Sat, Mar 26, 2011
Says No Binding Offer Has Been Made For The Company
In light of recent statements in the press, Vector Aerospace
Corporation has been asked by Market Surveillance on behalf of the
Toronto Stock Exchange to disclose the current state of the review
of strategic alternatives with the objective of enhancing
shareholder value announced previously by the Corporation.
In the process of reviewing its strategic alternatives, a
special committee of the Board of Directors of the Corporation has
sought expressions of interest from a wide variety of parties with
respect to the Corporation. In the context of this process, the
special committee of the Board of Directors of the Corporation has
received several non-binding expressions of interest and after
reviewing them the Corporation has entered into an exclusivity
agreement with EADS N.V..
Any transaction is subject to the finalization of due diligence
and negotiations with respect to definitive transaction
documentation and other customary conditions. There is no assurance
that the negotiations with this party will result in a binding
offer being made for the Corporation.
The Corporation intends to make no further announcements or
comments unless the circumstances so warrant.
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.
Vector also provides information technology solutions to an
international customer base. Principal operations include Vector
Aerospace Engine Services Atlantic Inc., Vector Aerospace Engine
Services UK Limited, Vector Aerospace Helicopter Services Inc. and
Vector Aerospace International Limited. The Company has
approximately 2,500 employees.
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