Bearskin sold

A major announcement impacting the airline industry in Northwestern Ontario.  Exchange Income has signed a letter of intent to acquire Bearskin Airlines.  The acquisition is valued at 32.5-million dollars. Bearskin President Harvey Friesen says the timing was right.  Friesen says the sale will help stabalize the company and stresses there will be no layoffs or change in service.  Exchange Income owns and operates CalmAir and Keewatin Air as well as Perimeter Air. The cash and share deal is expected to close in the fourth quarter.