Very nice news. Maybe this is the beginning of some movement for this stock.
Tuesday September 22, 4:24 pm Eastern Time
Company Press Release
First FAA Certified Hawk Gyroplane
SALT LAKE CITY--(BUSINESS WIRE)--Sept. 22, 1998--Today, a gathering of public officials, media and aerospace suppliers joined employees of Groen Brothers Aviation (OTC BB:GNBA - news) to witness the eginning of the assembly of the Hawk III Gyroplane.
GBA President David Groen and Chairman Jay Groen secured the first two rivets attaching sections of the fuselage deck. Their actions began the initial step in what will be the production of the Hawk Gyroplane series. The Hawk III represents over twelve years of development, including the design, building and successful flight testing of three prototypes.
''This event marks a significant milestone in the success of our company,'' said President David Groen, adding, ''We are extremely proud of our staff, our suppliers, and our combined accomplishments.''
Four Hawk III Gyroplanes will be built concurrently to be used in completing FAA certification. One of the Hawk III Gyroplanes will be sent to Shanghai as a demonstrator for Chinese civil aviation authorities (CAAC), and as a preliminary step in fulfilling the $50 million contract to deliver 200 Hawk III Gyroplanes to the Shanghai Energy and Chemical Corp. (SECC).
SECC, which already has invested in ship, rail, and pipeline for transportation of its energy and chemical products, plans to expand into air taxi and package delivery. Such an expansive plan is only possible because of the revolutionary advantages of the Hawk gyroplane, which provides safe, vertical takeoff and landing capability at affordable prices.
FAA type certification of the Hawk III Gyroplane is anticipated to be completed by the summer of 2000. In March of this year, GBA began the complex process that conforms the gyroplane engineering and flight specifications to FAA rules. Certification legally enables a U.S. manufacturer to mass produce finished aircraft. US reciprocal agreements with foreign countries will also enable GBA to produce in those countries.
The Groen Brothers facility in Salt Lake City will eventually be capable of assembling one gyroplane per day from parts and equipment brought in from FAA certified suppliers which manufacture according to the company's exacting designs. With the experience of having built and flown three prototypes, and with the use of design software newly developed for small businesses, the company has been able to design, build and structurally test the Hawk III in cyperspace.
''The procedure,'' according to Jay Groen, ''is similar to the way Boeing designed and built their B-777, the first airliner ever to be completely designed and built on the computer.''
The Hawk III will have three variants--the Hawk V (five seat); the Hawk VIII (eight seat); and the Night Hawk, a tandem two seat law enforcement ship. Preliminary design has begun on all three variants, all of which will benefit significantly from the FAA certification of the Hawk III, particularly in reduced development and certification time. The company's Chinese customer, SECC, has acquired an option to purchase later models at a sales price exceeding $200 million.
Groen Brothers Aviation is a fully reporting publicly traded corporation, trading over the counter on the OTC Bulletin Board, stock symbol, ''GNBA.'' For further information you can contact GBA through its web page at, ''www.groenbros.com'' or by e-mail at ''mktg@groenbros.com'' or at its corporate headquarters: Groen Brothers Aviation Inc., 2640 California Ave., Suite A, Salt Lake City, Utah 84104-4100.
Forward-looking Information Disclaimer
Forward-looking information is subject to risk and uncertainty. Certain statements in this Press Release may contain ''forward-looking'' information that involves risk and uncertainty, including projections for deliveries, sales, research and development expense, and other trend projections.
Actual future results and trends may differ materially depending on a variety of factors, including the company's successful execution of internal performance plans; product performance; risks associated with regulatory certifications of the company's commercial aircraft by the U.S. and foreign governments; other regulatory uncertainties; collective bargaining labor disputes; performance issues with key suppliers and subcontractors; governmental export and import policies; and the ability to adequately finance operations to the date of FAA certification.
Contact:
Groen Brothers Aviation Inc., Salt Lake City
GBA Marketing, 801/973-0177
mktg@groenbros.com |
