08/20/2007

Avatas Aerospace Completes $94 Million Financing Round

Avatas Aerospace (“Avatas”), today announced that it has completed a combined; equity, subordinated debt and term debt financing round for a combined gross proceeds of $94 million USD.  As its exclusive financial advisor, Avatas retained Lytton Financial Inc., in obtaining subordinated debt provided by TD Capital Mezzanine Partners (“TD”). In addition to subordinated debt, the Company received Term debt and Bridge financing provided by a syndicate of senior lenders while equity was lead by Killick Capital Inc. (“Killick”).

In making today’s announcement, Russell Starr, President of Avatas, stated, “This financing support provides a solid foundation to further develop our strategic growth plans. The closing of this deal indicates that both Financial Markets are very confident in our Company’s vision and we are delighted to have formed such solid relationships through this financing process.” 

Killick President, Mark Dobbin stated, “Killick is proud to support the world class management team of Avatas, as their business continues its impressive growth.   I look forward to working with this exciting entrepreneurial group as they redefine this sector of the support market,” said Dobbin.

About Avatas Aerospace
Avatas is a world class leader in the aviation maintenance, repair and overhaul (“MRO”) industry focused on providing top-quality customer solutions. The Company is comprised of Avatas Engine Support Services (“AESS”) and CT Aerospace, LP (“CT Aerospace”). 

Through AESS, Avatas is introducing a revolutionary brand of PT6A engine maintenance – ushering in a new era of freedom, participation and alternatives for the aircraft operator.  Headquartered in the Dallas/Forth Worth area, AESS is an Independent MRO Company for small gas turbine engines and components including parts sales and overhaul management.  The Company is a full-service, FAA-approved Repair Station specializing in the PWC PT6A engine series and operates in a 65,000 sq.ft. facility.  For more information on Avatas, please visit www.avatas.com.

Also headquartered in the Dallas/Forth Worth area, CT Aerospace provides a wide variety of products and services for the aviation industry.  CT Aerospace purchases, overhauls (via third-party FAA certified MRO facilities) and sells new and used aircraft engines and engine parts to a wide variety of customers including MRO facilities, leasing companies, aircraft operators and other engine parts distributors and dealers throughout the world.  From its 55,000 square foot facility, CT Aerospace offers an extensive inventory of aircraft engines and engine parts for its customers.  Additionally, the Company provides leasing options on aircraft engines to aircraft operators and MRO facilities.  CT Aerospace specializes in the PWC JT15D, PT6A, PW100, PW3005A; General Electric CF6, CFM International CFM56 and the International Aero Engines (“IAE”) V2500.  For more information on CT Aerospace, please visit www.ctaerospace.com.

About Killick Capital Inc.
Killick is a Private Equity investment firm headquartered in St. John’s, NL; Canada.  Killick invests in a broad range of companies, providing capital for expansion, acquisition financing and restructuring for primarily two target segments: Atlantic Canadian businesses and Global Aerospace businesses (including Avatas Aerospace).  For more information on Killick Capital Inc., please visit http://www.killickcapital.com.

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