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Gold/Mining/Energy : Magellan Aerospace Corp (MAL) New Listing -- Ignore unavailable to you. Want to Upgrade?

To: Ian A. who wrote (461)	1/6/1999 11:28:00 AM
From: Dennis Lefebvre	Read Replies (1) \| Respond to of 633

Ian, Here is the full release... Den Attention Business Editors: Magellan Aerospace Subsidiary, Orenda Recip to supply V-8 powerplants to Turkish Aerospace Industries TORONTO, Jan. 6 /CNW/ - Orenda Recip Inc., a subsidiary of Toronto's Magellan Aerospace Corporation, has won a contract from Turkish Aerospace Industries (''TAI'') for the development and production of a prototype powerplant for an aircraft currently being developed in Turkey. The agreement is expected to result in the supply of up to 300 powerplant packages, using OE-600 V-8 piston engines, over the life of the aircraft program. The potential value of the contract is $70 million. The engines will power a single-engine agricultural/firefighting aircraft currently under development in TAI's Ankara factory. The aircraft is being designed and built to United States FAA standards, to assist in future export sales. Delivery of the first powerplant kit will take place in mid 1999, and subsequent production packages are expected to ship at an initial rate of three per month. Engines will be assembled in Orenda's new facility in Debert, Nova Scotia. First flight of the new aircraft is planned for the fourth quarter of 1999. Peter Jackson, Orenda Recip general manager, signed the sales contract recently in Ankara. ''This is very encouraging and exciting for us,'' he said. ''Until now, our engine applications have all been retrofit. Today we have our first new-aircraft application, and we are very well positioned to nurture a wide range of new aircraft designs,'' he added. TAI, with 2,100 employees, is owned 42 per cent by Lockheed-Martin, 7 percent by General Electric International, and 51 per cent by the Turkish government. Previously, Orenda Recip announced a launch order for 140 engines from Stevens Aviation of Greenville, SC for their King Air 90 conversion program. Flight test programs on the King Air, Rockwell Twin Commander, Lancair Tigress kitplane and de Havilland DHC-3 single Otter are currently underway. Magellan Aerospace Corporation, whose shares (MAL) are traded on the Toronto Stock Exchange, manufactures, repairs and overhauls products for the international aerospace industry through the following subsidiaries and divisions: Bristol Aerospace Limited of Winnipeg and Rockwood, MB and Medicine Hat, AB; Chicopee Manufacturing of Kitchener, ON; Fleet Industries Ltd. of Fort Erie, ON; Orenda Aerospace Corporation of Mississauga, ON; Orenda Recip Inc., of Truro, NS; A-R Technologies of Richmond, BC; Aeronca, Inc. of Middletown, OH; Middleton Aerospace of Middleton, MA; Langley Division of San Diego, CA; and Ambel Precision Manufacturing Corporation of Bethel, CT. %SEDAR: 00002367E -0- 01/06/1999 For further information: Peter Jackson, GENERAL MANAGER, (905) 673-3250 ext. 3287