HALIFAX and FORT LAUDERDALE, FL, Dec. 13, 2013 /CNW/ - Chorus Aviation Inc. ("Chorus") (TSX: CHR.B CHR.A CHR.DB) and GA Telesis, LLC ("GA Telesis") today announced that they have signed a Letter of Intent ("LOI") to form a joint venture to provide supply chain solutions, including component and spare parts support, to Bombardier Q400, DHC Dash 8, and CRJ aircraft operators and maintenance, repair and overhaul (MRO) providers. The joint venture will leverage the considerable expertise of the two companies to form a world-class inventory support provider focused on regional aircraft operators. The business will initially focus on the Q400, and the parties expect to expand the joint venture's services and offerings to include other regional aircraft types.
"Our roots in aviation date back to the 1930s and today we are the world's largest Dash 8 operator," said Joseph Randell, President and Chief Executive Officer, Chorus. "This collaboration leverages our unmatched experience in regional services and GA Telesis's leadership in inventory asset management to form a world-class service provider. As we continue to evolve with the industry, we believe this venture will provide Chorus a solid platform for future expansion and diversification."
"The addition of a dedicated regional aircraft support company will further enhance our world-class portfolio of service offerings to the aviation industry," said Abdol Moabery, President and Chief Executive Officer, GA Telesis. "Our decision to align ourselves with Chorus was clear given their extensive experience operating Dash 8 and Q400 aircraft," he added. Mr. Moabery concluded that "this transaction further demonstrates GA Telesis's commitment to Intelligently Defining Aviation™."
The LOI is subject to a number of conditions, including entering into a definitive agreement which is targeted to occur in the first quarter of 2014.
Certain statements in this news release may contain statements which are forward-looking. These forward-looking statements are identified by the use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would," and similar terms and phrases, including references to assumptions. Such statements may involve, but are not limited to, comments with respect to strategies, expectations, planned operations or future actions.
Forward-looking statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and other uncertain events. Forward-looking statements, by their nature, are based on assumptions, including those described below, and are subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to differ materially from those expressed in the forward-looking statements. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons, including without limitation, risks relating to Chorus' relationship with Air Canada, risks relating to the airline industry, energy prices, general industry, market, credit, and economic conditions, competition, insurance issues and costs, supply issues, war, terrorist attacks, epidemic diseases, acts of God, changes in demand due to the seasonal nature of the business, the ability to reduce operating costs and employee counts, secure financing, employee relations, labour negotiations or disputes, restructuring, pension issues, currency exchange and interest rates, leverage and restructure covenants in future indebtedness, dilution of Chorus shareholders, uncertainty of dividend payments, managing growth, changes in laws, adverse regulatory developments or proceedings, pending and future litigation and actions by third parties. There are no assurances that Chorus will enter into or implement new CPA amendments with Air Canada. The forward-looking statements contained in this discussion represent Chorus's expectations as of December 13, 2013, and are subject to change after such date. However, Chorus disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
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