AeroMechanical Services Ltd. acquires assets of Wingspeed Corporation

AeroMechanical Services Ltd. ("AMA") is pleased to report that the purchase of the assets of Wingspeed Corporation, ("Wingspeed") as announced in a press release dated October 15, 2009 has been finalized as of today. The purchase price was $250,000 USD.

The asset purchase includes the assumption by AMA of 5 customer contracts which includes equipment installed on 51 aircraft and a backlog of 110 aircraft for which equipment has yet to be shipped. If all contracts are fulfilled 161 aircraft will be installed with Wingspeed hardware.

AMA has applied to Transport Canada ("TC") to have the repair and shipment of Wingspeed hardware covered under AMA's Approved Manufacturer Organization certification. TC has advised AMA that this approval should be granted within 2 weeks.

The initial plan is to continue to support the Wingspeed hardware and provide message delivery services through UpTime™. AMA is very pleased to be adding up to 161 aircraft to our customer fleet. The average billing per aircraft for Wingspeed systems is less than for typical AMA afirs™ systems. However, the Wingspeed deliverables are considerably less than AMA provides its afirs equipped customers. AMA sees the potential to sell value added services to the existing Wingspeed customers.