Subsidiaries

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

Aerospace & Aviation

Includes a variety of operations within the aerospace and aviation industries. It includes providing scheduled airline and charter service and emergency medical services to communities located in Manitoba, Ontario, and Nunavut. 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 through its aerospace business Provincial 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 Aerospace & Aviation segment. To assist in further explaining 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 number of industries and geographic markets throughout North America. The operations of WesTower are focused on the engineering, design, manufacturing and construction of communication infrastructure and provision of technical services. Stainless manufactures specialized stainless steel tanks, vessels and processing equipment. Ben Machine is a manufacturer of precision parts and components primarily used in the aerospace and defense sector.The Alberta Operations manufactures specialized heavy duty pressure washing and steam systems, commercial water recycling systems and custom tanks for the transportation of various products, primarily oil, gasoline and water. Overlanders manufacture precision sheet metal and tubular products. Quest is a manufacturer of an advanced unitized "window wall system" used primarily in high-rise multi residential developments in major markets of North America.

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.