Plaintree Systems Announces Wind-Down of Summit Aerospace USA

Plaintree Systems Inc. has announced a strategic wind-down of its U.S. subsidiary, Summit Aerospace USA Inc. The decision follows a significant reduction in business from a major client, indicating unlikely recovery. Plaintree aims to liquidate Summit's assets to focus on operational efficiency and core growth areas.

In fiscal 2025, Summit contributed $2,408,450, 10.1% of Plaintree's revenue, but also incurred a net loss of $416,058, impacting Plaintree's overall finances. Summit accounts for 11.7% of Plaintree's total assets.

CEO David Watson underscored the difficulty of the decision, emphasizing the need to redirect resources towards more promising opportunities. Summit's operations are planned to cease around August 15, 2025, with efforts to minimize disruption for stakeholders.