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Thursday June 24, 12:33 pm Eastern Time
Company Press Release
Groen Brothers Aviation Brings CFO Aboard
SALT LAKE CITY--(BUSINESS WIRE)--June 24, 1999--Groen Brothers Aviation Inc. (GBA)
(OTC BB:GNBA) Thursday announced that it has brought on board as the company's Chief
Financial Officer, Matthew G. Tezak.
Tezak spent the majority of his career in the retail food industry with Smith's Food & Drug Centers Inc., a $3 billion supermarket chain which
was acquired by Fred Meyer Inc. in September of 1997. Tezak brings a wealth of experience to GBA.
His responsibilities as chief financial officer at Smith's included managing all financial, treasury, risk management and accounting functions.
Groen Brothers Aviation (GBA) has grown rapidly in the past 24 months, having designed, built and installed Hawk 4 gyroplane production
tooling at its Salt Lake Facility. On June 20, the company shipped its first Hawk 4 from Salt Lake City to its flight operations facility in
Buckeye Municipal Airport near Phoenix.
The Hawk 4 will soon undergo flight trials in preparation for its world debut in late July at the largest air show in the world -- the EAA
AirVenture in Oshkosh, Wis.
The Hawk 4 (four-seat) gyroplane, now being certified by the FAA, is included in ''rotorcraft'' category along with helicopter. However, the
Hawk is mechanically much simpler, less expensive, and easier to fly. Itself an evolution of three successfully flown GBA prototypes, the
Hawk 4 can take off and land vertically but cannot hover. For most rotorcraft work, hovering is not a requirement.
The big advantage of the Hawk gyroplane series (six- and eight-seat Hawks will follow) is that the operator enjoys vertical takeoff and landing
capability with similar flight performance and operating cost of fixed wing aircraft.
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 West California Ave., Suite A, Salt Lake City, UT 84104-4593.
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
www.groenbros.com
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