Ornge And Canadian Helicopters Income Fund Reach Agreement In Principle

[CD]

Ornge and Canadian Helicopters Income Fund reach agreement in principle

 

3 Sep, 8:02 PM

 

TORONTO - Air ambulance service company Ornge and Canadian Helicopters Income Fund (TSX:CHL.UN) have reached an agreement in principle for a three-year renewal of their relationship with the potential of an additional two years, the companies said Wednesday.

 

The agreement follows a decision by Ornge to purchase 10 AgustaWestland helicopters to replace its fleet of Sikorsky S-76 helicopters owned and operated by Canadian Helicopters.

 

Canadian Helicopters contract with Ornge was set to expire in April.

 

Under the new deal, CHL will continue to provide flight operations, maintenance, airworthiness and related support for Ornge's fleet of helicopter for three years, starting April 1, 2009, with a potential two-year extension at Ornge's option.

 

"We are confident CHL's extensive experience and commitment will assist us in providing Ontario residents with high quality transport medicine services," Ornge president and chief executive Chris Mazza said in a statement.

[R22Captain]

10 new shiney birds!! holy :lock: ..nice to a fleet of new machines like that!