groenbros.com
CHINESE ORDER EXPANDED
August 27, 1998 - Groen Brothers Aviation, Inc. (GBA)
announced today that the Shanghai Energy and Chemicals
Corporation (SECC) of Shanghai, China, has asked for and received an option to purchase three hundred additional gyroplanes. SECC currently has a $50 million order for two hundred Hawk III gyroplanes. This option gives them the right to add one hundred more Hawk IIIs (three passenger), one hundred Hawk Vs (five passenger), and one hundred Hawk VIII (eight passenger) gyroplanes.
GBA has not solidified its pricing schedules for the Hawk V and Hawk VIII gyroplanes, but if the options are exercised the additional three hundred gyroplane order could be worth $220 million.
Mr. Jay Groen, Chairman of the Board of Directors of GB, returned from China yesterday, having spent the last week in negotiations with the top executives of SECC. "SECC is preparing for an air taxi operation in China, using the Hawk gyroplanes. They wish to insure that they will have first access to the larger Hawk series gyroplanes when these
aircraft become available from GBA." said Mr. Groen.
Limited production of the Hawk III is scheduled to begin this September. Delivery of the first Hawk III demonstrator gyroplane to China is scheduled for summer 1999. Following FAA certification, estimated to be completed nine to twelve months later, regular deliveries will begin.
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.
Seer |
