Vector Aerospace Corporation
TSX : RNO

Vector Aerospace Corporation
EADS
EURONEXT : EAD

EADS
Eurocopter

Eurocopter

May 25, 2011 07:06 ET

Eurocopter Holding and Vector Aerospace Corporation Announce Extension of Offer to June 30, 2011

PARIS, FRANCE and TORONTO, ONTARIO--(Marketwire - May 25, 2011) -

Eurocopter Holding, a subsidiary of EADS (EURONEXT:EAD), and Vector Aerospace Corporation (TSX:RNO), a Canadian company listed on the Toronto Stock Exchange, announced today that the expiry time of the offer by 7762798 Canada Inc. (the "Offeror"), a wholly-owned subsidiary of Eurocopter Holding, to acquire at a price of C$13.00 in cash per share all of the outstanding Common Shares of Vector Aerospace, including all shares that may be issued on the exercise of options granted under Vector Aerospace's stock option plan (the "Offer"), has been extended until June 30, 2011, to allow the remaining required regulatory approvals to be obtained. All other terms and conditions of the Offer described in the Offeror's Offer and Circular dated April 15, 2011 remain the same.

On April 21, 2011, the Offeror received confirmation that the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (United States) had expired. On May 9, 2011, the applicable statutory waiting period under the Competition Act (Canada) expired. While the Canadian Competition Bureau's substantive review of the transactions contemplated by the Offer has not been completed, the Offeror expects that written clearance from the Canadian Commissioner of Competition will be obtained prior to June 30, 2011. On May 19 2011, the Offeror received confirmation of approval by the Committee on Foreign Investment in the United States. On May 20, 2011, the Investment Review Division of Industry Canada advised the Offeror by letter that the initial 45 day review period under the Investment Canada Act has been extended by up to an additional 30 days. The Offeror expects that the remaining regulatory approvals required under the terms of the Offer will be obtained prior to June 30, 2011.

The Offer is now open for acceptance until 2:00 p.m. (Toronto time) on June 30, 2011, but is subject to extension beyond such date. Completion of the Offer is subject to usual and customary conditions including, but not limited to, a minimum of 66Γàö% of the common shares of Vector Aerospace being tendered to the Offer, as well as obtaining all necessary regulatory approvals.

A notice announcing the extension of the Offer will be mailed to Vector Aerospace's shareholders. The notice will also be available for review on SEDAR at www.sedar.com. Further announcements will be made in the event of a Canada Post mail disruption.

About Vector Aerospace

Vector Aerospace is an independent provider of aviation repairs and overhaul services. Through facilities in Canada, the United States, the United Kingdom and Africa, Vector Aerospace provides services to commercial and military customers for various types of gas turbine engines, components and helicopter airframes. Principal operations include Vector Aerospace Helicopter Services Inc. – North America, Vector Aerospace International Limited – UK, Vector Aerospace Engine Services - Atlantic Inc. – Atlantic and Vector Aerospace Engine Services UK Limited – UK. Vector Aerospace had a revenue contribution of C$545 million in 2010, and approximately 2,500 employees.

About EADS

EADS is a global leader in aerospace, defense and related services. In 2010, the Group – comprising Airbus, Astrium, Cassidian and Eurocopter – generated revenues of € 45.8 billion and employed a workforce of more than 121,000.

About Eurocopter Holding and Eurocopter

Eurocopter Holding is the parent company of Eurocopter. Established in 1992, the Franco-German-Spanish Eurocopter is a division of EADS. The Eurocopter group employs approximately 17,500 people. Eurocopter is a global leader in the manufacturing and sale of helicopters, with a turnover of 4.8 billion euros in 2010. There are 11,200 Eurocopter helicopters currently in service with nearly 2,900 customers in 147 countries.

Specific Note Regarding EADS N.V. Forward Looking Statements

This news release may contain certain information that constitutes forward looking information within the meaning of applicable securities laws. These statements are based on EADS' and Eurocopter Holding's current expectations, estimates, forecasts and projections related to the operating environment, economies and markets in which EADS and Eurocopter operate; their financial condition and their general business. By their very nature, forward-looking statements are based on certain factors and assumptions and are subject to important risks and uncertainties. The forward-looking statements herein may differ materially from actual results or events. While EADS and Eurocopter Holding consider 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.

Any forward looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. Unless otherwise required under applicable laws, we disclaim any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

Specific Note Regarding Vector Aerospace Corporation Forward Looking Statements

This news release may contain certain information that constitutes forward looking information within the meaning of applicable securities laws. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward looking statements also include reference to events or conditions that will, would, may, could or should occur. These statements are based on Vector Aerospace Corporation's current expectations, estimates, forecasts and projections related to the operating environment, economies and markets in which Vector Aerospace Corporation operates; its financial condition and its general business. By their very nature, forward-looking statements are based on certain factors and assumptions and are subject to important risks and uncertainties. The forward-looking statements herein may differ materially from actual results or events. While Vector Aerospace Corporation 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. The completion of the proposed transaction is subject to a number of terms and conditions including, without limitation, receipt of stipulated regulatory approvals, acceptance of the offer by holders of the requisite number of common shares of Vector Aerospace Corporation, approval of Canadian competition and foreign investment regulators and certain termination rights available under the agreement relating to the transaction.

Any forward looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. Unless otherwise required under applicable laws, we disclaim any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Vector Aerospace
    Declan O'Shea
    President and CEO
    +1 416 640 2115

    Vector Aerospace
    Randal L. Levine
    Senior Vice-President and CFO
    +1 416 640 2120
    www.vectoraerospace.com

    EADS
    Pierre Bayle
    + 33 1 42 24 20 63

    EADS
    Alexander Reinhardt
    + 49 89 607 34066

    EADS
    Martin Aguera
    + 49 89 607 34735
    www.eads.com

    Eurocopter
    Cecile Vion-Lanctuit
    + 33 1 49 34 45 04

    Eurocopter
    Stephane Chery
    + 33 4 42 85 82 20
    www.eurocopter.com