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Exchange Income Corporation Acquires Certain Assets of Wings Over Kississing
Exchange Income Corporation Acquires Certain Assets of Wings Over Kississing Canad...
About this update from Exchange Income Corporation
[{"type":"text","content":"\n\n\n\nExchange Income Corporation Acquires Certain Assets of Wings Over Kississing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nWINNIPEG, Dec. 20, 2018\n\n\n\nStrategic acquisition part of Exchange's continued investment in province of Manitoba\n WINNIPEG, Dec. 20, 2018 /CNW/ - Exchange Income Corporation (TSX: EIF) (the \"Corporation\" or EIC\"), a diversified, acquisition-oriented company focused on opportunities in the aviation, aerospace and manufacturing sectors, announced today that it has completed  the acquisition of certain assets and operations of Wings Over Kississing (\"Wings\") for a purchase price of $10 million, subject to customary post-closing adjustments. The purchase was funded by the issuance of $2.2 million of EIC common shares to the vendors and $7.8 million of cash from its unutilized credit facility.\nWings is an operator of fixed wing and rotary wing aircraft in the province of Manitoba. EIC has acquired Wings' rotary wing operations that are focused in the Island Lake region, their King Air 200 charter operations focused in Thompson, a 27,000 square foot hangar at the St. Andrews Airport, and their fueling operations at the Thompson Airport. \n\"The acquisition of these operations and assets significantly strengthen our aviation operations in Manitoba,\" said Mike Pyle, Chief Executive Officer of EIC. \"The King Air charter operations provide us with a new charter platform, and combined with the fueling station at Thompson Airport, allows us to better serve this key travel hub for communities in Northern Manitoba. The addition of the rotary wing operations enables us to continue to build our partnership with customers in the Island Lake region.  The St. Andrews hangar represents a significantly upgraded facility for Custom. Continued investment in the province is important for EIC and we look forward to breaking ground on the previously announced new 60,000 square foot hangar at the Winnipeg International Airport in the near future as part of EIC bringing the ...