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10:00 EST Monday, November 16, 2009

CALGARY, Alberta (Business Wire) -- AeroMechanical Services Ltd. (AMA) is pleased to announce that it has entered into an agreement with Max Capital Markets Ltd. to act as agent (the "Agent") in connection with a financing of up to 16,000,000 Units (the "Units") of the Corporation at a price of $0.50 per Unit (the "Offering"). Each Unit shall be comprised of one common share (a "Common Share") and half of one common share purchase warrant (a "Purchase Warrant"). Each whole Purchase Warrant shall be exercisable into one Common Share at an exercise price of $0.75 for 18 months following the closing of the Offering. The gross proceeds of the offering will be up to $8,000,000. The Units will be offered by way of private placement exemptions from prospectus requirements in such provinces of Canada as the Agent may designate.

In consideration for its services, the Agent shall receive a placement fee equal to 8% of the gross proceeds raised in connection with the Offering as well as broker warrants ("Broker Warrants") in an amount equal to 7% of the Units sold under the Offering.

The proceeds received by the Corporation from the sale of Units will be used to support the integration of the Corporation's products with L-3 products for the teaming agreement recently announced as well as completion of the next generation afirs 228 product that is required to meet forthcoming regulatory changes in Europe and elsewhere

All of the Common Shares issued pursuant to this private placement are subject to a 4-month hold period. Completion of the private placement is subject to the final approval of the TSX Venture Exchange. The Corporation expects to complete the Offering on November 20, 2009