WINNIPEG – AVIATION – Wasaya Group (“Wasaya”), its shareholders and Exchange Income Corporation (“EIC”) (TSX: EIF) have successfully closed the transaction that was first announced on February 1, 2018. This new partnership started as a part of the restructuring process underway at Wasaya.
“Completing this milestone is one of the most significant events in Wasaya’s 29-year history,” said Michael Rodyniuk, President, and CEO of Wasaya. “The strength of our combined aviation assets coupled with our capable and motivated people will result in a strong company ensuring Wasaya continues to be a fixture in the communities for years to come.TheenhancedlevelofserviceinNorthernOntario will benefit the people in our ownership communities as well as those in the non-owner communities we serve. Partnering with EIC is a natural fit. They understand aviation, servicing the north, and of utmost importance, they have a great history working with First Nations across Canada to provide quality air service to these communities.”
“Partnering with the communities we serve is fundamental to our values,” said Mike Pyle, CEO of EIC. “This transaction allows us to directly partner and engage with our customers. Wasaya’s strong brand and legacy in northern Ontario provides a solid foundation to expand passenger and cargo service into more communities within the region.”
CarmelePeter, President of EIC stated, “This would not have been possible without the strong-working relationship during the establishment of our partnership. This relationship will continue to grow to deliver positive results for First Nations People, communities served, travelers, cargo shippers, and our mutual shareholders, all while celebrating and exemplifying success within First Nations’business.”
About Wasaya Group
Wasaya Group, including Wasaya Airways and Wasaya Petroleum, is directly or indirectly owned by 12 First Nations: Bearskin Lake; Fort Severn; Kasabonika Lake; Keewaywin; Kingfisher Lake; Kitchenuhmaykoosib Inninuwug; Muskrat Dam; Nibinamik; Pikangikum; Sandy Lake; Wapekeka; and Wunnumin Lake. Wasaya serves 25 destinations in Northwestern Ontario with 60 daily flights and employs 320 employees, of which over one third are First Nation.
About Exchange Income Corporation
Exchange Income Corporation is a diversified acquisition-oriented company, focused in two sectors: aerospace and aviation services and equipment, and manufacturing. The Corporation uses a disciplined acquisition strategy to identify already profitable,well-established companies that have strong management teams, generate steady cash flow, operate in niche markets and have opportunities for organic growth.
The Corporation currently operates two segments: Aerospace & Aviation and Manufacturing. The Aerospace & Aviation segment consists of the operations of Perimeter Aviation (including Bearskin Airlines), Keewatin Air, Calm Air International, CustomHelicopters, Regional One Provincial Aerospace and Moncton Flight College, and an investment in Wasaya Group.TheManufacturing segment consists of the operations of Overlanders, WaterBlast , Stainless Fabrication, WesTower Communications, Ben Machine, and Quest. For more information on the Corporation, please visit www.ExchangeIncomeCorp.ca. Additional information relating to the Corporation, including all public filings, is available on SEDAR(www.sedar.com).
