United Protection Security Group Inc. - Memorandum of Understanding Executed with Servisair
(TSX - V: UZZ)
EDMONTON, Dec. 17, 2012 /CNW/ - F.V.Ramsoondar, President and Chief Executive Officer of United Protection Security Group Inc. (UPSG or the Company), (TSX-V: UZZ) is pleased to announce the Company has executed a Memorandum of Understanding with Servisair, a Global Company operating in 30 countries.
The parties entered into a Memorandum of Understanding dated December 14, 2012, whereby the Parties expressed a mutual Objective, namely, "to establish, initially at the Edmonton International Airport, in Alberta, Canada, a Facility to screen, in compliance with certain standards set by the U.S. Transportation Security Administration, 100% of all air cargo destined for the United States of America and to be shipped via the Edmonton International Airport".
The parties acknowledge that the parties at other airport facilities have identified other possible mutual Objectives, additional to the mutual Objective expressed in the Memorandum of Understanding, across Canada.
The parties acknowledge and agree:
that the regulatory authorities having jurisdiction continue to develop
obligations and requirements for approved participants, registered
shippers and other parties involved in air cargo security, both in
Canada and elsewhere; and, accordingly, the parties agree to better
identify the appropriate vehicle or entity with which to further the
that their relationship is not limited by reference to Aviation Cargo
Security programs of Canada or of any jurisdiction; and that their
relationship is mercantile in the ordinary meaning of the word; and
that they intend their dealings to be in the ordinary course of
- that the parties will continue to proceed on the basis of sharing equally in the costs to establish and to operate the Facility; and thereafter on the basis of sharing equally in the profits of the Facility.
F.Ramsoondar states: "this is the beginning of a new era in the Company's go forward strategy. We are pleased to be in this position in our growth strategy to partner with a large international company. This alliance will allow us to grow with one of the world's most reputable companies."
Servisair is a leading global provider of aviation ground services delivering an integrated range of handling solutions across 121 locations. They form part of the Derichebourg Group, which also has divisions in Corporate and Environmental Services, collectively employing 39,000 employees throughout 30 countries.
Servisair delivers consistent, responsive and flexible handling solutions throughout our various service lines, which include:
Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks related to business development and retention, and risks related to the current economic and credit conditions. As a result, actual results may vary materially from those described in the forward-looking statements.
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.
SOURCE United Protection Security Group Inc.