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

CALGARY--(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.

AeroMechanical Services Ltd. provides proprietary technological solutions and services designed to reduce costs and improve efficiencies in the aviation industry. The company has successfully commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, afirs™ UpTime™, and FIRST^TM allows airlines to monitor and manage aircraft operations anywhere, anytime, in real-time.

Forward-Looking Statements

This press release includes certain forward-looking statements as it relates to the acquisition of Wingspeed Corporation’s assets and integration in to AMA that are based upon current expectations, which involve risks associated with this transaction and the environment in which AMA operates. The estimates and assumptions which AMA is required to make concerning this transactions may constitute “forward-looking statements” under applicable securities laws. The forward-looking information and statements include plans, expectations, estimates, forecasts and other comments that are not statements of fact. Although such expectations are viewed as reasonable by AMA, no assurance can be given that such expectations will be realized. Such forward-looking statements are subject to risks and uncertainties and may be based on assumption that may cause actual results to differ materially from those implied herein, and therefore are expressly qualified in their entirety by this cautionary statement.

The forward-looking information and statements included in this Press Release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking information and statements including, without limitation: finalization of the acquisition and approval of the applicable courts and the appointed trustee, market prices; foreign exchange rates; general economic, market or business conditions in the aviation industry or any effect those may have on our business or customer base; changes in commodity prices; changes in the demand for or supply of the Company’s products and services; unanticipated operating results; changes in tax laws or other regulatory matters; limited, unfavourable or a lack of access to capital markets; increased costs; and certain other risks detailed from time to time in the Company’s public disclosure documents. The forward-looking information and statements contained in this Press Release speak only as of the date of its release. The Company assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.

afirs, UpTime, FLYHT and aeroQ are Trade Marks of AeroMechanical Services Ltd.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.