Capital Canada Limited acts as financial advisor to Discovery Air in sale of Discovery Air Technical Services to Premier Aviation

TROIS-RIVIÈRES and QUEBEC CITY, QC, Jan. 8, 2016 /CNW/ – Premier Aviation Overhaul Centre Inc. (“Premier“) and Discovery Air Technical Services Inc. (“DATS“), a wholly owned subsidiary of Discovery Air Inc. (TSX DA.A), today announced that Premier has now completed the acquisition of substantially all of the assets of DATS on January 8, 2016.  The parties previously announced Premier’s offer to purchase DATS on June 22, 2015.

Ronnie Di Bartolo, Premier’s President and CEO commented, “We are excited to welcome the DATS employees into the Premier family.  The closing of the transaction is an important milestone in our strategic growth plan and the DATS facility positions Premier to better support our growing customer base.”

Capital Canada Limited (“Capital Canada“) acted as financial advisor to Discovery Air Inc. with respect to the transaction.

About Premier Aviation

Premier Aviation is the largest Canadian-owned aircraft Maintenance, Repair and Overhaul (MRO) and aircraft painting company in North America, with facilities in, Trois-Rivières, Quebec, Canada, Windsor, Ontario, Canada and Rome, New York, United States. Since its inception in 2002, the company has maintained a steady growth of clients and services. For more information on Premier Aviation, visitwww.premieraviation.ca.

For further information, please contact: Dave Diggle, Premier Aviation Overhaul Centre Inc., VP, Marketing, Sales & Service, 819 377-4500 ext. 398, ddiggle@premieraviation.ca

About Discovery Air and Its Subsidiaries

Discovery Air is a Canadian specialty aviation company operating over 150 aircraft with approximately 800 team members. Its subsidiaries provide airborne training to the Canadian and German military, air ambulance services, airborne fire services, helicopter operations, fixed-wing air charter services, expediting and logistics support, and a range of maintenance, repair, overhaul, modification, engineering and certification services.

Discovery Air’s Class A common voting shares and unsecured convertible debentures trade on the Toronto Stock Exchange (symbols DA.A and DA.DB.A, respectively).

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This news release includes forward-looking statements (as defined in applicable securities laws) regarding Discovery Air and/or its subsidiaries. Forward-looking statements by definition are based on assumptions and, as a result, are subject to risks and uncertainties. As a result of such risks and uncertainties, actual results may differ materially from those discussed in forward-looking statements, and readers should not place undue reliance on such statements. For a more detailed discussion of forward-looking statements and the risks associated therewith, please refer to the statement regarding forward-looking statements contained in the Management’s Discussion and Analysis section of Discovery Air’s financial statements for the fiscal year ended January 31, 2015, which are available on Discovery Air’s web site at www.discoveryair.com and on SEDAR at www.sedar.com.

Forward-looking statements represent expectations as of the date they are made, and Discovery Air disclaims any intention or obligation to update or revise any forward-looking statements it may make, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

For further information: Sheila Venman, Discovery Air Inc., VP, Human Resources & Communications, Sheila.Venman@discoveryair.com, 866-903-3247

About Capital Canada Limited

Capital Canada, established in 1975, is a mid-market independent investment banking firm which provides expert, financial advice to corporations and entrepreneurs in Canada and abroad. Capital Canada’s focus is in the private capital markets, providing investment banking services including mergers and acquisitions, private placements, financial restructuring, and general financial advisory services including fairness opinions. Led by President and CEO Robert J. Foster, Capital Canada’s dedicated professionals provide exceptional negotiating capabilities in order to achieve the optimal outcome for the client. For more information, visit www.capitalcanada.com.