HALIFAX,
May 3, 2013 /CNW/ - Chorus Aviation
Inc. ("Chorus") (TSX: CHR.B CHR.A CHR.DB) today
provided an update on the expected timing of the arbitration
relating to the benchmarking provisions in the Capacity Purchase
Agreement ('CPA') with Air Canada.
On February 20,
2013 Chorus confirmed the next hearing before the
arbitration panel would take place in April
2013. The hearing occurred as scheduled, but the
parties did not complete their respective submissions within the
time available. As a result, further hearing dates have been
scheduled for July 2013 and a date
for oral argument in September
2013.
"The benchmarking arbitration is proving to be
an extended process that unfortunately won't likely be concluded
before the fourth quarter of this year," said Joe Randell, President and Chief Executive
Officer, Chorus. "We remain confident in our position that
the controllable mark-up of 12.5% in our Capacity Purchase
Agreement with Air Canada should not change as a result of this
benchmarking exercise. While this process is outside of our
control, we continue to believe this period of uncertainty will
result in a positive conclusion."
Caution regarding forward-looking
information
Certain statements in this news release may
contain statements which are forward-looking. These forward-looking
statements are identified by the use of terms and phrases such as
"anticipate", "believe", "could", "estimate", "expect", "intend",
"may", "plan", "predict", "project", "will", "would", and similar
terms and phrases, including references to assumptions. Such
statements may involve but are not limited to comments with respect
to strategies, expectations, planned operations or future
actions.
Forward-looking statements relate to analyses
and other information that are based on forecasts of future
results, estimates of amounts not yet determinable and other
uncertain events. Forward-looking statements, by their nature, are
based on assumptions, including those described below, and are
subject to important risks and uncertainties. Any forecasts or
forward-looking predictions or statements cannot be relied upon due
to, amongst other things, changing external events and general
uncertainties of the business. Such statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements to differ materially
from those expressed in the forward-looking statements. Results
indicated in forward-looking statements may differ materially from
actual results for a number of reasons, including without
limitation, risks relating to Chorus' relationship with Air Canada,
risks relating to the airline industry, energy prices, general
industry, market, credit, and economic conditions, competition,
insurance issues and costs, supply issues, war, terrorist attacks,
epidemic diseases, acts of God, changes in demand due to the
seasonal nature of the business, the ability to reduce operating
costs and employee counts, secure financing, employee relations,
labour negotiations or disputes, restructuring, pension issues,
currency exchange and interest rates, leverage and restructure
covenants in future indebtedness, dilution of Chorus shareholders,
uncertainty of dividend payments, managing growth, changes in laws,
adverse regulatory developments or proceedings, pending and future
litigation and actions by third parties. The forward-looking
statements contained in this discussion represent Chorus'
expectations as of May 3, 2013, and
are subject to change after such date. However, Chorus disclaims
any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required under applicable securities
regulations.
About Chorus Aviation Inc.
Chorus Aviation Inc. ("Chorus") was incorporated
on September 27, 2010 and is a
dividend-paying holding company which owns Jazz Aviation LP, and
Chorus Leasing III Inc.
Chorus is traded on the Toronto Stock Exchange
under the trading symbols of CHR.A, CHR.B and CHR.DB.
For more information, visit
www.chorusaviation.ca
SOURCE CHORUS AVIATION INC.