AeroMechanical Services Ltd.: Receipt of SADI Funding Increases AeroMechanical Services' Cash Balance
On Wednesday October 5, 2011, 7:04 am
CALGARY, ALBERTA--(Marketwire - Oct. 5, 2011) - AeroMechanical Services Ltd. (TSXV: AMA.V) (the "Company" or "AMA") today announced it has received the first funding claim from the Strategic Aerospace and Defence Initiative ("SADI") repayable investment for the first quarter of 2011 for $223,033. As well, the funding claim for the second quarter has been processed and is expected shortly. The first two funding claims will total approximately $500,000.
The receipt of the SADI funds, the increased revenue from third quarter sales and the Company's initiatives to control costs and reduce unnecessary spending on research and development projects have increased the Company's cash position to $3.49 million as at the end of the third quarter from $3.25 million as at June 30, 2011.
It is anticipated that AMA's third quarter financial report will be released in mid-November. The Company will announce the date and time of a conference call and webcast once the financial report is released.
About AeroMechanical Services
AeroMechanical Services Ltd., under the brand name FLYHT(TM), provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The Company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS(TM) UpTime(TM), allows airlines to monitor and manage aircraft operations anywhere, anytime, in real-time. If an aircraft encounters an emergency, AMA's triggered data streaming mode, FLYHTStream(TM), automatically streams vital data, normally secured in the black box, to designated sites on the ground in real-time. The company has been publicly traded on the TSX Venture Exchange since 2003 under the trading symbol AMA.
AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of AeroMechanical Services Ltd.
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Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contacts
Thomas R. French, CGA
AeroMechanical Services Ltd.
VP Finance and CFO
403-291-7427
tfrench@flyht.com
www.flyht.com
Colin Languedoc
Barnes Communications Inc.
Senior Consultant
416-367-5000 ext. 225
clanguedoc@barnesir.com
ca.finance.yahoo.com
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