VANCOUVER, May 27, 2016 /PRNewswire/ - Avcorp
Industries Inc. (TSX: AVP) (the "Company", "Avcorp" or the "Avcorp
Group") today announced that at its annual meeting of shareholders
held on May 19, 2016 (the "Meeting"),
all directors nominated as listed in the management proxy circular
dated April 21, 2016 were
elected. The details are as follows:
|
Votes
For
|
Withhold
Votes
|
Director
|
#
|
%
|
#
|
%
|
David Levi
|
205,891,507
|
95.10
|
10,618,357
|
4.90
|
Eric Kohn
TD
|
205,891,512
|
95.10
|
10,618,352
|
4.90
|
Kees de
Koning
|
210,166,489
|
97.07
|
6,343,375
|
2.93
|
Elizabeth
Otis
|
210,166,489
|
97.07
|
6,343,375
|
2.93
|
Jaap Rosen
Jacobson
|
209,766,489
|
96.89
|
6,743,375
|
3.11
|
Raymond
Castelli
|
209,766,184
|
96.89
|
6,743,380
|
3.11
|
Peter
George
|
210,106,190
|
97.04
|
6,403,674
|
2.96
|
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, Fuji Heavy
Industries and Lockheed Martin. The Avcorp Group has more
than 50 years of experience, over 750 skilled employees and 636,000
square feet of facilities. Avcorp Structures & Integration
located in Delta BC is dedicated
to metallic and composite aerostructures assembly and integration;
Avcorp Engineered Composites located in Burlington ON is dedicated
to design and manufacture of small-sized composite aerostructures,
and Avcorp Composite Fabrication located in Gardena CA has advanced composite
aerostructures fabrication capabilities for medium and large
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 location also
offers 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 and are
wholly owned subsidiaries of Avcorp Industries Inc.
Comtek Advanced Structures Ltd., incorporated in
the Province of Ontario is a
wholly owned subsidiary of Avcorp Industries Inc.
Avcorp Industries Inc. is a federally
incorporated reporting company 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.