CAE completes final elements of Marine Controls unit sale to L-3 Communications

MONTREAL, Aug. 31  /PRNewswire-FirstCall/ -- (NYSE: CGT; TSX: CAE) - CAE Inc. and L-3 Communications Corporation (NYSE:LLL) have closed the final portion of the sale and purchase of CAE's Marine Controls unit. This portion comprised L-3's acquisition of CAE's shares in FAST Holdings Limited and the release of CAE's guarantee of approximately C$52 ((pnds stlg) 23) million of FAST project finance debt, following receipt of final approvals.

The sale and purchase of CAE's Marine Controls unit was previously announced on February 3, 2005.

Headquartered in New York City, L-3 Communications is a leading provider of Intelligence, Surveillance and Reconnaissance (ISR) systems, secure communications systems, aircraft modernization, training and government services and is a merchant supplier of a broad array of high technology products. Its customers include the Department of Defense, Department of Homeland Security, selected U.S. Government intelligence agencies and aerospace prime contractors.

CAE is a leading provider of simulation and modelling technologies as well as integrated training services for commercial and business aviation, and defence customers worldwide. The company has annual revenues of approximately C$1 billion, with operations and training facilities in 17 countries on five continents. 

DATASOURCE: CAE INC.



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