Business
Exchange Income Corporation's Subsidiary, PAL Aerospace, Awarded the Aerial Surveillance Contract by the Government of Canada
Exchange Income Corporation's Subsidiary, PAL Aerospace, Awarded the Aerial Surveillance C...
About this update from Exchange Income Corporation
[{"type":"text","content":"\n\n\n\nExchange Income Corporation's Subsidiary, PAL Aerospace, Awarded the Aerial Surveillance Contract by the Government of Canada\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, March 4, 2019\n\n\n\nWINNIPEG, March 4, 2019 /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, is pleased to announce that its subsidiary, PAL Aerospace, has been awarded a long-term contract by the Government of Canada to continue the provision of aerial surveillance services for Canada's inland, coastal and offshore waters.\n\n \n \n\n \nThe new five year contract takes effect in August 2020 with subsequent options to renew for up to five additional years. This new award will materially increase the scope and nature of services provided under the existing contract between PAL Aerospace and the Government of Canada. PAL Aerospace's critical role in the delivery of Canada's aerial surveillance program provides the Government of Canada with the capability to monitor domestic and foreign vessel activities and detect potential violations. The program also contributes significantly to pollution surveillance, environmental monitoring, and marine security for a number of other federal departments and agencies.\n\"PAL Aerospace has been investing in aerial surveillance since the early 1980's,\" stated Brian Chafe, PAL's Chief Executive Officer. \"Our significant investment in technology, people and processes over the last four decades has made us a leader in this space. Through EIC's support we have continued to develop our expertise in this field over the last number of years to further advance our capabilities as a world leader in aerial surveillance. We look forward to providing this enhanced service level to the Canadian Government for decades to come.\" \nThe existing contract that runs to August 2020 is exclusively provided with Beechcraft King Air B200 aircraft. The new contract will be provided through a combina...