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ExelTech Aerospace Inc. (TSX-V: XLT), a leading aircraft maintenance, repair and overhaul provider with operations in Montreal and Quebec City, following its announcement of May 20, 2009, announced that it is still in discussions with holders of the debentures due May 29, 2009 (the "Debentures") to extend the maturity date of the Debentures for a period of six (6) months, to November 30, 2009. As of today, the required 66 2/3% consent has not yet been obtained from the debenture holders. As previously announced, one of the conditions of the Corporation's credit facility is that ExelTech must refinance the Debentures with third party debt or equity. ExelTech is currently in discussion with certain parties to provide financing in order to retire the Debentures and for general working capital needs. No definitive agreements with potential investors have been reached yet and there can be no assurance that such agreements will be reached.
ExelTech will continue to seek the necessary consents for the purposes of extending the maturity date of the Debentures. However, there can be no assurance that the requisite proportion of consents will be obtained.
About ExelTech Aerospace
With 310,000 square feet (28,800 square meters) of hangar, shop and office space in three facilities at Montreal and Quebec City, and with marketing offices in the US, ExelTech Aerospace provides maintenance repair and overhaul services to airlines in Canada, the US and 25 other countries around the world.
To learn more about ExelTech Aerospace Inc. (TSX-V: XLT), please visit our website at www.exeltech-aerospace.com.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy of this release.
%SEDAR: 00020968EF
SOURCE: EXELTECH AEROSPACE INC.
Sylvain Duval, President and Chief Operating Officer, (514) 631-8999 ext. 2275, sduval@exeltech-aerospace.com
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