Government of Canada Supports Expansion of Peterborough Aviation Company

PETERBOROUGH, ONTARIO--(Marketwire - Jan. 16, 2013) - Dean Del Mastro, Member of Parliament for Peterborough, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency of Southern Ontario (FedDev Ontario), today announced an investment in Flying Colours Corporation to support the company's business expansion at the Peterborough airport. He made the announcement alongside Barry Devolin, Member of Parliament for Haliburton-Kawartha Lakes-Brock.

"Our Government is committed to giving businesses and communities in southern Ontario the tools they need to innovate and grow," said MP Del Mastro. "That's why we continue to support companies like Flying Colours that are able to create jobs and compete and win in international markets."

Located in Peterborough, Flying Colours Corporation is a leader in aircraft completion and maintenance. With its base of operations at the Peterborough airport and a subsidiary in St. Louis, Missouri, Flying Colours is already a strong competitor in the field of corporate aviation in markets all over the world. Flying Colours is well positioned to grow by accommodating increased traffic in Peterborough and rising demand for customized business jets internationally.

Through FedDev Ontario's Prosperity Initiative, Flying Colours will receive a repayable contribution of up to $900,000 to expand its facilities and acquire new technologies to service a growing number of business opportunities arising from the expansion of the Peterborough airport. This project is expected to create up to 40 highly skilled full-time equivalent jobs at the company's facility and increase reach in Canadian and international markets. An additional benefit of this business expansion was that it allowed Flying Colours Corporation to pursue Authorized Service Facility (ASF) status with Bombardier Aerospace.

"We are very honoured and proud to have both facilities joining the Bombardier Authorized Service Facility network. Bombardier's confidence in the quality of work that Flying Colours Corp. provides further demonstrates our continued commitment to develop quality and reliability in all our maintenance endeavours," stated John Gillespie, President and CEO, Flying Colours Corp.

"This business expansion will allow our company to compete on a global platform, offering our customers state-of-the-art facilities with superior products and services," said Kate Ahrens, VP, Corporate Development.

For more information on this project and the Prosperity Initiative, please see the backgrounder.

Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region's businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.

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This news release is available online at: www.FedDevOntario.gc.ca.

Backgrounder

Contribution to Flying Colours

FedDev Ontario is providing Flying Colours with a repayable contribution of up to $900,000 to support the company's business expansion at the Peterborough airport. The airport was recently upgraded to accommodate larger planes such as Boeing 737 and Airbus 320 series. This project enables Flying Colours to expand its facilities and upgrade technologies used for aircraft maintenance, avionics and interior capabilities.

Flying Colours Corporation is an aviation service provider specializing in executive conversions of aircraft including interior completions, refurbishment and modification. Established in 1989, the company remains family-owned and operated. Flying Colours is based at the Peterborough airport with a subsidiary located in St. Louis, Missouri.

Upgrades to the company's facility will keep pace with growth at the airport and allow Flying Colours to reach a larger international share in this niche market.

FedDev Ontario's investment in Flying Colours will also support regional diversification in the Peterborough area and will further expand the number of opportunities and growth resulting from the Peterborough airport and runway expansion project.

Prosperity Initiative

FedDev Ontario's Prosperity Initiative is designed to encourage businesses, not-for-profit organizations and post-secondary institutions in southern Ontario to undertake projects that will result in a more productive, diversified and competitive economy in the region.

Funding is available for projects that

• enhance productivity, by accelerating the adoption of new technologies, processes and skills to enhance businesses and sectors in southern Ontario to achieve higher output in relation to their investments;
• diversify the regional economy, by increasing the number of new industries or opportunities in southern Ontario communities or regions with the potential to have long-term impacts on their economic diversity; and
• build a competitive advantage for southern Ontario, by building on the assets and strengths of southern Ontario businesses and regions to create or expand economic clusters and enhance their global competitiveness.

Applications for funding are being accepted and assessed on an ongoing basis. For more information and to apply, please refer to the Program Guidelines available on the website at www.FedDevOntario.gc.ca.