Avcorp Expands Acquisition Search.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , BRITISH COLUMBIA--(BUSINESS WIRE)--June 19, 1997--Avcorp Industries Inc. (TSE/ME:AVP AVP arginine vasopressin. . ) Avcorp Industries Inc. (AVP on the Toronto and Montreal Exchanges Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg ) announced today it has engaged Ernst & Young Corporate Finance Inc. as financial advisor and exclusive agent with respect to executing the Company's Acquisition Strategy. Ernst & Young Corporate Finance were selected from a proposal competition based on their extensive M & A mid-market advisory experience and their particular expertise in the aerospace and defense industry, where their advanced technology manufacturing understanding is prominent. Avcorp's marketing strategy includes increasing penetration with its existing customer base; expanding into new markets, of which contracts have already been secured in the U.K. and Japan; diversifying revenue to balance the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. nature of the aerospace industry; and focusing on a product group with the goal of being the supplier of choice for that type of product on a global basis. Avcorp has identified several desirable attributes and financial criteria as a benchmark to assess the attractiveness of an acquisition candidate, among which are: - Revenues up to $40 million to contribute to an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue target of $100 m by fiscal 1998. - Addition of complementary products or capabilities to enhance the Company's position as a full service provider. - Transaction consideration consisting of cash, shares or a combination of both. The Ernst & Young Corporate Finance network comprises over 130 dedicated corporate finance professionals in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and another 400 professionals internationally. Through this network, they offer a single, worldwide organization with an intimate understanding of the financial, tax and strategic consequences of multinational business combinations, and will be able to identify potential targets around the world. The Company plans completion of at least one acquisition by September 30, 1997. Avcorp Industries Inc. is a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. aerospace industry manufacturer. The Company is a single-source supplier for design, fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. and assembly of metal, composite and plastic components and is made up of four divisions: Aerostructures, Composites, Metal Products and Engineering. CONTACT: Avcorp Industries Inc. Mr. A. Dale Hunt, 604/278-4204 604/278-8346 (FAX) |
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