Some of Wings Over Kississing’s assets have changed hands in a multi-million dollar deal.
Exchange Income Corporation (EIC) will acquire Wings’ rotary wing operations focused around the Island Lake region. EIC also will take ownership of the company’s King Air 200 charter operations based out of Thompson, the company’s fuelling operations at Thompson Airport, as well as a hangar at the St. Andrews Airport near Winnipeg.
In exchange, Wings will receive a total of $10 million, consisting of just under $8 million in cash and just over $2 million in common shares in EIC.
Wings will maintain its fixed wing operations and rotary wing operations elsewhere in the north, as well as its float plane and remote lodges. The company uses its flights for private charters, business travel, tourism and cargo transport in northern Manitoba.
“We are very pleased that our St. Andrew’s base, fuel, King Air 200 and Island Lake helicopter operations found a good home with EIC,” said Wings founder and president Curt Enns in a press release.
“As a proud Manitoban, we are happy that our operations are going to a great company with their home base in Manitoba.”
EIC has at least partial ownership or operation of most aviation companies operating in northern Manitoba. EIC currently operates Calm Air, Bearskin Airlines, Keewatin Air and Perimeter Aviation as subsidiaries.
EIC also plans to break ground for a new 60,000 square foot hangar at James Armstrong Richardson International Airport in Winnipeg for use in maintaining fixed wing search and rescue operations.
