Discovery Air Renews Operating Credit Facility

TORONTO, May 26, 2015 /CNW/ - Discovery Air Inc. (DA.A) ("Discovery Air") announced today that it has renewed its operating credit facility with the Canadian Imperial Bank of Commerce ("CIBC") for a term ending June 30, 2017. The facility has a limit of up to $30 million (depending on whether advances are made during or outside of Discovery Air's peak operating period and on the value of eligible receivables and inventory) and may be used for working capital and general corporate purposes.

The facility with CIBC is secured by a first charge on the receivables and inventory of Discovery Air and certain of its subsidiaries, general security agreements and other customary security agreements.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This news release includes forward-looking statements (as defined in applicable securities laws) regarding Discovery Air and/or its subsidiaries. Forward-looking statements by definition are based on assumptions and, as a result, are subject to risks and uncertainties. As a result of such risks and uncertainties, actual results may differ materially from those discussed in forward-looking statements, and readers should not place undue reliance on such statements. For a more detailed discussion of forward-looking statements and the risks associated therewith, please refer to the statement regarding forward-looking statements contained in the Management's Discussion and Analysis section of Discovery Air's financial statements for the fiscal year ended January 31, 2015, which are available on Discovery Air's web site at www.discoveryair.com and on SEDAR at www.sedar.com.

Forward-looking statements represent expectations as of the date they are made, and Discovery Air disclaims any intention or obligation to update or revise any forward-looking statements it may make, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

ABOUT DISCOVERY AIR AND ITS SUBSIDIARIES

Discovery Air provides safe and reliable aviation and logistics services in challenging environments. We operate over 160 aircraft with our 850 team members, delivering airborne training to international militaries; medevac equipped aircraft services; airborne fire services; helicopter operations; fixed-wing air charter services; expediting and logistics support; and a range of maintenance, repair, overhaul, modification, engineering and certification services.

The Corporation's Class A common voting shares and unsecured convertible debentures trade on the Toronto Stock Exchange under the symbols DA.A and DA.DB.A, respectively.

SOURCE Discovery Air Inc.

please contact Sheila Venman, Discovery Air Inc., Vice President, Human Resources and Communications, [email protected], [phone]