Avcorp Industries to buy CAD$11 million machining business

Avcorp Industries Inc. ( www.avcorp.com) announced it has agreed to acquire all of the shares of a privately-held machining business that derives more than 50 percent of revenues from military-related business. Avcorp, which is based in Vancouver, British Columbia, did not identify the business it is buying. However, the aircraft industry supplier said the machining business is based in British Columbia, and is more than 20 years old, and has annual sales of about $11 million in Canadian dollars. Avcorp also said existing management of the machining operation will be retained. The agreement is subject to completion of due diligence and a definitive agreement by April 30, 2007, with closing scheduled for May 31, 2007.