Euravia Engineering Selected to Provide PT6T and PT6C Engine Maintenance, Repair and Overhaul for Petroleum Air Services

TORONTO, June 29, 2015 /CNW/ - Euravia Engineering ("Euravia"), a wholly-owned subsidiary of Magellan Aerospace Corporation,  is pleased to announce that it has been selected to provide PT6T and PT6C engine maintenance, repair and overhaul (MRO) for Petroleum Air Services ("PAS").  It is expected that this contract will generate US $6 million over a 3 year period. The initial contract period covers to year end 2016, with an option to renew for 2 additional years.

Euravia is internationally recognized as a Centre of Excellence for PT6A, PT6T and PT6C engine MRO; and supports over 150 customers in 50 countries.

Mr. Dennis Mendoros, President, Euravia, said, "I am delighted that PAS, a major airline providing oil industry support and commercial passenger services across Egypt, has shown long-term confidence in Euravia's excellent services and support.  This significant new contract demonstrates Euravia's continued commitment to developing strategic, long term relationships with major operators in the Middle East region.  This new contract clearly validates Euravia's commitment for sustainable and cost-effective services." 

Mr. Mendoros continued, "Exports now account for over 90% of Euravia's sales revenue which underpins the company's growth strategy. Our goal is to ensure that high quality and reliable customer service is being delivered to all Euravia's customers."

Petroleum Air Services Chairman & Managing Director, General Hussein, said: "Our main objective is to ensure the highest standard of quality and safety, and to maintain PAS' excellent dispatch reliability record.  We have selected Euraviato be one of our reliable vendors to support our PT6 engines due to their excellent reputation for engine reliability and customer support services.  We are looking forward to a long-term business relationship with Euravia."

 About Magellan Aerospace

Magellan Aerospace is a global, integrated aerospace company that provides complex assemblies and systems solutions to aircraft and engine manufacturers, and defence and space agencies worldwide. Magellan designs, engineers, and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced products for military and space markets, industrial power generation, and specialty products. Magellan is a public company whose shares trade on the Toronto Stock Exchange (TSX: MAL), with operating units throughout Canada, the United States, the United Kingdom, India, and Poland.

Forward Looking Statements

Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. When used herein, words such as "expect", "anticipate", "estimate", "may", "will", "should", "intend", "believe", and similar expressions, are intended to identify forward-looking statements. Forward-looking statements are based on estimates and assumptions made by the Corporation in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Corporation believes are appropriate in the circumstances. Many factors could cause the Corporation's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including those described in the "Risk Factors" section of the Corporation's Annual Information Form (copies of which filings may be obtained at www.sedar.com). These factors should be considered carefully, and readers should not place undue reliance on the Corporation's forward-looking statements. The Corporation has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Magellan Aerospace Corporation

Mr. Daniel Zanatta, Vice President, Business Development, Marketing and Contracts, Magellan Aerospace, Ph. 905 677 1889 x300; Mr. Haydn Martin, Vice President, Business Development, Europe, Magellan Aerospace, Ph. [phone]; Mr. Dennis Mendoros, President, Euravia Engineering, A Magellan Aerospace Company, Ph. [phone]