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Exchange Income Corporation Announces the Acquisition of Crew Training International
Exchange Income Corporation Announces the Acquisition of Crew Training International ...
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[{"type":"text","content":"\n \n \n \n Exchange Income Corporation Announces the Acquisition of Crew Training International\n \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 Canada NewsWire\n \n \n \n \n \n \n Acquires Crew Training International, a leading provider of crew training to the US Department of Defense\n \n \n \n \n \n WINNIPEG, MB\n \n ,\n \n Dec. 16, 2021\n \n /CNW/ - Exchange Income Corporation (TSX: EIF) (\"EIC\" or the \"Corporation\") a diversified, acquisition-oriented company focused on opportunities in the aviation, aerospace and manufacturing sectors, announced today it has acquired Crew Training International, Inc. (\"CTI\"), headquartered in\n \n Memphis, TN.\n \n The purchase price of\n \n US$45 million\n \n was funded by the issuance of\n \n US$7 million\n \n of EIC common shares to the vendor and cash in the amount of\n \n US$38 million\n \n that was available from the Corporation's credit facility.\n \n \n CTI has 30 years of experience developing and delivering training solutions for the US government and commercial applications. CTI's primary customer is the US Department of Defense, including the US Air Force, the US Navy, and the US Marine Corps. CTI delivers training solutions for these customers across an array of aviation platforms and has in-depth experience in training pilots and sensor operators on both manned and unmanned aircraft. These services are delivered by CTI's 500 employees on military bases throughout the US.\n \n \n \n Mike Pyle\n \n , CEO of EIC, commented, \"CTI is a market leader with superior management and a well-developed company culture making it an ideal company to join EIC. There is high demand for aviation training and we are eager to grow in this field. CTI's leading capabilities, reputation, and presence in the US market, which have been developed over the last three decades, make this a very exciting acquisition. This transaction is accretive for our shareholders, and I am very pleased Alan and his executive team will continue leading this terrific business.\"\n \n \n Mr. Pyle added, \"Aviatio...