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Press release from CNW Group

CANADIAN HELICOPTERS ANNOUNCES NORMAL COURSE ISSUER BID

Wednesday, March 02, 2011

CANADIAN HELICOPTERS ANNOUNCES NORMAL COURSE ISSUER BID09:02 EST Wednesday, March 02, 2011MONTREAL, March 2 /CNW Telbec/ - Canadian Helicopters Group Inc. ("Canadian Helicopters") (TSX: CHL.A CHL.B) announced today that the Toronto Stock Exchange (the "TSX") has accepted Canadian Helicopter's notice of intention to make a normal course issuer bid (the "Notice") to purchase outstanding common shares and/or variable voting shares through the facilities of the TSX for a period of twelve months ending on March 3, 2012.  Up to 389,523 common shares and/or variable voting shares of Canadian Helicopters, representing approximately 5% of the public float of Canadian Helicopter's common shares and variable voting shares as of February 18, 2011, may be purchased under the bid.  As of February 18, 2011, 12,589,787 common shares and 478,913 variable voting shares were issued and outstanding, of which 7,311,558 common shares and all of the variable voting shares are comprised in the public float.  Daily repurchases will be limited to 4,582 common shares and/or variable voting shares, other than block purchase exceptions. The purchases may commence on March 4, 2011 and may extend to March 3, 2012 or such earlier date as Canadian Helicopters may complete its purchases pursuant to the Notice or otherwise terminate the bid.  The number of common shares and/or variable voting shares that Canadian Helicopters intends to repurchase and the time of such repurchases will be determined by Canadian Helicopters, at its discretion.Canadian Helicopters believes that, from time to time, the market price of the common shares and/or variable voting shares may not reflect their underlying value with regard to Canadian Helicopter's financial position and future prospects. At such times, the purchase of common shares and/or variable voting shares for cancellation would, in the opinion of management, be an appropriate use of Canadian Helicopter's funds and may be advantageous to shareholders by increasing the value of the remaining shares.All the common shares and variable voting shares acquired under the bid will be purchased through the facilities of the TSX in accordance with its requirements. All common shares and variable voting shares acquired will automatically be cancelled. The common shares and variable voting shares will be purchased at their market price at the time of acquisition.ABOUT CANADIAN HELICOPTERS GROUP INC.Through Canadian Helicopters Limited, Canadian Helicopters Group Inc. is the largest helicopter transportation services company operating in Canada and one of the largest in the world based on the size of its fleet. From over 35 base locations across Canada, Canadian Helicopters provides helicopter services to a broad range of sectors, including emergency medical services, infrastructure maintenance, utilities, oil and gas, mining, forestry and construction. In addition to helicopter transportation services, Canadian Helicopters operates two flight schools, provides third party repair and maintenance services and provides military support in Afghanistan. With over 60 years of experience, Canadian Helicopters is an industry leader in establishing safety standards and operating procedures.FORWARD-LOOKING STATEMENTSThis press release contains forward-looking statements relating to the securities of Canadian Helicopters, including the purpose, volume and manner of purchases of common shares and/or variable voting shares by Canadian Helicopters under its normal course issuer bid.  Such forward-looking statements are subject to certain risks and uncertainties, and actual results or events may differ materially.  Consequently, readers should not place any undue reliance on such forward-looking statements.  In addition, these forward-looking statements relate to the date on which they were made.  Canadian Helicopters disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise unless being required by applicable laws.For further information: Canadian Helicopters Group Inc. Don Wall President and Chief Executive Officer Tel.: (780) 429-6919 Tel.: (450) 452-3007