FOR IMMEDIATE RELEASE
Vector Aerospace Awarded Brazilian Air Force H-1H Helicopter Support Contract
Toronto, Ontario, August 19th, 2009 - Vector Aerospace Corporation (TSX-RNO) (Vector) today announced that it has, through Vector Helicopter Services – North America, been awarded a contract by the Brazilian Air Force in support of its fleet of Bell H-1H helicopters valued at approximately $15M USD over a five year period. The contract was signed by representatives of the Brazilian Air Force and Vector at the Brazilian Aeronautical Commission in Washington, DC.
Under the terms of the contract, Vector will provide in-country support for airframe inspection and repair services and logistics at a military facility located in Brazil. The contract also includes dynamic component repair and overhaul work for transmissions, gearboxes and hydraulics which will be carried out in Vector’s Bell Helicopter-approved repair and overhaul facility in Andalusia, Alabama. Alan Fletcher, Vice-President Operations said; “We are proud to continue our support domestic and international military fleets and further develop our Bell helicopter platform centre of excellence in our new facilities in Alabama”.
Paul Cockell, President of Vector Helicopter Services – North America, explains that the contract award from the Brazilian Air Force is a critical component of Vector’s strategic plan to further expand its presence in the international marketplace. “Vector has a wide range of engine, dynamic component, airframe and avionics capabilities to support these markets. Product diversity and years of experience and success in supporting military and commercial fleet operators, combined with a growing global network of facilities positions Vector for continued market growth and expansion,” explains Cockell.
Vector Aerospace Corporation is an independent provider of aviation repair and overhaul services. Through facilities in Canada, the United States, the United Kingdom and Africa, Vector provides services to commercial and military customers for various types of gas turbine engines, components and helicopter airframes. It also provides information technology solutions to an international customer base. The Company has approximately 2,500 employees.
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This news release contains certain information that may constitute forward looking information within the meaning of applicable securities laws. These statements are based on current expectation, related to the markets in which Vector operates, its financial condition and its general business. By their very nature, forward-looking statements involve inherent risks and uncertainties that the expectations will not be achieved. Indeed, the forward-looking statements herein, including, without limitation, anticipated future growth and earnings and licence term, may differ materially from actual results or events. While Vector 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.
These factors include, without limitation, global and local political and economic factors and future demand for Vector’s services. Readers should also refer to Vector’s continuous disclosure materials filed with Canadian Securities Regulatory Authorities for additional information with respect to certain of these risk factors. A discussion of risk factors is contained in Vector’s 2008 Annual Report which is available on Vector’s website and on SEDAR. Readers should not place undue importance on forward looking information and should not rely upon this information as of any other date. While Vector may elect to, it is under no obligation and does not undertake to update or revise this information at any particular time, except as required by law.
For further information, please contact:
Declan G. O’Shea
President and CEO
Toronto, Ontario
Telephone: (416) 640-2121
Randal L. Levine
Senior Vice-President and Chief Financial Officer
Toronto, Ontario
Telephone: (416) 640-2120
Website: www.vectoraerospace.com