Plaintree Systems Inc. Subsidiary, Summit Aerospace USA Inc., Announced Today That It is Accepting Financing from the Pennsyl...
24 Julio 2013 - 7:00AM
Business Wire
Plaintree Systems Inc. (“Plaintree”) acquired Summit Aerospace
USA Inc. (“Summit”) in February 2012, a specialist in aerospace
machining of super-alloys for jet and helicopter engine components.
The operations of which has now outgrown its 8,000 square feet of
rented floor space.
“Since acquiring Summit, we have invested close to a million
dollars including a new Deckel Maho Mill and increased the staff of
experienced machinists,” said David Watson, Plaintree CEO. “This
has resulted in us having no choice but to look for much larger
manufacturing premises. We were very pleased that PIDA thru the
Pocono Mountains Industries, Inc has stepped up to the plate and
provided us with about half the financing we required with matching
financing coming from our long time bank, HSBC Bank USA."
Summit will be moving in late summer into its new 16,200 square
foot plant, also located in Pocono Summit, Coolbaugh Township,
Pennsylvania., With the aerospace industry showing strong signs of
recovery the Company is projecting the need to further expand its
current work force.
About Plaintree Systems
Plaintree has two diversified product lines consisting of
Specialty Structures and Electronics. The Specialty Structures
Division includes the former Triodetic Group with over 40 years of
experience, a design/build manufacturer of steel, aluminum and
stainless steel specialty structures such as commercial domes, free
form structures, barrel vaults, space frames and industrial dome
coverings; and the newly formed Arnprior Fire Trucks Corp., a
manufacturer of high end fire and emergency vehicles. The
Electronics Division includes the legacy Hypernetics, Plaintree
Free Space Optics businesses and the newly acquired business of
Summit Aerospace USA Inc. Plaintree’s WAVEBRIDGE solution uses LED
technology to form a secure point-to-point wireless link for data,
voice and video transmission. Hypernetics was established in 1972,
a manufacturer of avionic components for various applications
including aircraft antiskid braking, aircraft instrument
indicators, solenoids, high purity valves and permanent magnet
alternators. Summit Aerospace USA Inc. provides precision machining
of high value engine components for the aerospace and defence
markets.
Plaintree’s shares are traded under the symbol “NPT”.
Shareholders and Investors can access Company information on CNSX’s
website and receive full Company disclosure monthly. For more
information on Plaintree or to receive stock quotes, complete with
trading summaries, bid size and ask price, brokerage house
participation, insider reports, news releases, disclosure
information, and CNSX and SEDAR filings, visit the CNSX website at
www.cnq.ca or the Company’s website at www.plaintree.com.
For Further InformationAnna Pelkey(613) 623-3434 x2261
Plaintree Systems Inc.Anna Pelkey, (613) 623-3434 x2261
Plaintree Systems (CSE:NPT)
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