MONTREAL, June 14 /PRNewswire-FirstCall/ -- ExelTech Aerospace Inc. (TSX Venture: XLT) announced today that four Caribbean carriers have signed contracts and commitments for eight heavy maintenance checks on their fleets of Dash 8 and ATR regional turboprop aircraft, bringing total estimated revenues in ExelTech's current fiscal year from the Caribbean region to more than $17 million.
Bahamasair, the national flag carrier of the Bahamas and an ExelTech customer since 2002, has increased its commitment for Dash 8 Series 300 heavy maintenance checks by reserving slots for a total of three aircraft in the current year. A Dash 8 is currently at ExelTech's Quebec City facility.
Another existing customer, Antigua-based LIAT, which operates flights to 20 destinations in the eastern Caribbean, has contracted for two major Dash 8 inspections. Both inspections will be completed in the current quarter.
"We greatly appreciate ExelTech Aerospace's focus on meeting our needs and their flexibility in delivering our workscope requirements," said Eugene Abbot, Director of Maintenance for LIAT. "ExelTech does excellent work for us and are very cost-competitive. They provide LIAT with an alternative cost- effective maintenance solution."
Dutch Antilles Express, a new carrier operating ATR 42 aircraft between the Dutch Caribbean islands of Bonaire, Curacao, St. Maarten, Aruba and Valencia, became an ExelTech Aerospace customer in January 2006 with an initial contract for two heavy maintenance checks. The carrier has now signed a letter of intent for a third check, which will be completed at ExelTech's Montreal ATR maintenance facility this summer.
A fourth customer, an undisclosed Caribbean carrier, has signed agreements for two ATR heavy checks, which will also be completed at the Montreal facility over the summer.
Currently, 11 airlines operate a total of 96 Dash 8 and ATR aircraft in the Caribbean region. Of these, seven airlines, together operating 86 aircraft - almost 90% of the Caribbean fleet, have contracted ExelTech Aerospace to perform heavy maintenance, including major structural inspections, in the company's current fiscal year. Although LIAT, with a fleet of 12 Dash 8 aircraft, performs some of its heavy maintenance in-house, every other Caribbean customer outsources to ExelTech on an exclusive basis.
"It may come as a surprise to some that so many airlines based in the Caribbean would fly to Canada to service their aircraft," commented Derek Nice, President and CEO of ExelTech Aerospace. "We believe that this is a testimonial to ExelTech's hard-won reputation for dependability, to the quality of work that we consistently deliver, and to our level of customer- care."
About ExelTech Aerospace
The third largest commercial airframe Maintenance, Repair, and overhaul (MRO) vendor in Canada, ExelTech Aerospace is listed on the TSX Venture Exchange and trades under the symbol XLT. The company holds Transport Canada, US Federal Aviation Administration (FAA) and European Aviation Safety Agency (EASA) approvals to repair a wide range of aircraft, structures, components and electrical and electronic systems. Aircraft models serviced by ExelTech Aerospace include Bombardier CRJ, Embraer ERJ and Fokker F.100 regional jets; ATR-42 and 72; Bombardier Dash-8 and Saab 340 regional turboprops; and Boeing 737, 757 and MD-80 narrow-body airliners.
With 230,000 square feet of hangar, shop and office space in three facilities at Montreal and Quebec City, and with marketing offices in the US and Europe, ExelTech Aerospace provides maintenance repair and overhaul services to airlines in Canada, the US and 19 other countries around the world.
In 2005, ExelTech Aerospace was recognized as one of Canada's 50 Best Managed Companies in the widely-respected national recognition program sponsored by Deloitte & Touche LLP, CIBC Commercial Banking, National Post, and Queen's School of Business.
To learn more about ExelTech Aerospace Inc. (TSX Venture: XLT), please visit our website at http://www.exeltech-aerospace.com/.
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