Vector Aerospace Corporation

Vector Aerospace Corporation

July 14, 2008 11:07 ET

Vector Aerospace Group Appointed for Growth of the PW100 and PT6A Engine Series

TORONTO, ONTARIO--(Marketwire – July 14, 2009) - Vector Aerospace Corporation (TSX:RNO) (Vector) today announced that it has, through its wholly owned subsidiary Atlantic Turbines International Inc. (ATI), agreed with Pratt & Whitney Canada Corp's (P&WC) to expand and extend the PW100 and PT6A turboprop engine models covered by AT1's current Designated Overhaul Facility (DOF) appointments.

The new engine models added to the DOF appointments include the PW127M (ATR 42 and 72), the PT6A-52 (Hawker Beechcraft King Air), the PT6A-66B (Piaggio), the PT6A-66D (EADS Socata) and the PT6A-67P (Pilatus). ATI's main facility for the MRO services for these engines is located in Prince Edward Island. There are also related service centers in Dallas, Atlanta, Pittsburgh, Johannesburg and Nairobi.

Vector President and CEO, Declan O'Shea, commented that "This extension gives tremendous support to Vector's growth prospects. Working with Pratt & Whitney Canada to jointly serve an ever-growing customer base is one of our top priorities. It is a distinct pleasure to have the Vector/ATI brand associated with such an energetic and forward-thinking organization such as Pratt & Whitney Canada."

Brian Thompson, ATI President, said, "Our customer oriented service has enabled us to steadily expand the customers we serve. The renewal and expansion of these Agreements will ensure this growth continues. We are particularly pleased that we will have the opportunity to serve the owners of aircraft powered by the new engine models added to our DOF Agreements and to continue our long and successful relationship with P&WC."

Vector Aerospace Corporation is an independent provider of aviation MRO services to commercial and military customers for various types of gas turbine engines, components and helicopter structures from facilities in Canada, the United States and the United Kingdom. Vector's shares trade on the Toronto Stock Exchange under the symbol RNO.

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 by law.

Contact Information

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