Subsidiaries

The Company's operating segments are strategic business units that offer different products and services. The Company has two operating segments: Aviation and Manufacturing:

Aviation

Includes a variety of operations within the aviation industry. It includes providing scheduled airline and charter service and emergency medical services to communities located in Manitoba, Ontario, Nunavut and Alberta. These services are provided by: Calm Air, Perimeter, Keewatin, Bearskin, Custom Helicopters, and other aviation supporting businesses ("the Legacy airlines"). Regional One is focused on supplying regional airline operators around the world with various after-market aircraft, engines, and component parts. Provincial provides scheduled airline and charter service in Newfoundland and Labrador, Quebec, New Brunswick and Nova Scotia and also includes its aerospace business that designs, modifies, maintains and operates custom sensor equipped aircraft. Provincial has maritime surveillance and support operations in Canada, the Caribbean and the Middle East. Together all of these operations make up the Aviation segment, but to assist in further explaining the results of the segment, the Company may refer to the Legacy airlines, Regional One and Provincial.

Manufacturing

Providing a variety of manufactured goods and related services in a variety of industries and geographic markets throughout North America. The Canadian operations of WesTower CDA are focused on the engineering, design, manufacturing and construction of communication towers. Stainless manufactures specialized stainless steel tanks, vessels and processing equipment. The Alberta Operations specializes in the manufacturing of specialized heavy duty pressure washing and steam systems as well as manufactures custom tanks for the transportation of various products, primarily oil, gasoline and water. The Alberta Operations are also the exclusive distributor in Alberta, British Columbia, the Northwest Territories, south-eastern Saskatchewan, and North Dakota for Hotsy pressure washing cleaning equipment, which is used for a variety of light commercial and industrial applications. Overlanders manufacture precision sheet metal and tubular products. Ben Machine is an Ontario based manufacturer of precision parts and components primarily used in the aerospace and defense sector.

The operating subsidiaries of the Company ("Subsidiary" or "Subsidiaries") operate autonomously and maintain their individual business identities. Management of the Company continuously monitors the operating subsidiaries, and will undertake future acquisitions as deemed beneficial to the Company.