CALGARY, ALBERTA--(Marketwire - Dec. 28, 2011) - AeroMechanical Services Ltd. (TSX VENTURE:AMA) ("AMA" or the "Company"), today announced that Richard Hayden has resigned as President of the Company effective December 31, 2011 and will transition to a role within the Company focused on strategic business development. Mr. Hayden will remain a director of AMA.
Effective as of December 31, 2011, Bill Tempany, the current Chief Executive Officer will assume the role of President and CEO and Douglas Marlin will be named Chairman of the Board of Directors.
"During this past year, Mr. Hayden's focus has been on the development of the business aviation sector and he will now concentrate on closing key deals with three prospective business aviation customers," said Mr. Tempany.
Early in 2011, Mr. Tempany assumed much of the day-to-day responsibility for the operations of the Company including the completion of the Automated Flight Information Reporting System (AFIRS™) 228 development program.
Mr. Hayden will enter into an employment contract at his existing salary for a period of 16 months commencing January 1, 2012 and receive commissions on sales for the three key accounts for a period of up to 48 months. As part of the change, AMA has granted incentive stock options for 1,000,000 common shares at an exercise price of $0.20 per share, subject to regulatory approval under the stock option plan approved at the Annual and Special Meeting on June 2, 2011. The stock options' vesting terms are based on the successful receipt by the Company of agreed upon cash payment amounts from the three customer accounts Mr. Hayden is responsible for and have an expiration date of December 31, 2013. A maximum of 10% of the issued and outstanding shares are reserved under the Company's stock option plan. The options are subject to a four-month hold period expiring May 2, 2012.
About AeroMechanical Services
AeroMechanical Services Ltd., under the brand name FLYHT™, provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS™ UpTime™, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real time. If an aircraft encounters an emergency, AMA's triggered data streaming mode, FLYHTStream™, automatically streams vital data, normally secured in the black box, to designated sites on the ground in real time. The company has been publicly traded on the TSX Venture Exchange since 2003 under the trading symbol AMA.
AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of AeroMechanical Services Ltd.
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