VANCOUVER, British Columbia --- Avcorp Industries Inc. announced today that it has closed the previously-announced sale of its Integrated Products Division located in Quebec to local management. The sale will allow the Company to further focus its financial and human resources on high value design and integration programs at its headquarters in Delta, British Columbia, where the Company has developed significant expertise and competitive advantage.
The Quebec division represented approximately 18% of the Company's revenue and is being sold for net book value. Proceeds from the sale will be used to strengthen the Company's balance sheet by reducing long-term debt. The Company's financial statements for the nine months ended June 30, 2002 will be issued during August and will reflect segmented results as ongoing and discontinued operations.
Avcorp Industries Inc. is a Canadian aerospace industry manufacturer. The company is a single-source supplier for engineering design, manufacture and assembly of subassemblies and complex major structures for aircraft manufacturers.
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