Chorus Aviation Announces Agreement to Acquire Elisen & Associates Inc. Français
Founded in 1997 by Stephane Durand and Taif Rahman, Elisen has built a strong reputation for its work on complex engineering projects spanning commercial, business and rotary aircraft modifications, defence projects and sustainable aviation development. Elisen's projects include support and development work on the Airbus A220, Bell helicopters and Bombardier, Gulfstream and Lear special mission aircraft, among others. Mr. Durand and Mr. Rahman will continue to lead Elisen following the closing of the transaction.
"Elisen is a leading engineering firm located at the core of Montreal's aerospace community. Acquiring Elisen will position us to grow our defence and specialized MRO capabilities by adding valuable expertise and industry relationships," said Colin Copp, President and Chief Executive Officer, Chorus. "We are delighted that Stephane and Taif will continue to lead Elisen and look forward to welcoming the entire Elisen team."
"We have had expressions of interest from several companies over the years, but none provides the alignment of culture, values and strategic vision that Chorus offers," stated Elisen Co-President, Mr. Rahman.
"We are excited to work with the Chorus team to pursue a broader set of opportunities together," added Elisen Co-President, Mr. Durand.
The transaction is expected to close prior to the end of this year, conditional upon the completion of certain regulatory notifications and the satisfaction of other customary conditions to closing. The transaction will be paid for using available cash and is not expected to have a material impact on Chorus' consolidated revenue, earnings or balance sheet.
Forward-Looking Information
This news release contains forward-looking information and statements within the meaning of applicable securities laws (collectively, " forward-looking information"). Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "potential", "predict", "project", "will", "would", and similar terms and phrases, including negative versions thereof. All information and statements other than statements of historical fact are forward-looking and by their nature, are based on various underlying assumptions and expectations that are subject to known and unknown risks, uncertainties and other factors that may cause actual future results, performance or achievements to differ materially from those indicated in the forward-looking information. As a result, there can be no assurance that the forward-looking information included in this news release will prove to be accurate or correct.
Examples of forward-looking information in this news release include statements and expectations regarding the expected closing of the transaction and the anticipated benefits of the transaction to Chorus. Actual results may differ materially from those anticipated in forward-looking information for a number of reasons including: the failure to satisfy any of the conditions precedent to the closing of the transaction; the impact of the transaction on Elisen's relationships with employees, customers and suppliers; changes in the aviation industry and general economic conditions; and the risk factors described in Chorus' public disclosure record available under Chorus' profile on SEDAR+ at www.sedarplus.ca.
The forward-looking information contained in this news release represents Chorus' expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and is subject to change after such date. Chorus disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, subsequent events or otherwise, except as required by applicable securities laws. Readers are cautioned that the foregoing factors and risks are not exhaustive.
About Chorus Aviation Inc.
Chorus is a holding company which owns the following principal operating subsidiaries: Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus' subsidiaries provide services that encompass every stage of an aircraft's lifecycle, including: contract flying, aircraft refurbishment, engineering, modification, repurposing and transition; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; and pilot training.
Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. Chorus' 6.00% Convertible Senior Unsecured Debentures due June 30, 2026 and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange under the trading symbols 'CHR.DB.B' and 'CHR.DB.C' respectively. For further information on Chorus, please visit www.chorusaviation.com.
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