Erickson Air-Crane Inc Signs Binding Term Sheet Regarding Acquisition Of HRT Air Services Business

Erickson Air-Crane Inc announced that it has executed a binding term sheet and made progress toward completion of its previously announced intention to purchase the Air Amazonia aerial services business from HRT Participacoes em Petroleo, S.A. (HRT). This binding term sheet, which replaces the non-binding letter of intent entered into on September 14, 2012, commits the parties to work in faith towards establishing and executing definitive agreements and related documentation to cause the acquisition to occur on the terms set forth in the binding term sheet. Subject to the satisfaction of certain agreed closing conditions, the Company expects the transaction to close during the second quarter of 2013, significantly ahead of the original schedule. The agreed-upon total transaction price would be $65 million to $75 million contingent upon meeting certain contractual terms. If the transaction closes, the Company expects it would be immediately accretive