WINNIPEG, Dec. 12, 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, is pleased to
announce that it is has completed an Agreement to lease ten
Bombardier CRJ200 aircraft to SkyWest Airlines ("SkyWest").
Beginning in August of 2018, Regional One, EIC's Miami, Florida-based distributor of regional
aircraft, engines and aftermarket parts, has acquired nine CRJ200
aircraft, which are now in service with SkyWest. Each of these
aircraft is leased to SkyWest for a minimum term of two years, with
SkyWest having an option to extend the leases. The purchase of the
tenth aircraft by Regional One is expected to close imminently.
These ten aircraft represent approximately 5% of SkyWest's fleet of
CRJ200's.
Hank Gibson, President of
Regional One, stated, "We are extremely happy to further strengthen
our relationship with SkyWest Airlines, one of the largest regional
airlines in North America. SkyWest
is a preeminent player in the global regional airline industry, so
it is gratifying to be a trusted business partner with them."
Mike Pyle, EIC's CEO, added,
"This transaction provides another example of Regional One's
expertise and understanding of the regional airline industry and
the narrow-body aircraft utilized by these regional airlines.
Hank's experienced management team identified an opportunity to
strategically invest in assets and quickly monetize them, achieving
an excellent return on investment."
About Exchange Income Corporation
Exchange Income
Corporation is a diversified acquisition-oriented company, focused
in two sectors: aerospace & aviation services and equipment,
and manufacturing. The Corporation uses a disciplined acquisition
strategy to identify already profitable, well-established companies
that have strong management teams, generate steady cash flow,
operate in niche markets and have opportunities for organic
growth.
The Corporation currently operates two segments: Aerospace &
Aviation and Manufacturing. The Aerospace & Aviation segment
consists of the operations by Perimeter Aviation, Keewatin Air,
Calm Air International, Bearskin Lake Air Service (operating as a
division of Perimeter Aviation), Custom Helicopters, Regional One,
Provincial Aerospace and Moncton Flight
College, and an investment in Wasaya Group. The
Manufacturing segment consists of the operations of Overlanders
Manufacturing, Water Blast, Stainless Fabrication, WesTower
Communications, Ben Machine and Quest Window Systems. For more
information on the Corporation, please visit
www.ExchangeIncomeCorp.ca. Additional information relating to the
Corporation, including all public filings, is available on SEDAR
(www.sedar.com).
Caution concerning forward-looking statements
The statements contained in this news release that are
forward-looking are based on current expectations and are subject
to a number of uncertainties and risks, and actual results may
differ materially. These uncertainties and risks include, but are
not limited to, the dependence of Exchange Income Corporation on
the operations and assets currently owned by it, the degree to
which its subsidiaries are leveraged, the fact that cash
distributions are not guaranteed and will fluctuate with the
Corporation's financial performance, dilution, restrictions on
potential future growth, the risk of shareholder liability,
competitive pressures (including price competition), changes in
market activity, the cyclicality of the industries, seasonality of
the businesses, poor weather conditions, foreign currency
fluctuations, legal proceedings, commodity prices and raw material
exposure, dependence on key personnel, and environmental, health
and safety and other regulatory requirements. Except as required by
Canadian Securities Law, Exchange does not undertake to update any
forward-looking statements; such statements speak only as of the
date made. Further information about these and other risks and
uncertainties can be found in the disclosure documents filed by
Exchange Income Corporation with the securities regulatory
authorities, available at www.sedar.com.
SOURCE Exchange Income Corporation