Business & Finance
Business and Finance
Business and Finance
Mon, January 3, 2011
Sat, January 1, 2011 Exchange Income Corporation Completes Acquisition of Bearskin Airlines
WINNIPEG, Jan. 1 /CNW/ - Exchange Income Corporation (TSX:EIF) (the "Corporation"), announced today the successful completion of its acquisition of Bearskin Airlines, a regional airline company providing passenger service in Ontario and Manitoba. The acquisition was first announced on September 15, 2010.
The Corporation paid a total purchase price of $32.5 million, of which 15% was paid through the issuance of 314,047 common shares and the balance, $27.6 million, was financed through its senior credit facility.
About Exchange Income Corporation
Exchange Income Corporation is a diversified acquisition-oriented company, focused on opportunities in the industrial products and transportation sectors which are ideally suited for public markets except for their size. The strategy of the Corporation is to invest in profitable, well-established companies with strong cash flows operating in niche markets in Canada and/or the United States.
The Corporation is currently operating in two niche business segments: aviation and specialty manufacturing. The aviation segment consists of Perimeter Aviation LP, Keewatin Air LP and Calm Air International LP, and the specialty manufacturing segment consists of Jasper Tank Ltd., Overlanders Manufacturing LP, Water Blast Manufacturing LP, and Stainless Fabrication, Inc. For more information on Exchange Income Corporation, please visit [ www.exchangeincomecorp.ca ].
Additional information relating to the Corporation, including all public filings, is available on SEDAR ([ www.sedar.com ]).
