Canada's Exchange Income Corporation (EIC) has announced it has completed the acquisition of certain assets and operations of Wings over Kississing (Flin Flon), a Manitoba-based fixed- and rotary-winged operator that focusses primarily on serving the Kississing Lake Lodge.
EIC said in a statement that it had acquired Wings' Island Lake helicopter operations that are focused on the Island Lake region, their Beech (twin turboprop) King Air 200 charter operations focused on Thompson, a 2,500 square metre hangar at Winnipeg St. Andrews, and their fueling operations at Thompson Airport.
The CAD10 million Canadian dollar (USD7.43 million) transaction was funded through the issuance of CAD2.2 million worth of EIC common shares to the vendors and CAD7.8 million of cash from EAC's unutilized credit facility.
"The acquisition of these operations and assets significantly strengthen our aviation operations in Manitoba," Mike Pyle, Chief Executive Officer of EIC said.
"The King Air charter operations provide us with a new charter platform, and combined with the fueling station at Thompson Airport, allow us to better serve this key travel hub for communities in Northern Manitoba. The addition of the rotary wing operations enables us to continue to build our partnership with customers in the Island Lake region. The St. Andrews hangar represents a significantly upgraded facility for Custom Helicopters. Continued investment in the province is important for EIC and we look forward to breaking ground on the previously announced new 60,000 square foot hangar at the Winnipeg International Airport in the near future as part of EIC bringing the heavy maintenance for the Fixed Wing Search and Rescue to Manitoba."
Curt Enns, the founder and President of Wings said that with the sale, the carrier would focus on its lodge and remaining aircraft platform, including float operations.
