News and Announcements
Martin Aircraft Limited announces supply of Series 1 Jetpacks
- Published February 28, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Martin Aircraft Limited (ASX:MJP) is pleased to announce that it has entered into an agreement today with Shenzhen KuangChi Dream Technology Company Limited for the supply of four Series 1 Jetpacks and one pilot training simulator.
KEY TAKEAWAYS:
- Shenzhen KuangChi Dream Technology Limited is a subsidiary of Martin Aircraft’s majority shareholder.
- The sale follows the successful Martin Jetpack Shenzhen flight demonstration in December 2015 demonstrating the strong desire to see the commercialization of the jetpack product in China.
- Payment terms are 80% payment on delivery and obtaining NZ Certificate of Registration and 20% payment on final customer receipt and confirmation of acceptance tests.
- Martin Aircraft anticipates completion of all payment milestones in mid-2017 for three Series 1 Jetpacks and delivery of the final and fourth Series 1 Jetpack in later 2017.
“It is anticipated that subject to obtaining necessary regulatory approval as an experimental aircraft, Martin Aircraft will initially operate and support the aircraft in China under a Service and Support Agreement still to be negotiated.”
Martin Aircraft Company Limited is the maker of the innovative Martin Jetpack, the world’s first practical Jetpack, which is poised to alter the dynamics of aviation.
Initially designed as a personal Jetpack for individuals in the leisure market, the company soon realised the ground-breaking role the Jetpack could play in saving and improving human lives. As well as recreational usage, its potential applications span first response, search and rescue, military, and commercial, both in a manned and unmanned capacity.
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