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Exchange Income Corporation Enters into an Agreement to Acquire CANLink Global Inc. (Moncton Flight College)
Exchange Income Corporation Enters into an Agreement to Acquire CANLink Global Inc. (Monct...
About this update from Exchange Income Corporation
[{"type":"text","content":"\n\n\n\nExchange Income Corporation Enters into an Agreement to Acquire CANLink Global Inc. (Moncton Flight College)\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\n\n\n\n\n\n\nCanada NewsWire\nWINNIPEG, Feb. 21, 2018\n\n\n\nWINNIPEG, Feb. 21, 2018 /CNW/ - Exchange Income Corporation (TSX: EIF) (the \"Corporation\" or \"EIC\"), a diversified, acquisition-oriented company announced today it has entered into an agreement to acquire CANLink Global Inc. (Moncton Flight College) for a purchase price of approximately $35 million, subject to customary post-closing adjustments, which can increase to $55 million if post-closing growth targets are met. The transaction is expected to close within the next 30 days.\n\nMoncton Flight College (MFC) is the largest flight training college in Canada having trained over 19,000 students since its inception. MFC offers domestic Canadian pilot training as well as a foreign pilot program. They domestically offer a full range of training from private pilot licensing to commercial pilot programs, which include an Integrated Commercial Pilot Program, a Diploma in Aviation Technology Pilot Program and a four year Bachelor of Science/Pilot Program with Mount Allison University. MFC currently operates with approximately 160 employees, including over 90 flight instructors out of two campuses located in Moncton and Fredericton, New Brunswick.\n\nHaving a long standing reputation as a best in class flight school, MFC provides a unique opportunity as an internal avenue for pilot recruitment and retention for EIC's aviation companies while supporting the domestic and foreign commercial pilot aviation industry demands. The impact of an increased pilot demand is global in nature and airlines have been taking action to secure their own pilot streams. Internationally, it is estimated there will be a demand for approximately 615,000 pilots by 2035. \n\nThe initial base purchase of $35 million will be funded by the issuance of EIC common shares to the vendors representing $6 million and the Corporation's available cash resources from its currently available credit faci...