Yellowknife (July 19/06) - Discovery Air continues to buy up the Northern aviation industry and has released details for its Air Tindi purchase.

The Ontario-based company has reached a interim agreement worth approximately $64 million in cash and shares.

Discovery Air will pay $20 million in cash and will offer up 20 million shares to Air Tindi's owners.

"It's an all around good deal," said Air Tindi president Alex Arychuk.

The acquisition will be completed in the fall, after the peak summer season is over, said Arychuk.

Air Tindi has a fleet of 22 fixed wing aircrafts and employs up to 180 workers during peak season.

Arychuk said the new arrangement with Discovery Air could eventually bring more jobs to the city.

"In the long run, there is no reason it can't be good for creating jobs," he said.

"It's two companies compiling synergies."

Discovery Air recently acquired Great Slave Helicopters for approximately $120 million in cash and stock.

The company is attempting to bring together niche aviation companies across Canada, said Discovery Air president and chief operating officer David Taylor.

"Air Tindi is a highly respected fixed wing aircraft company and will be a great addition to the Discovery Air group of companies," he stated in a company press release.