WINNIPEG, MB, Dec. 21, 2021 /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, is pleased to
announce today that its subsidiary, PAL Aerospace, has received
notice of the contract award decision to provide a dedicated air
reconnaissance capacity for the Dutch Caribbean Coastguard. This
future contract will see PAL Aerospace upgrade and operate two
fully missionized DHC-8 maritime patrol aircraft, provide crew
training on all systems, and support the operation of the aircraft
for a minimum ten-year period, with options to extend.
The award follows a careful and thorough evaluation of tenders
by the Dutch Defense Materiel Organization, through which the
consortium of PAL Aerospace and JetSupport Amsterdam, as the
incumbent provider, was found to continue offering the
Best-Price-Quality-Ratio to the customer. The consortium
anticipates receiving the final contract shortly.
"PAL Aerospace's continued partnership with the Dutch Caribbean
Coastguard is a testament to the positive relationships the company
builds with its customers, and to the industry-leading
intelligence, surveillance and reconnaissance services it
provides," said Mike Pyle, CEO of
EIC. "This award also continues to validate EIC's strategy of
making long-term strategic investments to support organic growth
across the EIC family of companies."
PAL Aerospace will deliver this contract in partnership with
JetSupport Amsterdam, an independent provider of aircraft
maintenance and support based at Schiphol Airport in the Netherlands. Jet Support and PAL Aerospace
are also partners in the delivery of and support for Maritime
Patrol Aircraft for the Netherlands Coastguard.
"PAL Aerospace's ongoing success in special missions aircraft
operations, including these vital programs for the Dutch Caribbean
and the Netherlands, the delivery
and operation of Canada's inland,
coastal and offshore surveillance fleet for the Department of
Fisheries and Oceans, the Force Multiplier Intelligence,
Surveillance and Reconnaissance program and its ongoing support
for the UAE Air Force's maritime patrol aircraft, is a testament to
EIC's overall management strategy," said Carmele Peter, President of EIC. "Our
established practice of identifying well-run companies and
empowering management with the support they need to grow their
business continues to drive the kind of results we see at PAL
Aerospace and deliver value to our shareholders, irrespective of
ongoing challenges in the global economy."
The Maritime Patrol Aircraft associated with this contract will
be upgraded with state-of-the-art sensor systems to continue
providing industry leading air reconnaissance capacity for the
Dutch Caribbean Coastguard. Tasks will include surveillance
activities, law enforcement and search and rescue.
"The crucial support PAL Aerospace continues to receive from EIC
has facilitated this important award in the competitive global
aerospace market," said Jake
Trainor, CEO of PAL. Our company is uniquely positioned to
continue the successful delivery of our program in the Dutch
Caribbean, and we look forward to building on our presence in the
region through the life of this contract.
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. 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).
About PAL Aerospace
A member of the Exchange Income Corporation family of companies,
PAL Aerospace is a Canadian-owned and operated international
aerospace and defence company. With a focus on intelligence,
surveillance, and reconnaissance, in-service support solutions and
aircraft engineering and modification, PAL Aerospace is recognized
by governments and militaries for on time/on budget delivery and
high reliability rates. PAL's record of accomplishment now extends
to operations in Canada, the
Americas, the Caribbean, and the
Middle East. PAL Aerospace offers
a single point of accountability for its programs and takes pride
in being the trusted choice for clients worldwide.
For more information, please visit www.palaerospace.com
About JetSupport:
JetSupport is based at Schiphol Amsterdam, The Netherlands. A privately owned
Dutch company, JetSupport has been a leading independent provider
of MRO services and support solutions for international business
aviation and special mission aircraft for over 20 years.
JetSupport's Line and Base Maintenance capacity extends across
multiple aircraft types including Cessna, Dassault, Gulfstream,
Bombardier, King Air and Dornier. JetSupport operates over 12,000
sqm of hangar, office, and lounge space at Amsterdam Schiphol
Airport, provides aircraft and component services with FAA/ESA/TCCA
approvals and has maintained the current Netherlands Coastguard
Dornier 228 fleet since 2003. JetSupport prides itself on
flexibility, honesty, and customer focus.
For more information, please visit
https://www.jetsupport.nl/
SOURCE Exchange Income Corporation
