Plaintree Systems Inc. Subsidiary, Summit Aerospace USA Inc., Announced Today That It is Accepting F
Plaintree Systems Inc. Subsidiary, Summit Aerospace USA Inc., Announced Today That It is Accepting Financing from the Pennsylvania Industrial Development Authority ("PIDA")
ARNPRIOR, Ontario--(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 Information
(613) 623-3434 x2261
Plaintree Systems Inc.
Anna Pelkey, (613) 623-3434 x2261
KEYWORDS: United States North America Canada Pennsylvania
The article Plaintree Systems Inc. Subsidiary, Summit Aerospace USA Inc., Announced Today That It is Accepting Financing from the Pennsylvania Industrial Development Authority ("PIDA") originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.