VANCOUVER, March 16, 2017 /PRNewswire/ - Avcorp Industries Inc.
(TSX: AVP) (the "Company", "Avcorp" or the "Avcorp Group") today announced the resignation of Ray
Castelli from the Board of Directors of the Company.
When Mr. Castelli joined the Avcorp Board of Directors in July of 2010, he brought with him a significant level of practical
expertise in Canadian Defence procurement practice, strategic planning, and manufacturing as Avcorp continued down its strategic
path to pursue defence contracts for its business.
Mr. Castelli's decision is based on the recent award of a large multi-year contract to the company he manages – Weatherhaven –
and he has decided to focus his efforts there.
"The demands on my time have become particularly acute at this time," Mr. Castelli said, adding "but I know that the Company
is already well-served by an excellent management team and a very experienced Board."
The Avcorp Board wishes to thank Mr. Castelli for his insights and guidance, which have been invaluable to our Company, and
wishes him continued success in all his endeavours.
To fill the vacancy created by the resignation of Mr. Castelli and to fulfill the residency requirements, Ed Merlo, the Company's Chief Financial Officer, has been appointed to the Board of Directors effective
immediately. Mr. Merlo will hold office until the Corporation's 2017 annual general meeting whereupon the Corporation's
nominating committee will determine nominees for the Board of Directors for the ensuing year.
About Avcorp
The Avcorp Group designs and builds major airframe structures for some of the world's leading aircraft companies,
including BAE Systems, Boeing, Bombardier, Fuji Heavy Industries and Lockheed Martin. The Avcorp Group has more than 50
years of experience, over 800 skilled employees and 636,000 square feet of facilities. Avcorp Structures & Integration
located in Delta British Columbia, Canada is dedicated to metallic and composite aerostructures
assembly and integration; Avcorp Engineered Composites located in Burlington Ontario, Canada is
dedicated to design and manufacture of composite aerostructures, and Avcorp Composite Fabrication located in Gardena California, USA has advanced composite aerostructures fabrication capabilities for composite
aerostructures. The Avcorp Group offers integrated composite and metallic aircraft structures to aircraft manufacturers, a
distinct advantage in the pursuit of contracts for new aircraft designs, which require lower-cost, light‑weight, strong, reliable
structures. Comtek Advanced Structures Ltd., at our Burlington, Ontario, Canada location
also provides aircraft operators with aircraft structural component repair services for commercial aircraft.
Avcorp Composite Fabrication Inc. is wholly owned by Avcorp US Holdings Inc. Both companies are incorporated in The
State of Delaware, USA, and are wholly owned subsidiaries of Avcorp Industries Inc.
Comtek Advanced Structures Ltd., incorporated in the Province of Ontario, Canada, is a wholly
owned subsidiary of Avcorp Industries Inc.
Avcorp Industries Inc. is a federally incorporated reporting company in Canada and traded on
the Toronto Stock Exchange (TSX:AVP).
(signed)
PETER GEORGE
CHIEF EXECUTIVE OFFICER
AVCORP GROUP
Forward-Looking Statements
This release should be read in conjunction with the Company's unaudited financial statements contained in the Company's Annual
Report and with the quarterly financial statements and accompanying notes filed with Sedar (www.sedar.com).
Certain statements in this release and other oral and written statements made by the Company from time to time are
forward-looking statements, including those that discuss strategies, goals, outlook or other non-historical matters; or projected
revenues, income, returns or other financial measures. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially from those contained in the statements, including the
following: (a) changes in worldwide economic and political conditions that impact interest and foreign exchange rates; (b)
the occurrence of work stoppages and strikes at key facilities of the Corporation or the Corporation's customers or suppliers;
(c) government funding and program approvals affecting products being developed or sold under government programs; (d) cost and
delivery performance under various program and development contracts; (e) the adequacy of cost estimates for various customer
care programs including servicing warranties; (f) the ability to control costs and successful implementation of various cost
reduction programs; (g) the timing of certifications of new aircraft products; (h) the occurrence of downturns in customer
markets to which the Corporation products are sold or supplied or where the Corporation offers financing; (i) changes in aircraft
delivery schedules or cancellation of orders; (j) the Corporation's ability to offset, through cost reductions, raw material
price increases and pricing pressure brought by original equipment manufacturer customers; (k) the availability and cost of
insurance; (l) the Corporation's ability to maintain portfolio credit quality; (m) the Corporation's access to debt financing at
competitive rates; (n) uncertainty in estimating contingent liabilities and establishing reserves tailored to address such
contingencies; and (o) integration of newly acquired operations and associated expenses may adversely affect profitability.
SOURCE Avcorp Industries Inc.