AeroMechanical Services Ltd. Acquires Assets of Wingspeed Corporation

CALGARY--(BUSINESS WIRE)--AeroMechanical Services Ltd. (“AMA”) is pleased to report that the purchase of the assets of Wingspeed Corporation, (“Wingspeed”) as announced in a press release dated October 15, 2009 has been finalized as of today. The purchase price was $250,000 USD.

The asset purchase includes the assumption by AMA of 5 customer contracts which includes equipment installed on 51 aircraft and a backlog of 110 aircraft for which equipment has yet to be shipped. If all contracts are fulfilled 161 aircraft will be installed with Wingspeed hardware.

AMA has applied to Transport Canada (“TC”) to have the repair and shipment of Wingspeed hardware covered under AMA’s Approved Manufacturer Organization certification. TC has advised AMA that this approval should be granted within 2 weeks.

The initial plan is to continue to support the Wingspeed hardware and provide message delivery services through UpTime™. AMA is very pleased to be adding up to 161 aircraft to our customer fleet. The average billing per aircraft for Wingspeed systems is less than for typical AMA afirs™ systems. However, the Wingspeed deliverables are considerably less than AMA provides its afirs equipped customers. AMA sees the potential to sell value added services to the existing Wingspeed customers.

About AeroMechanical Services Ltd.

AeroMechanical Services Ltd. provides proprietary technological solutions and services designed to reduce costs and improve efficiencies in the aviation industry. The company has successfully commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, afirs™ UpTime™, FlyhtStream™ and FIRST^TM allows airlines to monitor and manage aircraft operations anywhere, anytime, in real-time.

Forward-Looking Statements

This press release includes certain forward-looking statements as it relates to the acquisition of Wingspeed Corporation’s assets and integration in to AMA that are based upon current expectations, which involve risks associated with this transaction and the environment in which AMA operates. The estimates and assumptions which AMA is required to make concerning this transactions may constitute “forward-looking statements” under applicable securities laws. The forward-looking information and statements include plans, expectations, estimates, forecasts and other comments that are not statements of fact. Although such expectations are viewed as reasonable by AMA, no assurance can be given that such expectations will be realized. Such forward-looking statements are subject to risks and uncertainties and may be based on assumption that may cause actual results to differ materially from those implied herein, and therefore are expressly qualified in their entirety by this cautionary statement.

The forward-looking information and statements included in this Press Release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking information and statements including, without limitation: market prices; foreign exchange rates; general economic, market or business conditions in the aviation industry or any effect those may have on our business or customer base; changes in commodity prices; changes in the demand for or supply of the Company’s products and services; unanticipated operating results; changes in tax laws or other regulatory matters; limited, unfavourable or a lack of access to capital markets; increased costs; and certain other risks detailed from time to time in the Company’s public disclosure documents. The forward-looking information and statements contained in this Press Release speak only as of the date of its release. The Company assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.

afirs, UpTime, FLYHT, FlyhtStream and aeroQ are Trade Marks of AeroMechanical Services Ltd.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

AeroMechanical Services Ltd
Tom French, CFO, (403) 291-7427
tfrench@amscanada.com
www.amscanada.com
or
The Howard Group Inc.
Bob Beaty, 1-888-221-0915
Info@howardgroupinc.com
www.howardgroupinc.com