VANCOUVER, July 5 /CNW/ - Avcorp Industries Inc. (TSX."AVP") announced today the appointment of Mr. Ray Castelli, a new Director to its Board effective July 1, 2010.
Ray Castelli is currently the CEO of Weatherhaven, a leading manufacturer of redeployable camps and shelter systems in Vancouver, BC. Weatherhaven supplies military customers around the world and is a major supplier to the Canadian Department of National Defence.
Prior to this position, Mr. Castelli has held senior management positions in Naikun Wind Development Ltd., in Quadrem, a global supply chain and e-procurement company, and at Alcan Aluminum Ltd.
He also has prior experience working for the federal government in Ottawa, serving as Deputy Chief of Staff to the Prime Minister, Chief of Staff to the Minister of National Defence, as well as Chief of Staff to the Ministers of Justice and Indian & Northern Affairs.
Ray Castelli is an alumnus of the SFU Business School as well as the European Institute of Business Administration (INSEAD).
He is a member of the Board of Directors of the Working Opportunity Fund (Growthworks EVCC), one of our shareholders. His other Director roles included the Prince Rupert Port Authority, Puget Ventures and Sceptre. Within the community he serves as a Board member of Fraser Academy and the BC Business Council.
The Board now includes David Levi (Chairman), Ray Castelli, Jaap Rosen Jacobson, Kees de Koning, Eric Kohn TD, Elizabeth Otis and Mark van Rooij (CEO).
About Avcorp
Avcorp designs and builds major airframe structures for some of the world's leading aircraft companies, including Boeing, Bombardier, and Cessna. With more than 50 years of experience, 473 skilled employees and 354,000 square feet of facilities, Avcorp offers integrated composite and metallic aircraft structures to aircraft manufacturers, a distinct advantage in the pursuit of contracts for new aircraft designs, which require lower-cost, light-weight, strong, reliable structures. Avcorp is a Canadian public company traded on the Toronto Stock Exchange (TSX:AVP).
(signed)
MARK VAN ROOIJ
CHIEF EXECUTIVE OFFICER
Forward-Looking Statements
Certain statements in this release and other oral and written statements made by the Company from time to time are forward-looking statements, including those that discuss forecasted revenues and financing requirements. These forward-looking statements based on management's projections of customer orders and operating needs, and are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the following: (a) the extent to which the Company is able to achieve savings from its restructuring plans; (b) uncertainty in estimating the amount and timing of restructuring charges and related costs; (c) changes in worldwide economic and political conditions that impact interest and foreign exchange rates; (d) the occurrence of work stoppages and strikes at key facilities of the Company or the Company's customers or suppliers; (e) government funding and program approvals affecting products being developed or sold under government programs; (f) cost and delivery performance under various program and development contracts; (g) the adequacy of cost estimates for various customer care programs including servicing warranties; (h) the ability to control costs and successful implementation of various cost reduction programs; (i) the timing of certifications of new aircraft products; (j) the occurrence of further downturns in customer markets to which the Company products are sold or supplied or where the Company offers financing; (k) changes in aircraft delivery schedules or cancellation of orders; (l) the Company's ability to offset, through cost reductions, raw material price increases and pricing pressure brought by original equipment manufacturer customers; (m) the availability and cost of insurance; (n) the Company's ability to maintain portfolio credit quality; (o) the Company's access to debt financing at competitive rates; and (p) uncertainty in estimating contingent liabilities and establishing reserves tailored to address such contingencies.
For further information: Sandi DiPrimo, Investor Relations Contact, 604-587-4938
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