Vector Aerospace joined together with the Governments of Canada and Prince Edward Island today to announce the expansion of Atlantic Turbines International (ATI) which will result in the addition of 120 jobs to its operations at Slemon Park.

"We are delighted that our initial investment has paid very healthy returns to the people of the Province of Prince Edward Island," said Mark Dobbin, Chairman and CEO of Vector Aerospace. "I am here to commit on behalf of Atlantic Turbines International to build upon that success."

Vector Aerospace recently secured a license agreement with Pratt and Whitney Canada for the PT6A engine, which is the most widely used turbine engine on propeller driven aircraft. Approximately 27,000 of these engines have been produced to date. Atlantic Turbines International has been designated by Vector Aerospace as the subsidiary which will provide full maintenance, repair and overhaul of the new T6A engine line.

In addition to the new jobs that will be created at Atlantic Turbines over four years, sales for the PT6A engine line will increase by $50-million annually. A further $10-million in annual sales is forecasted from the expansion of their existing work on PW100 series engines.

"It's a great day for Prince Edward Island," said the Honourable Pat Binns, Premier of Prince Edward Island. "This added engine line at ATI will foster increased investment, exporting opportunities, international recognition and most important, employment opportunities for our province. With growth of this magnitude, the aerospace sector will become an even more important component of our economy." The Premier went on to say, "On behalf of the Government of PEI, it is with sincere appreciation that we congratulate Vector Aerospace on their success with their recent negotiations with Pratt and Whitney Canada."

Atlantic Turbines became one of the first tenants of the Summerside Aerospace Centre located at Slemon Park. Since the closure of the former CFB Summerside in 1989, its assets have been used to build the nucleus of P.E.I.'s highly technical aerospace industry. Atlantic Turbines has shown steady growth over the years and currently employs 150 people. Annual sales for Atlantic Turbines have exceeded expectations, and are approximately $80-million annually.

"Atlantic Turbines is truly a success story, for the company and for the Islanders it employs," said Joe McGuire, Member of Parliament for Egmont. "Today's significant announcement further emphasizes the success of investments in the aerospace industry, creating jobs and wealth in the Summerside area. Not only are the jobs full-time, year round employment, but they are also highly skilled and well paid. "

Slemon Park Corporation was established in 1992 in order to help diversify the economy in the Summerside area. During the past seven years, more than 800 jobs have been created at Slemon Park with approximately 320 of these in the aerospace sector.

For more information, contact:

John MacDougall
Atlantic Turbines International
(902) 436-1333

Brian Schmeisser
Atlantic Canada Opportunities Agency
(902) 566-7422

Kandace Ling
Enterprise PEI
(902) 894-0367