Reported its PAL Airlines subsidiary has completed a Letter of Intent (LOI) with Air Canada as a preliminary step towards the finalization of a commercial agreement between the two airlines for the provision of regional air services in eastern Canada. The proposed agreement, which remains subject to final negotiations between the parties, would see PAL Airlines acquire up to six additional Dash 8-400 aircraft to be operated on behalf of Air Canada for a term of up to five years on regional routes in eastern Canada. Exchange Income Corporation shares T.EIF are trading down $0.17 at $54.39.