Exchange Income closes $55M acquisition of Moncton Flight College

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By Ted Liu

Exchange Income Corporation (TSX: EIF) has closed previously announced acquisition of CANLink Global Inc. (Moncton Flight College) for a purchase price of $35 million, plus an earn-out payment of up to $20 million.

Moncton Flight College (MFC) is the largest flight training college in Canada having trained over 19,000 students since its inception. MFC offers domestic Canadian pilot training as well as a foreign pilot program. They domestically offer a full range of training from private pilot licensing to commercial pilot programs, which include an Integrated Commercial Pilot Program, a Diploma in Aviation Technology Pilot Program and a four year Bachelor of Science/Pilot Program with Mount Allison University. MFC currently operates with approximately 160 employees, including over 90 flight instructors out of two campuses located in Moncton and Fredericton, New Brunswick.

Mike Tilley, CEO of Moncton Flight College, and the senior management team are remaining to operate the business moving forward under the new ownership of EIC.

photo credit: Moncton Flight College

News Release

Exchange Income Corporation Completes Acquisition of CANLink Global Inc. (Moncton Flight College)

WINNIPEG, Manitoba – February 28, 2018 – Exchange Income Corporation (TSX: EIF) (the “Corporation” or “EIC”), a diversified, acquisition-oriented company announced today it has successfully closed its acquisition of CANLink Global Inc. (Moncton Flight College). The acquisition purchase price is in line with the description of the transaction which was announced on February 21, 2018.

Moncton Flight College (MFC) is the largest flight training college in Canada having trained over 19,000 students since its inception. MFC offers domestic Canadian pilot training as well as a foreign pilot program. They domestically offer a full range of training from private pilot licensing to commercial pilot programs, which include an Integrated Commercial Pilot Program, a Diploma in Aviation Technology Pilot Program and a four year Bachelor of Science/Pilot Program with Mount Allison University. MFC currently operates with approximately 160 employees, including over 90 flight instructors out of two campuses located in Moncton and Fredericton, New Brunswick.

About Exchange Income Corporation

Exchange Income Corporation is a diversified acquisition-oriented company, focused in two sectors: aerospace and aviation services and equipment, and manufacturing. The Corporation uses a disciplined acquisition strategy to identify already profitable, well-established companies that have strong management teams, generate steady cash flow, operate in niche markets and have opportunities for organic growth.

The Corporation currently operates two segments: Aerospace & Aviation and Manufacturing. The Aerospace & Aviation segment consists of the operations of Perimeter Aviation (including Bearskin Airlines), Keewatin Air, Calm Air International, Custom Helicopters, Regional One, Provincial Aerospace and Moncton Flight College. The Manufacturing segment consists of the operations of Overlanders, Water Blast, Stainless Fabrication, WesTower Communications, Ben Machine and Quest. For more information on the Corporation, please visit www.ExchangeIncomeCorp.ca.

Additional information relating to the Corporation, including all public filings, is available on SEDAR (www.sedar.com).

About CANLink Global Inc. (Moncton Flight College)

MFC has a rich history in flight training that dates back to 1929. MFC has trained students from 68 countries and has been recognized internationally for its dedicated focus on quality and safety. With over 85 years of experience as an industry leader, they educate and develop aviation professionals with state-of-the-art curriculum, highly qualified instructors and modern facilities and equipment. These activities are carried out in a safety oriented training environment on a financially viable basis.

For further information, please contact:
Mike Pyle (204) 982-1850
Chief Executive Officer MPyle@eig.ca
Exchange Income Corporation