March 30, 2016
DELTA, British Columbia: Avcorp Industries Inc. (TSX: AVP) (“Avcorp” or the “Company”) wishes to
announce that its annual financial statements for the year ended December 31, 2015, including the
related management discussion and analysis, and CEO and CFO certifications (collectively, the “Annual
Financial Filings”) will not be filed by the required filing date of March 30, 2016.
Effective December 18, 2015, the Company completed the acquisition (the “Acquisition”) of the US-based
composite aerostructures division of Hitco Carbon Composites Inc. (“Hitco”). At the closing of the
Acquisition, the Company’s subsidiary, Avcorp Composite Fabrication Inc., purchased the assets of the
division of Hitco which produces composite structural parts for commercial and military aerostructures
The Company recently filed a business acquisition report (the “BAR”) on March 1, 2016 in connection with
the Acquisition, and the BAR contained carve-out financial statements for the interim period ended
September 30, 2015 and audited financial statements for the year ended December 31, 2014 for the
Business. Prior to the filing of the BAR, audited financial statements of the Business had not previously
As the Annual Financial Filings will be the first consolidated audited financial statements of the Company
which include financial results of the Business, the Company requires additional time to complete certain
audit and fair market value procedures in order to include the financial results of the Business in its
consolidated Annual Financial Filings.
The Company is working on the audit procedures required to complete the 2015 Annual Financial Filings
and expects to be able to file the Annual Financial Filings within the next three weeks. The Company will
provide updates as further information relating to the Annual Financial Filings becomes available.
The Company has applied to the applicable securities regulatory authorities and received a management
cease trade order related to the Company’s securities to be imposed against the Chief Executive Officer of
the Company and the Vice President, Finance of the Company to trade securities of the Company. The
management cease trade order will be in effect until the Annual Financial Filings are filed, and requires
that the Annual Financial Filings be filed on or before May 30, 2016.
Until the Annual Financial Filings are filed, the Company intends to provide information in accordance
with National Policy 12-203
Cease Trade Orders for Continuous Disclosure Defaults.
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
Avcorp Industries Inc. is a Federally incorporated reporting company traded on the Toronto Stock
Sandi DiPrimo, Investor Relations Contact | 604-587-4938