Discovery Air Inc.

Discovery Air Inc.

November 15, 2016 12:06 ET

Discovery Air Announces Voting Results of Special Meeting of Shareholders

Shareholders approve disposition of Discovery Air Fire Services Inc.

TORONTO, ONTARIO--(Marketwired - Nov. 15, 2016) - Discovery Air Inc. ("Discovery Air" or the "Company") (TSX:DA.A), is pleased to announce that a majority of minority shareholders (the "Company Voting Shareholders"), have voted in favour of the transaction resolution (the "Transaction Resolution") approving the previously announced sale of the Company's wholly-owned subsidiary, Discovery Air Fire Services Inc. (the "DAFS Disposition"). The Transaction Resolution was approved by 89.59% of the 9,614,706 votes cast by Company Voting Shareholders, present in person or represented by proxy at the special meeting of shareholders held earlier today.

The DAFS Disposition is expected to close following receipt of regulatory approvals and the satisfaction or waiver of other customary closing conditions.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements made in this press release are forward-looking statements (as defined in applicable securities laws). These statements include, without limitation, statements relating to the DAFS Disposition, the expected timing of the DAFS Disposition, obtaining the required regulatory approvals, satisfaction of closing conditions and other statements that are not historical facts.

Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. For a description of relevant assumptions and risks, please consult the management information circular of Discovery Air dated October 12, 2016 (the "Circular"), Discovery Air's 2016 Annual Information Form dated April 28, 2016, and Discovery Air's 2016 MD&A for the period ended July 31, 2016, all filed with the Canadian provincial securities regulatory authorities (available at and which are also available on Discovery Air's website at Additional details regarding the DAFS Disposition are disclosed in the Circular. The forward-looking statements contained in this press release describe our expectations as of the date hereof, and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise.

About Discovery Air

Discovery Air is a global leader in specialty aviation services. We deliver exceptional air combat training, medevac equipped aircraft services, airborne fire services, air charter services, helicopter operations, and transport and logistics support to ensure operational readiness, health, safety and vital lifelines for our clients and the communities we serve.

Discovery Air Fire Services Inc. currently provides, and has provided for almost three decades, aerial fire surveillance, airspace and aircraft management, and air transport services in support of the Ontario government's forest fire management program. As well, DAFS' provides court-related air transport services to a variety of provincial government agencies which operate in northwestern Ontario (carried on by DAFS' charter division, Walsten Air).

Discovery Air's Class A common voting shares and unsecured convertible debentures trade on the Toronto Stock Exchange (symbols DA.A and DA.DB.A, respectively).

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