WINNIPEG, Manitoba, October 03, 2024--(BUSINESS WIRE)--Exchange Income Corporation (TSX: EIF) ("EIC" or the "Corporation") a diversified, acquisition-oriented company focused on opportunities in the Aviation & Aerospace and Manufacturing segments, congratulates PAL Aerospace, Air Borealis and their partner Medavie Health NL, on their selection as the parties to design, manage and operate integrated ambulance services for the Province of Newfoundland and Labrador.

PAL Aerospace, a global leader in comprehensive aerospace solutions, and Air Borealis, a trusted partnership between PAL, the Nunatsiavut Group of Companies and the Innu Development Limited partnership, will be responsible for the design, management, and operation of integrated fixed-wing and rotary air ambulance services for the Province of Newfoundland and Labrador. Through the innovative partnership the companies have established with Medavie Health NL, these organizations will ensure safe, reliable, and efficient medical transport services for communities across the province.

"We believe the selection of PAL Aerospace and Air Borealis, in partnership with Medavie Health NL, demonstrates the Government of Newfoundland and Labrador’s commitment to providing the highest standard of medical transportation services to its residents," said Mike Pyle, Chief Executive Officer of Exchange Income Corporation. "The EIC Family of Companies is Canada’s largest, most established air ambulance operator employing both fixed and rotary wing aircraft. Today’s selection builds on the momentum of Carson Air and Keewatin Air LP’s recent selections as the fixed-wing air ambulance providers in British Columbia and Manitoba respectively, and further confirms the success of the strategic investments we’ve made to cement our leadership position in the market."

PAL Aerospace has decades of experience in delivering specialized aviation services, including extensive experience in operating air ambulance services through a well-established partnership with Medavie in Nova Scotia. The company’s dedicated team of operational and engineering experts, supported by Air Borealis’s proven operations in the region and the proven medical transportation expertise of a host of other EIC companies including Carson Air, Keewatin Air, and Custom Helicopters, will ensure the success of this critical initiative.

"It is a privilege to be entrusted with the design, management, and operation of Newfoundland and Labrador’s air ambulance services," said Calvin Ash, President of PAL Aerospace. "This partnership aligns with our long-standing commitment to safety, innovation, and community service in Newfoundland and Labrador. Our expertise in aviation, combined with Medavie’s leadership in integrated ambulance services, will ensure we deliver exceptional medical transport capabilities to the people of the province PAL will always call home."