NordTech aerospace Inc.

March 11, 2005 13:30 ET

NordTech and ExelTech Aerospace Comment on Jetsgo's CCAA Filing


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: NORDTECH AEROSPACE INC.

TSX VENTURE SYMBOL: NRT

MARCH 11, 2005 - 13:30 ET

NordTech and ExelTech Aerospace Comment on Jetsgo's
CCAA Filing

MONTREAL, QUEBEC--(CCNMatthews - March 11, 2005) - Following the
announcement made by Jetsgo on March 11, 2005 that it is halting all
operations, NordTech Aerospace Inc. ("NordTech") (TSX VENTURE:NRT) and
its operating subsidiaries, ExelTech Aerospace and NordTech Aerospace
(NTA) Inc. (collectively, the "Company") made the following statements:

- The Company was providing maintenance, repair and overhaul services to
Jetsgo's fleet of MD-80s and Fokkers 100. The Company estimates that its
Jetsgo business represented approximately 35% of the combined revenues
of NordTech and ExelTech in 2004. The balance is split among 38 other
clients, from 11 different countries, with no other client representing
more than approximately 10% of the total combined revenues for the same
period.

- The Company has already begun to implement the necessary actions to
adjust to the loss of the Jetsgo business. These actions may include
temporary lay-offs and the cancellation of orders for aircraft parts.

- The Company estimates that it is owed approximately $2.5 million by
Jetsgo for services recently provided on Jetsgo aircraft. Management is
finalizing its assessment of total monies owed by Jetsgo as well as
reviewing other obligations of Jetsgo and the Company will take all
available steps against Jetsgo, including those available under the
Companies' Creditors Arrangement Act to recover monies owed by Jetsgo.

- All other parts of the Company's business are unaffected by the Jetsgo
situation and the Company continues to seek out new clients and other
growth opportunities to deliver on its plan of becoming one of the
leading providers of third party MRO services in North America.

Derek Nice, President and Chief Executive Officer of the Company
commented: "The action taken by Jetsgo will have a negative impact on
our financial results in the short term. However, we fully expect to
return to growth in the near future as we position the company to be one
of the dominant suppliers in the rapidly growing global aircraft MRO
business."

Mr. Nice concluded: "Our financial position is strong following the
transaction between NordTech and ExelTech last month, which included the
completion of a $10 million equity offering. Myself and the rest of the
Company's management team remain focused on our overall plan to
significantly grow the Company".

About the Company

NordTech is the largest publicly-listed commercial airframe maintenance
company in Canada. NordTech is listed on the TSX Venture Exchange Inc.
and trades under the symbol "NRT". Operating in the commercial aircraft
MRO business through its operating subsidiaries, ExelTech Aerospace and
NordTech Aerospace (NTA) Inc., it provides services to North American
and overseas customers from facilities located at Montreal's Pierre
Elliot Trudeau International Airport and at Quebec City's Jean Lesage
Airport. The Company is certified by Transport Canada and the European
Aviation Safety Agency and are approved by the US Federal Aviation
Administration under the terms of the US/Canada Bilateral Safety
Agreement to perform maintenance on a range of aircraft, including the
Boeing 737 and 727, Boeing MD-80, Fokker F.100, Bombardier CRJ 100/200,
Embraer ERJ 135/140/145, ATR 42 and 72, Dash 8 and Saab 340.

This press release may contain forward-looking statements relating to,
among other things, the Company's expectations concerning its level of
activities. These forward-looking statements are neither promises nor
guarantees, but involve risks and uncertainties that may cause actual
results to differ materially from those in the forward-looking
statements. The Company disclaims any obligation to publicly update or
revise any such statements.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    NordTech Aerospace Inc.
    Luc Filiatreault
    (450) 445-4227
    (450) 445-0139 (FAX)
    luc.filiatreault@nordtech-aerospace.com
    or
    NordTech Aerospace Inc.
    Derek Nice
    (514) 631-3884
    (514) 631-7437 (FAX)
    dnice@exeltech-aerospace.com
    The TSX Venture Exchange Inc. has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.