May 31, 2016
VANCOUVER: Avcorp Industries Inc. (TSX: AVP) (the “Company”, “Avcorp” or the “Avcorp Group”) is pleased to announce it has been awarded a contract extension with Lockheed Martin. The agreement extends into 2020 the current composite fabrication work scope, at Avcorp’s Gardena California facility, for F-35 wing skin panels, nacelle panels and body access panels.
This follow-on contract complements Avcorp’s assembly of the F-35 Carrier Variant (“CV”) Outboard Wing (“OBW”) structure which has been under a long-term contract with BAE Systems since 2011 in the Delta, British Columbia plant; as well as the recently awarded Lockheed Martin contract for the integration of paint preparation and complex installation of control surfaces and systems such as outboard leading edge flaps, ailerons, fairings and sub-systems for the CV OBW.
“We are very pleased with the schedule and quality improvement progress being made by the Gardena team and we believe this contract extension by Lockheed Martin reflects their confidence in Avcorp. We hope that in demonstrating our full capabilities with the combined resources of our plant sites that we will create additional collaboration opportunities with Lockheed Martin and help progress their Affordability Initiative for the F-35 program.” states 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 800 skilled employees and 636,000 square feet of facilities. Avcorp Structures & Integration located in Delta British Columbia, Canada is dedicated to metallic and composite aerostructures assembly and integration; Avcorp Engineered Composites located in Burlington Ontario, Canada is dedicated to design and manufacture of composite aerostructures, and Avcorp Composite Fabrication located in Gardena California, USA has advanced composite aerostructures fabrication capabilities for 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, Ontario, Canada location also provides aircraft operators with 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, USA, and are wholly owned subsidiaries of Avcorp Industries Inc.
Comtek Advanced Structures Ltd., incorporated in the Province of Ontario, Canada, is a wholly owned subsidiary of Avcorp Industries Inc.
Avcorp Industries Inc. is a federally incorporated reporting company in Canada and traded on the Toronto Stock Exchange (TSX:AVP).
Sandi DiPrimo, Investor Relations Contact | 604-587-4938