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U.S. Bankruptcy Court Approves AeroMechanical Services Ltd. Bid to Acquire Assets of Wingspeed Corporation for $250,000

AeroMechanical Services Ltd AMA

10/15/2009 1:37:00 PM

CALGARY, Oct 15, 2009 (BUSINESS WIRE) --

AeroMechanical Services Ltd. ("AMA") is pleased to announce that it has successfully bid to acquire the assets of Wingspeed Corporation, of Concord, Massachusetts, USA ("Wingspeed") (www.wingspeedcorp.com), a privately held Corporation that was placed in Chapter 7 bankruptcy on August 17, 2009. The United States Bankruptcy Court for the District of Massachusetts (the "Court") in Worcester, Massachusetts, today approved AMA's bid to acquire all Wingspeed assets for a price of USD$250,000, free and clear of liens and encumbrances. A closing on the sale is expected on or about October 26, 2009. The Court had previously appointed AMA as manager for the Chapter 7 bankruptcy trustee until the sale is closed.

Wingspeed developed and marketed products and services for commercial aviation that deliver voice, data and aircraft messaging over Iridium and the Internet as well as paperless cockpit technologies using wireless data exchange and satellite communications. The asset purchase will include, among other things, all physical assets, inventory, intellectual property, trademarks, other tangible and intangible assets. The acquisition also includes certain supplier contracts and customer contracts.

AMA President Richard Hayden stated, "We greatly respect the work done and products developed by Wingspeed and we are pleased to have gained the opportunity to provide excellent service and expand our value added offerings to our new customers to include the full suite of industry-leading afirs(TM) UpTime(TM) products and services. Under the circumstances, we have more work to do, including closing the acquisition, before we have a final plan for integration of Wingspeed products into AMA's portfolio. However, we are convinced that this acquisition will add value to AMA's shareholders and Wingspeed's customers, and we look forward to facilitating win-win scenarios across the board."

About AeroMechanical Services Ltd.