appeal the decision.

Vector is an independent provider of aviation repair and overhaul services. Through facilities in Canada, the United States and the United Kingdom it provides services to commercial and military customers for various types of gas turbine engines, components and helicopter structures. Principal operations include, Vector Aerospace Helicopter Services, Atlantic Turbines, Vector Aerospace Engine Services UK and Vector Aerospace International. Vector has approximately 2,400 employees.

Contact Information

  • Vector Aerospace Corporation
    Declan O'Shea
    President and CEO
    (416) 925-1143
    Vector Aerospace Corporation
    Randal L. Levine
    Senior Vice-President and CFO
    (416) 925-1143