Thursday, 20 May 2010

AeroMechanical's Annual Meeting/ First Quarter Results

AeroMechanical Services Ltd.
(TSX:V-AMA)
Basic Shares: 103.1 million
Fully Diluted: 117.6 million

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As ships continued to search for the missing black box on board the Air France jet that crashed into the Atlantic Ocean last summer, some key and long term AeroMechanical employees talked at AMA's annual meeting about how that event brought recognition to their company.

One of those was Kent Jacobs, a nine year employee and the first to join AMA. He is now the Director of Advanced Applications.

He told the roughly 40 people in attendance at the May 20th meeting how that horrible tragedy motivated him and others to find a fix so in the future the industry and families of the missing aren't left in the dark as to why a rare aircraft accident occured.

He was referring to AeroMechanical's ability to broadcast back to earth all the data going into a black box when an emergency occurs on an aircraft - the kind of data French authorities have spent roughly $40 million in three so-far fruitless searches to find at the bottom of the ocean.

"If we had (AMA's technology on board the Air France flight) the world would be a different place," Jacobs told shareholders. "We would know what happened." Jacobs also detailed how that technological breakthrough had thurst AMA on to the world stage and lead him to demonstrate it to Airbus and Boeing executives, as well as to biggest producer of black boxes in the world, a subsidiary of L-3 Communications.

As shareholders know, the L-3 demonstration lead to that giant U.S. company ($15.6 billion in annual revenues at the parent corporation) to form a teaming agrement that will see AMA's technology integrated with L-3 black boxes and offered to aircraft manufacturers and giant airlines around the world.

AMA President Dick Hayden reinforced Mr. Jacobs' message by adding: "In five years we may look back and say this made the company." A film crew was at the AMA annual meeting and more on Mr. Jacobs' presentation will be aired through links on the websites of both AMA and The Howard Group. Those links will be posted soon.

The day following the annual meeting, AMA's first quarter results were published.

To view those results, please click here.