Vector Aerospace Named Preferred Bidder for British Helicopter Businesses

July 25, 2007 – Vector Aerospace Corporation announces that it was today named by the United Kingdom Ministry of Defence (MoD) as the Preferred Bidder for the purchase of the Defence Aviation and Repair Agency (DARA) Rotary Wing and Components Businesses. Assets included in the proposed purchase transaction include the helicopter repair facilities located in Southampton, U.K. and the helicopter component repair facilities located in Almondbank, Scotland.

The Southampton facilities provide MRO support for the MoD Chinook (CH-47), Lynx and Sea King helicopters. The Almondbank facilities provide MRO component support for these helicopter platforms and other platforms within the U.K., both for MoD and other customers. Contractual revenues from these Businesses are estimated to exceed $100,000,000 annually.

The proposed purchase transaction is subject to the completion of due diligence, consultation with representatives of relevant trade unions and the negotiation and finalization of a definitive purchase and sale agreement. At this stage, there can be no assurance that on-going negotiations will result in a binding transaction.

Vector Aerospace Corporation is an independent provider of aviation repair and overhaul services. Through facilities in Canada, the United States and the United Kingdom it provides services to commercial and military customers for various types of gas turbine engines, components and helicopter airframes. It also provides information technology solutions to an international customer base. Principal operations include Atlantic Turbines, Sigma Aerospace, ACROHELIPRO Global Services and Pathix. The Company has approximately 1,100 employees.