Avcorp receives notice of appeal from Cessna Aircraft Company

VANCOUVER, June 7, 2013 /CNW/ - Avcorp Industries, Inc. (the "Company") 
reports that it has received a notice of appeal and a motion to stay execution 
filed by Cessna Aircraft Company ("Cessna") on June 7, 2013 in the United 
States Court of Appeals for the Tenth Circuit (the "Court of Appeals") from 
the judgement entered against Cessna on May 8, 2013 by the United States 
District Court for the District of Kansas (the "District Court"). The 
judgement of the District Court affirmed the binding arbitration award made on 
November 16, 2012 in favour of the Company. 
The arbitration panel awarded the Company USD27.4 million, which, under the 
terms of an arbitration agreement between Cessna and the Company, was a final 
and binding award. On November 26, 2012, Cessna filed a motion in the 
District Court to vacate the award. On May 1, 2013, the District Court 
entered its Memorandum and Order which denied Cessna's motion to vacate the 
award, finding that Cessna did not satisfy the required legal standard. The 
District Court also granted the Company's motion to affirm the award and, in 
addition, awarded pre-judgement interest of approximately USD1 million. On 
May 8, 2013, the District Court entered final judgement in the Company's 
favour on the arbitration award in the aggregate amount of USD28.4 million. 
It is the Company's belief that Cessna's appeal from the judgement is without 
legal basis and that the judgement will be affirmed by the Court of Appeals. 
About Avcorp 
Avcorp designs and builds major airframe structures for some of the world's 
leading aircraft companies, including BAE Systems, Boeing, and Bombardier. 
With more than 50 years of experience, over 400 skilled employees and 354,000 
square feet of facilities in Delta BC and Burlington ON, Avcorp offers 
integrated composite and metallic aircraft structures to aircraft 
manufacturers, a distinct advantage in the pursuit of contracts for new 
aircraft designs, which require lower‐cost, light weight, strong, reliable 
structures. Our Burlington location also offers composite repairs for 
commercial aircraft. Avcorp is a Canadian public company traded on the Toronto 
Stock Exchange (TSX:AVP). 
Forward-Looking Statements 
This release should be read in conjunction with the Company's unaudited 
financial statements contained in the Company's Annual Report and with the 
quarterly financial statements and accompanying notes filed with Sedar 
Certain statements in this release and other oral and written statements made 
by the Company from time to time are forward-looking statements, including 
those that discuss strategies, goals, outlook or other non-historical matters; 
or projected revenues, income, returns or other financial measures. These 
forward-looking statements are subject to risks and uncertainties that may 
cause actual results to differ materially from those contained in the 
statements, including the following: (a) the extent to which the Company is 
able to achieve savings from its restructuring plans; (b) uncertainty in 
estimating the amount and timing of restructuring charges and related costs; 
(c) changes in worldwide economic and political conditions that impact 
interest and foreign exchange rates; (d) the occurrence of work stoppages and 
strikes at key facilities of the Company or the Company's customers or 
suppliers; (e) government funding and program approvals affecting products 
being developed or sold under government programs; (f) cost and delivery 
performance under various program and development contracts; (g) the adequacy 
of cost estimates for various customer care programs including servicing 
warranties; (h) the ability to control costs and successful implementation of 
various cost reduction programs; (i) the timing of certifications of new 
aircraft products; (j) the occurrence of further downturns in customer markets 
to which the Company products are sold or supplied or where the Company offers 
financing; (k) changes in aircraft delivery schedules or cancellation of 
orders; (l) the Company's ability to offset, through cost reductions, raw 
material price increases and pricing pressure brought by original equipment 
manufacturer customers; (m) the availability and cost of insurance; (n) the 
Company's ability to maintain portfolio credit quality; (o) the Company's 
access to debt financing at competitive rates; and (p) uncertainty in 
estimating contingent liabilities and establishing reserves tailored to 
address such contingencies. 
Sandi DiPrimo, Investor Relations Contact 604-587-4938 
SOURCE: Avcorp Industries Inc. 
To view this news release in HTML formatting, please use the following URL: 
CO: Avcorp Industries Inc.
ST: British Columbia
-0- Jun/07/2013 22:38 GMT
Press spacebar to pause and continue. Press esc to stop.