Avcorp Revocation of Cease Trade Orders and Election of Directors
VANCOUVER, June 30, 2017 /CNW/ - Avcorp Industries Inc. (TSX: AVP) (the "Company", "Avcorp" or the "Avcorp Group") announces that it has been successful in its application to the British Columbia Securities Commission, to revoke the cease trade orders issued on June 19, 2017, respectively (collectively, the "Cease Trade Orders"). The Cease Trade Orders were issued as a result of the Company's late filing of its annual audited financial statements for the year ended December 31, 2016, interim financial report for the period ended March 31, 2017, management discussion and analysis for the periods ended December 31, 2016 and March 31, 2017, annual information form for the year ended December 31, 2016 and the associated certifications for the periods ended December 31, 2016 and March 31, 2017 (the "Annual and Interim Filings"). The Annual and Interim Filings were filed on June 29, 2017 and are available on SEDAR at www.sedar.com under the Company's profile. The Company also intends to apply to the Toronto Stock Exchange for reinstatement of trading of the Company's common shares.
The Company also announces that at its annual meeting of shareholders held on June 29, 2017 (the "Meeting"), all directors nominated as listed in the management proxy circular dated June 5, 2017 were elected. The details are as follows:
| Votes For (rounded) |
Withhold Votes |
|||
| Director |
# |
% |
# |
% |
| David Levi |
201,324,871 |
99.69 |
620,156 |
0.31 |
| Elizabeth Otis |
201,729,971 |
99.89 |
215,056 |
0.11 |
| Jaap Rosen Jacobson |
201,329,871 |
99.70 |
615,156 |
0.30 |
| Peter George |
201,729,971 |
99.89 |
215,056 |
0.11 |
| Ken Robertson |
201,729,971 |
99.89 |
215,056 |
0.11 |
The Corporation has also filed a report of voting results on all other resolutions voted on at the Meeting on www.sedar.com.
About Avcorp
The Avcorp Group designs and builds major airframe structures for some of the world's leading aircraft companies, including BAE Systems, Boeing, Bombardier, Lockheed Martin and Subaru Corporation (formerly Fuji Heavy Industries Inc.). The Avcorp Group has more than 50 years of experience, over 800 skilled employees and 636,000 square feet of facilities. Avcorp Structures & Integration located in Delta British Columbia, Canada is dedicated to metallic and composite aerostructures assembly and integration; Avcorp Engineered Composites located in Burlington Ontario, Canada is dedicated to design and manufacture of composite aerostructures, and Avcorp Composite Fabrication located in Gardena California, USA has advanced composite aerostructures fabrication capabilities for composite aerostructures. The Avcorp Group 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. Comtek Advanced Structures Ltd., at our Burlington, Ontario, Canada location also provides aircraft operators with aircraft structural component repair services for commercial aircraft.
Avcorp Composite Fabrication Inc. is wholly owned by Avcorp US Holdings Inc. Both companies are incorporated in The State of Delaware, USA, and are wholly owned subsidiaries of Avcorp Industries Inc.
Comtek Advanced Structures Ltd., incorporated in the Province of Ontario, Canada, is a wholly owned subsidiary of Avcorp Industries Inc.
Avcorp Industries Inc. is a federally incorporated reporting company in Canada and traded on the Toronto Stock Exchange (TSX:AVP).
(signed)
PETER GEORGE
CHIEF EXECUTIVE OFFICER
AVCORP GROUP
Forward-Looking Statements
This release should be read in conjunction with the Company's unaudited financial statements contained in the Company's Annual Report and with the quarterly financial statements and accompanying notes filed with Sedar (www.sedar.com).
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 strategies, goals, outlook or other non-historical matters; or projected revenues, income, returns or other financial measures. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the following: (a) changes in worldwide economic and political conditions that impact interest and foreign exchange rates; (b) the occurrence of work stoppages and strikes at key facilities of the Corporation or the Corporation's customers or suppliers; (c) government funding and program approvals affecting products being developed or sold under government programs; (d) cost and delivery performance under various program and development contracts; (e) the adequacy of cost estimates for various customer care programs including servicing warranties; (f) the ability to control costs and successful implementation of various cost reduction programs; (g) the timing of certifications of new aircraft products; (h) the occurrence of downturns in customer markets to which the Corporation products are sold or supplied or where the Corporation offers financing; (i) changes in aircraft delivery schedules or cancellation of orders; (j) the Corporation's ability to offset, through cost reductions, raw material price increases and pricing pressure brought by original equipment manufacturer customers; (k) the availability and cost of insurance; (l) the Corporation's ability to maintain portfolio credit quality; (m) the Corporation's access to debt financing at competitive rates; (n) uncertainty in estimating contingent liabilities and establishing reserves tailored to address such contingencies; and (o) integration of newly acquired operations and associated expenses may adversely affect profitability.
SOURCE Avcorp Industries Inc.
Sandi DiPrimo, Investor Relations Contact, 604-587-4938
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