Monday, June 11,
GLYNN WILLIAMS ANNOUNCES THE FORMATION OF RELIANCE AEROTECH CANADA
Toronto, Ontario Glynn Williams today announced the formation
of Reliance Aerotech Canada Inc. to provide strategic management
services to the Reliance Aerotech group of companies and to bring
Reliance Aerotech's maintenance, repair, and overhaul (MRO) services
to Canada's growing regional commercial aviation market. Williams
will serve as chairman and chief executive.
Williams, a founder and managing director of Newcrest Capital Inc.
was looking for a new entrepreneurial challenge after Newcrest's
sale in the fall of 2000 to TD Securities Inc. and turned to his
lifelong passion for aviation in seeking inspiration.
"The sale of Newcrest provided me with a unique opportunity
to re-evaluate where I wanted to take my life over the next decade," said
Williams in announcing his new venture. "I had spent the past
five years building Newcrest and the past 20 years of my life working
with several investment companies at the corner of King and Bay.
I just thought it was time to move in a direction that would integrate
my experiences and education in a new and exciting way."
A registered pilot, Williams has had a lifelong interest in flying
and airplanes. With Masters degrees in both engineering and business
from the University of Toronto, the commercial MRO business, which
provides mechanical and technical services for commercial air transport
fleet operators, was a natural place to put his entrepreneurial talents
"The commercial MRO business continues to undergo significant
growth and is projected to reach almost $36 billion globally by 2004," said
Williams in discussing the economic impact of the sector. "With
tremendous growth in the regional commercial aviation market an
area in which Canada excels Reliance Aerotech is positioned
to grow significantly. Our goal is to be the leading independent
MRO organization in North America serving the regional commercial
and business aviation markets."
Reliance Aerotech Services Inc. offers technical support, including
on-site maintenance, system installations, customer technical support,
logistics and consulting to some of the leading names in aviation.