Common Stock Listed
Trading Symbol: AVP
VANCOUVER, Jan. 10, 2012 /PRNewswire/ - Avcorp Industries Inc. is pleased to announce that Robert Coates, Senior Program Manager, F35 Program, Nick O'Bree, Project Engineer, NPI and Rick Sasges, Director Contracts & Proposals along with a team of BAE Systems counterparts were selected by a panel of BAE Systems Procurement officials to receive the Military Air & Information (MAI) Procurement Recognition Award for 2011 in the category of Best Supplier Relationship Management. The awards were announced in a ceremony held December 14, 2011 at the Avcorp facility in Delta, B.C. by BAE Systems executives Chris Allam, Senior Vice President, F-35 Lightning II and Mike Marsden, Head of Procurement and International Participation, F-35 Lightning II.
In announcing the award, Mr. Marsden said, "the Best Supplier Relationship Management award is presented for demonstration of how the two organizations have worked together and the benefits that both parties have achieved from strengthening our relationship and in the mutual achievement of program challenges and customer requirements".
Following the ceremony, Mark van Rooij, Avcorp CEO and President added, "We take great pride in what we've accomplished working together and look forward to continuing to strengthen our relationship with BAE Systems. And, my congratulations to both the Avcorp and BAE Systems teams for their extraordinary efforts to support the F-35 OBW program."
About BAE Systems
BAE Systems is a global defence, security and aerospace company with approximately 100,000 employees worldwide. The Company delivers a full range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services. In 2010 BAE Systems reported sales of £22.4 billion (US$ 36.2 billion) and customers in more than 100 countries.
Avcorp designs and builds major airframe structures for some of the world's leading aircraft companies, including Boeing, Bombardier, BAE Systems and Cessna. With more than 50 years of experience, 483 skilled employees and 354,000 square feet of facilities, Avcorp 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. Avcorp is a Canadian public company traded on the Toronto Stock Exchange (TSX:AVP).
MARK VAN ROOIJ
CHIEF EXECUTIVE OFFICER
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) the extent to which the Company is able to achieve savings from its restructuring plans; (b) uncertainty in estimating the amount and timing of restructuring charges and related costs; (c) changes in worldwide economic and political conditions that impact interest and foreign exchange rates; (d) the occurrence of work stoppages and strikes at key facilities of the Company or the Company's customers or suppliers; (e) government funding and program approvals affecting products being developed or sold under government programs; (f) cost and delivery performance under various program and development contracts; (g) the adequacy of cost estimates for various customer care programs including servicing warranties; (h) the ability to control costs and successful implementation of various cost reduction programs; (i) the timing of certifications of new aircraft products; (j) the occurrence of further downturns in customer markets to which the Company products are sold or supplied or where the Company offers financing; (k) changes in aircraft delivery schedules or cancellation of orders; (l) the Company's ability to offset, through cost reductions, raw material price increases and pricing pressure brought by original equipment manufacturer customers; (m) the availability and cost of insurance; (n) the Company's ability to maintain portfolio credit quality; (o) the Company's access to debt financing at competitive rates; and (p) uncertainty in estimating contingent liabilities and establishing reserves tailored to address such contingencies.
SOURCE Avcorp Industries Inc.