Avcorp Releases 2018 Second Quarter Financial Results

August 13 2018

Avcorp Industries Inc. declared its financial results for the quarter ended June 30, 2018. All amounts are in Canadian currency unless otherwise stated.

2018 Highlights

Key financial results include:

•Second quarter 2018 operating loss was reduced by $8,595,000, in comparison to the same quarter in 2017, primarily as a result of increased revenues, consolidation of costs and improved operating effectiveness; after the benefit of amortization to income of unfavorable contracts liability and onerous contracts provisions have been removed.

•On a year-to-date basis, 2018 cash flows used in operating activities were reduced by $10,737,000, over the same period in 2017.

•On March 28, 2018, the Company signed a loan agreement to expand the current agreement with a Canadian Chartered Bank, supported by a major and material customer, to access an additional USD$10 million operating line of credit.

•On April 19, 2018 Avcorp's Board appointed Amandeep Kaler, formerly the General Manager of Avcorp's Delta operations, as the new CEO of Avcorp Group.

•Avcorp is a member of Canada's Digital Technology Supercluster ("CDTS") which was awarded funding under the Federal Government's Innovation Supercluster Initiative ("ISI").

•In Comtek's continuing effort to reduce airline operator's key metric of turnaround time for repaired aircraft components, while still providing premium quality, Comtek has embarked on deploying a forward base of operations located in the United Kingdom. Doors open in the third quarter and will initially provide much needed support for the growing Q400 fleet in Europe.

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