GBA ANNOUNCES THE HAWK 4 GYROPLANE
October 14, 1998 - Groen Brothers Aviation, Inc.
Groen Brothers Aviation, Inc. (GBA) announced today design changes
in the Hawk III (three place) and Hawk V (five place) Gyroplanes. In the
Hawk III, GBA designers added a fourth seat behind the front two seats,
effectively making it a four place aircraft. The Hawk III has now been
renamed "The Hawk 4 Gyroplane." GBA designers have also been able
to increase the passenger capacity of the Hawk V from five to six. The
Hawk V has now been renamed the Hawk 6 Gyroplane.
These improvements create a higher degree of versatility in all
applications envisioned for these aircraft. The additional seat in the
Hawk 4 and Hawk 6 dramatically improves their capabilities as an air
taxi, the primary role envisioned by the Shanghai Energy and Chemical
Corporation (SECC) of China. In the Hawk 4, this represents a 50%
increase in paying passenger capability without increasing the operating
costs. SECC currently has a $50 million order for two hundred Hawk
Gyroplanes. On August 27, 1998, it was announced that the SECC asked
for and received options on an additional three hundred aircraft worth
approximately $200 million.
Initial assembly of the first four Hawk 4 Gyroplanes started on
September 22, 1998. These aircraft will be used in completing FAA type
certification which began on March 3, 1998. Completion of the complex
process that conforms the gyroplane engineering and flight specifications
to FAA rules is expected to be completed in the summer of 2000. One of
the Hawk 4 Gyroplanes will be sent to Shanghai as a demonstrator, a
preliminary step in fulfilling the contract with the SECC. This Hawk 4
will also be used for Chinese civil aviation authorities (CAAC).
Provisional performance specifications of the Hawk 4 and Hawk 6 will
remain the same. "The increase in seating will further enhance the utility
of the Hawk 4 and Hawk 6 Gyroplanes," said GBA President David
Groen, adding, "The Hawk Four will provide safe, vertical takeoff and
landing capabilities at an affordable price."
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, visit the GBA web page at:
www.groenbros.com
or you can e-mail:
mktg@groenbros.com
or write to:
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. |
