- Changes driven by growth and diversification opportunities -
WINNIPEG, July 8, 2014 /CNW/ - Exchange Income Corporation (TSX: EIF)
(the "Corporation"), a diversified, acquisition-oriented company
focused on opportunities in three sectors (aviation services and
equipment, metal manufacturing, and infrastructure services) announced
today a series of changes to its executive management team that are
designed to position the Company for continued growth and
diversification.
Mike Pyle the Chief Executive Officer of Exchange Income Corporation
(EIC) reported "I am very excited to report to you that we have
expanded our senior management team to better position us to take
advantage of growth opportunities for EIC. Joining EIC in the role of
Chief Financial Officer is Mr. Ted Mahood who as set out below has a
strong track record as a senior finance executive in a number of
private and public entities. We are very excited to have Ted on the
team and he will add another key member to our senior executive group.
The addition of Ted allows our current Chief Financial Officer Mr. Adam
Terwin to move into the role of Chief Corporate Development Officer.
Adam has been with EIC since its beginnings a decade ago and will bring
a strong sense of EIC's core values into his role overseeing
acquisitions and strategic growth initiatives for our existing
entities. Our current Chief Administrative Officer Ms. Carmele Peter
will be taking on the role of President while I focus on the Chief
Executive Officer role. Finally Mr. Darwin Sparrow will add the title
of Executive Vice President to his Chief Operating Officer title in
Manufacturing and will take on responsibilities in the general
management of our other subsidiaries."
Mr. Pyle continued "One of the keys to our success since our inception a
decade ago is the effective diversification of our income statement
which has enabled EIC to maintain and grow our dividend during adverse
times in the business cycles of our various industry segments. The
dramatic organic growth at WesTower, particularly in the USA, has seen
it reach over 50% of the revenue of EIC. While we are very excited by
this growth, it has resulted in a less effective diversification of our
revenue and profit streams. By strengthening our C-suite management it
will enable us to examine opportunities to rebalance the income
streams, not only through acquisition but through the growth and
integration of our existing subsidiaries. Regional One is a great
example of this opportunity, as its performance has exceeded
expectations in the year we have owned it and considerable
opportunities remain to integrate it with our existing aviation
subsidiaries. We have grown from a startup to $1 billion in revenue in
our first decade while increasing our dividend 8 times to its current
level of $1.68 per share. The expansion and strengthening of our
management team will assist us with continuing this performance. I am
pleased to add Ted to our team and congratulate Carmele, Adam and
Darwin on their new roles."
Ms. Peter previously served as Chief Administrative Officer for the
Company since October 2012. Prior to joining EIC, Ms. Peter practiced
law for over 23 years at the law firm of Aikins, MacAulay & Thorvaldson
LLP, where she specialized in transactional and tax work. During her
legal career she represented a number of clients for whom she was a
valued advisor, and was involved in many significant transactions,
including the sale of Craig Media Inc., the acquisition of Allstream
Inc., the sale of MTS's yellow pages directory business, and the
acquisition of the Winnipeg Jets.
Mr. Mahood Is a senior executive with over 25 years of experience in
domestic and international finance, accounting and taxation. Ted
started his profession with one of the large public accounting firms
following which he joined the finance group at a major auto
manufacturer where he spent the next 17 years of his career advancing
through the ranks to become the senior Canadian financial officer of
the company. During the period 2008 to 2011 Ted held the position of
Chief Financial Officer at three different publicly traded
manufacturers ranging in size from $400 million to $2 billion.
Immediately prior to joining EIC Ted was the CFO at a large privately
owned manufacturing company in western Canada.
About Exchange Income Corporation
Exchange Income Corporation is a diversified acquisition-oriented
company, focused in three sectors: aviation services and equipment,
metal manufacturing, and infrastructure services. The Corporation uses
a disciplined acquisition strategy to identify already profitable,
well-established companies that have strong management teams, generate
steady cash flow, operate in niche markets and have opportunities for
organic growth.
The Corporation currently operates three segments: Aviation,
Manufacturing and Infrastructure. The Aviation segment consists of the
operations by Perimeter Aviation, Keewatin Air, Calm Air International,
Bearskin Lake Air Service, Custom Helicopters and Regional One. The
Manufacturing segment consists of the operations by Jasper Tank,
Overlanders Manufacturing, Water Blast Manufacturing, and Stainless
Fabrication. The Infrastructure segment consists of the operation of
WesTower Communications. For more information on the Corporation,
please visit www.exchangeincomecorp.ca. Additional information relating to the Corporation, including all
public filings, is available on SEDAR (www.sedar.com).
Caution concerning forward-looking statements
The statements contained in this news release that are forward-looking
are based on current expectations and are subject to a number of
uncertainties and risks, and actual results may differ materially.
These uncertainties and risks include, but are not limited to, the
dependence of Exchange Income Corporation on the operations and assets
currently owned by it, the degree to which its subsidiaries are
leveraged, the fact that cash distributions are not guaranteed and will
fluctuate with the Corporation's financial performance, dilution,
restrictions on potential future growth, the risk of shareholder
liability, competitive pressures (including price competition), changes
in market activity, the cyclicality of the industries, seasonality of
the businesses, poor weather conditions, and foreign currency
fluctuations, legal proceedings, commodity prices and raw material
exposure, dependence on key personnel, and environmental, health and
safety and other regulatory requirements. Further information about
these and other risks and uncertainties can be found in the disclosure
documents filed by Exchange Income Corporation with the securities
regulatory authorities, available at www.sedar.com.
SOURCE Exchange Income Corporation
