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Chl New Logo.....going Public.....bye Bye Chc


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CHC to sell remaining stake in Canadian Helicopters Limited

 

VANCOUVER, July 29 /CNW/ - CHC Helicopter Corporation ("CHC") (TSX:

FLY.SV.A and FLY.MV.B; NYSE: FLI) announced that it is entering into an

arrangement to sell its remaining interest in Canadian Helicopters Limited

("CHL"), which operates onshore helicopter services in Canada. CHC sold 55% of

CHL to CHL's management and an equity investor in 2000. CHC's offshore oil and

gas operations in Eastern Canada are not included in the sale.

 

The sale is subject to various conditions and approvals including

finalization of a definitive acquisition agreement and upon the closing of a

public offering of trust units by Canadian Helicopters Income Fund (the

"Fund") which has been formed to indirectly purchase CHL. The price to be

received by CHC for its interest in CHL has not been determined and will

depend upon market conditions at the time of the offering.

 

The sale, if completed, will further strengthen CHC's focus on its core

strategy as a leading provider of helicopter transportation services to the

offshore oil and gas industry. Proceeds of the sale will be applied to debt

reductions and may be used to fund future capital expenditures.

 

As part of the transaction, CHC and CHL will provide non-compete

covenants in favour of each other for a three-year term. In addition, CHC

will, on an interim basis, continue to provide CHL with certain benefits,

including coverage under its insurance policies until October 31, 2006.

 

The securities offered pursuant to the Fund's preliminary prospectus have

not been registered under the U.S. Securities Act of 1933, as amended, and may

not be offered or sold in the United States. This press release shall not

constitute an offer to sell or the solicitation of an offer to buy nor shall

there be any sale of the securities in any state in which such offer,

solicitation or sale would be unlawful.

 

CHC Helicopter Corporation is the world's largest provider of helicopter

services to the global offshore oil and gas industry, with aircraft operating

in more than 30 countries worldwide.

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I vote nay on the logo. :down:

 

This logo looks pathetically inhouse. You gotta wonder who the test group was? Mr. Wall and Blais must have taken it around to all their Yes men for input.

 

The hummingbird needed an update but at least it's got some history.

 

The last time I saw a helicopter company come out with a new logo it was the flying sperm at Northern Mountain and they didn't last too long after that.

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