Albatross Bidco acquires Avcorp under the Canada Business Corporation Act

Albatross Bidco a wholly-owned subsidiary of Latécoère has acquired all the issued and outstanding common shares of Avcorp under the Canada Business Corporations Act. Under the agreement, Albatross Bidco acquired the shares for a consideration of $0.11 in cash per Avcorp Share, and each outstanding option to acquire Avcorp Shares (the “Avcorp Options”) automatically vested and was canceled in exchange for a cash payment from the Company equal to the amount (if any) by which $0.11 exceeds the exercise price of such Avcorp Option. As a result of the Arrangement, Avcorp Shares are expected to be delisted from the Toronto Stock Exchange and Avcorp intends