Today was an exciting day at the 51st International Paris Air Show for New Zealand-based Martin Aircraft Company Limited (Martin Aircraft or Company)(ASX:MJP) as it has made four major announcements, including the establishment of a significant business relationship based in China, that the Company hopes will open up commercial opportunities for its innovative and futuristic Martin Jetpack.
Named as one of Time magazine's Top 50 inventions for 2010, the Martin Jetpack is the world's first practical jetpack, with potential search and rescue, military, recreational and commercial applications, both manned and unmanned.
The Martin Jetpack has quickly become one of the more interesting exhibitors at this year's Paris Air Show capturing the imagination of both governments and industry participants.
Chief Executive Officer/Managing Director of Martin Aircraft, Mr Peter Coker said, "We knew that coming to Paris would be an important commercial milestone for us as we launch the Martin Jetpack and our Heavy Lift Unmanned Aerial Vehicle onto the global stage, but we were not prepared for the scale of interest that the Martin Jetpack has generated in just the last two days alone",
The four agreements signed by Martin Aircraft today in Paris are:
An agreement with Beijing Flying Man Science & Technology Ltd involves the parties working towards the future delivery of a Martin Aircraft package with an initial tranche of 100 manned Jetpacks, 50 unmanned Jetpacks, 25 static models and 25 simulators. It is noted that at this stage the agreement is a strategic co-operation agreement and any sales are dependent upon a successful supply agreement.
An agreement with Beijing Voyage Investment Ltd a subsidiary company of well-known Chinese-based AVIC International Holdings Ltd for the intended future delivery of manned and unmanned Jetpacks, simulators, and static models.
An alliance agreement with Czech Republic-based Martin Aircraft Company s.r.o. to establish a European sales centre for the Martin Jetpack.
An alliance agreement with New Delhi based M2K Group Ltd to establish a regional sales presents in commercially important India market.
The signing ceremony was witnessed by senior government representatives of New Zealand, China, India and the Czech Republic, along with the Chair of Martin Aircraft, Mr Jon Mayson, Chairman of KuangChi Science and Martin Aircraft Director Dr Ruopeng Liu, and Chief Executive Officer/Managing Director of Martin Aircraft, Mr Peter Coker.
Commenting on the signing of the four agreements, Mr Coker said, "The Company has progressed rapidly since its public listing on the Australian Securities Exchange earlier in the year. We are now well on the path to commercialisation and our move from a Research & Development company to a commercial entity is well marked today with these announcements.
Mr Coker noted that "Production will be primarily undertaken at our New Zealand manufacturing facility and with an expected eventual capacity of up to 500 units per annum, we are confident we can meet the demands from both the Chinese and International markets".
Martin Aircraft is currently exhibiting at the Paris Airshow and can be located in Hall 5 G249.