VANCOUVER, April 20, 2016 /PRNewswire/ - Avcorp Industries Inc. (TSX: AVP) (the "Company", "Avcorp" or the "Avcorp Group") today announces that effective April 22, 2016, Mark van Rooij has decided to resign his role as President and CEO of Avcorp, Delta. Additionally, Mr. van Rooij has also elected not to stand for re-election as a Director of Avcorp at the Company's upcoming Annual and General Meeting. The Company and Mr. van Rooij have agreed upon a separation arrangement consistent with his current employment contract.
"Mark has made a significant contribution to the ability of Avcorp to move forward with a strategy that our customers endorse, and Mark played an important role in the completion of the Hitco Aerostructures acquisition," said Peter George, CEO of the Avcorp Group.
After joining Avcorp Industries in 2007, Mark van Rooij played an important role in streamlining the organization and stabilizing the company's performance, especially during the difficult economic downturn the industry experienced in 2009 and 2010. As well, during his tenure, Avcorp successfully brought in the contract for the assembly of the Outboard Wings on the F-35 Joint Strike Fighter, and completed the acquisition and turn-around at Comtek Advanced Structures, in Burlington, Ontario.
The Company would like to thank Mr. van Rooij for all of his efforts, and wishes him all the best in his future endeavours.
Avcorp also wishes to announce the following promotions, reporting directly to Peter George, CEO of the Avcorp Group:
- Ed Merlo has been promoted to Chief Financial Officer, Avcorp Group.
- Amandeep Kaler has been promoted to General Manager of Avcorp Industries.
- Ken McQueen has been promoted to Vice President of Human Resources, Avcorp Group.
Going forward Avcorp has realigned its overall organizational structure and leadership team. Top leaders at each of the current three sites: Amandeep Kaler, GM at Avcorp Industries, in Delta, BC; Brent Collver, President at Comtek Advanced Structures, in Burlington, Ontario, and Jim Renaud, GM Commercial, and Marty Jones GM Defense, at Avcorp Composite Fabrication, in Gardena, California, will report directly to Peter George, CEO of the Avcorp Group.
The Avcorp Group designs and builds major airframe structures for some of the world's leading aircraft companies, including BAE Systems, Boeing, Bombardier, Fuji Heavy Industries and Lockheed Martin. The Avcorp Group has more than 50 years of experience, over 776 skilled employees and 636,000 square feet of facilities. Avcorp Structures & Integration located in Delta BC is dedicated to metallic and composite aerostructures assembly and integration; Avcorp Engineered Composites located in Burlington ON is dedicated to design and manufacture of small-sized composite aerostructures, and Avcorp Composite Fabrication located in Gardena CA has advanced composite aerostructures fabrication capabilities for medium and large composite aerostructures. The Avcorp Group 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. Comtek Advanced Structures Ltd., at our Burlington location also offers aircraft structural component repair services for commercial aircraft.
Avcorp Composite Fabrication Inc. is wholly owned by Avcorp US Holdings Inc. Both companies are incorporated in The State of Delaware and are wholly owned subsidiaries of Avcorp Industries Inc.
Comtek Advanced Structures Ltd., incorporated in the Province of Ontario is a wholly owned subsidiary of Avcorp Industries Inc.
Avcorp Industries Inc. is a federally incorporated reporting company traded on the Toronto Stock Exchange (TSX:AVP).
CHIEF EXECUTIVE OFFICER
This release should be read in conjunction with the Company's unaudited financial statements contained in the Company's Annual Report and with the quarterly financial statements and accompanying notes filed with Sedar (www.sedar.com).
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) changes in worldwide economic and political conditions that impact interest and foreign exchange rates; (b) the occurrence of work stoppages and strikes at key facilities of the Corporation or the Corporation's customers or suppliers; (c) government funding and program approvals affecting products being developed or sold under government programs; (d) cost and delivery performance under various program and development contracts; (e) the adequacy of cost estimates for various customer care programs including servicing warranties; (f) the ability to control costs and successful implementation of various cost reduction programs; (g) the timing of certifications of new aircraft products; (h) the occurrence of downturns in customer markets to which the Corporation products are sold or supplied or where the Corporation offers financing; (i) changes in aircraft delivery schedules or cancellation of orders; (j) the Corporation's ability to offset, through cost reductions, raw material price increases and pricing pressure brought by original equipment manufacturer customers; (k) the availability and cost of insurance; (l) the Corporation's ability to maintain portfolio credit quality; (m) the Corporation's access to debt financing at competitive rates; (n) uncertainty in estimating contingent liabilities and establishing reserves tailored to address such contingencies; and (o) integration of newly acquired operations and associated expenses may adversely affect profitability.
SOURCE Avcorp Industries Inc.