EXELTECH AEROSPACE INC.
TSX VENTURE : XLT

EXELTECH AEROSPACE INC.

May 27, 2005 12:59 ET

ExelTech Aerospace Appoints Lead Director

MONTREAL, QUEBEC--(CCNMatthews - May 27, 2005) - ExelTech Aerospace (TSX VENTURE:XLT) is pleased to announce that its Board of Directors has appointed Mr. Russell Ray to the role of Lead Director . "We are extremely pleased that Russ has accepted the responsibility of serving as Lead Director on our Board," said Derek Nice, President and CEO of ExelTech Aerospace. "Russ is an outstanding individual with a long and distinguished career in the aerospace industry and has served as a director of several public companies over the last twenty years."

The Lead Director of Exeltech is an outside and unrelated director appointed by the Board of Directors to ensure that the Board can perform its duties in an effective and efficient manner independent of management. The appointment of a Lead Director is part of ExelTech's ongoing commitment to good corporate governance.

Mr Ray, who has been a member of the Board since June 2004, also serves on other boards, including World Airways, Technobrands, and Pepperdine University. He is widely respected in the airline and aerospace industries following a 40-year career that culminated in appointments as Chief Executive Officer at World Airways and Pan Am, President and Chief Operating Officer at Pacific South West Airline and other senior management positions at British Aerospace, McDonnell Douglas and Lockheed Aircraft Corporation.

Drawing a parallel between the Company's highly regulated aircraft maintenance business and its status as a public company, Mr. Nice concluded: "Just as we have internally set ourselves the highest possible standards of operations, as a public company we are committed to following sound corporate governance policies and practices to ensure that the interests of our shareholders, employees and the communities in which we operate are continuously maintained".



Following Mr. Ray's appointment, the Board of Directors of ExelTech
Aerospace is as follows :

- Derek Nice President and CEO of ExelTech
- Luc Filiatreault Chairman of the Board
- Russell Ray Lead Director
- Pierre Despars Chairman of the Audit Committee
- Mathieu Fortin Chairman of the Human Resources and
Governance Committee
- David C. Hurley Board member
- Alain Lambert Board member


Concurrent with his appointment, the Board has issued an additional 150 000 stock options to Mr. Ray under the Company's stock option plan. Each option will have a term of 5 years. The exercise price will be established at the close of business on the day following the announcement of Exeltech's financial results for the fiscal year ended March 31, 2005. This announcement is expected to be made prior to end of August 2005.

About ExelTech Aerospace

The third largest commercial airframe MRO vendor in Canada, ExelTech Aerospace is listed on the TSX Venture Exchange and trades under the symbol XLT. The company holds Transport Canada, US Federal Aviation Administration (FAA) and European Aviation Safety Agency (EASA) approvals to repair a wide range of aircraft, structures, components and electrical and electronic systems. Aircraft models serviced by ExelTech Aerospace include the ATR-42 and -72; Bombardier Dash-8 100/200/300; CRJ family; Boeing 727/737; Boeing MD-80/90; Fokker F-100; DC-9 and; Embraer ERJ 135/140/145; Saab 340; and Beech 1900D.

With 230,000 square feet of hangar, shop and office space in three facilities at Montreal's and Quebec City's International Airports, and with marketing offices in the US and Europe, ExelTech Aerospace provides maintenance repair and overhaul services to airlines in Canada, the US and 15 other countries around the world.

ExelTech Aerospace has been recognized as one of Canada's 50 Best Managed Companies in the widely-respected national recognition program sponsored by Deloitte & Touche LLP, CIBC Commercial Banking, National Post, and Queen's School of Business. ExelTech Aerospace enjoys wide ownership participation by its managers and employees and is governed by a seven-member Board of Directors composed of experienced representatives from the aerospace, financial and IT industries.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • ExelTech Aerospace
    Derek Nice
    President & CEO
    (514) 631-7530