Groen Brothers Aviation, Inc. has
announced that in exchange for a minimum equity investment of $1
million, GBA has granted a Chinese investment group a six-month
period in which to bring to the Company a funding/partnering
package sufficient to fund the completion of the Hawk 4 Gyroplane
program up through FAA Certification and production. In addition,
during this same period, the Agreement grants this investment group
the right to bring a funding/partnering package for the development
of larger commercial GBA GyroLiner gyrodynes of Groen Brothers
Aviation’s design.
As a result of this agreement, Jay Groen, Chairman of GBA, and
Robin Wilson, Executive VP & Head of Business Development,
traveled to China in March to meet with government officials and
aerospace executives. These high level meetings were arranged by
this investment group, executives of which accompanied GBA during
the twelve-day visit. In these meetings, GBA made presentations
covering the application of GBA’s gyroplane and gyrodyne
technologies to China’s commercial needs. The presentations
were well received and resulted in GBA being invited back to China
to discuss specific proposals for joint ventures or
cooperation.
"There can be a very large market for our products in China,
from the SparrowHawk size gyroplanes, to the Hawk 4 Gyroplane and
its variants, to the varying sizes of tip-jet powered gyrodynes in
commuter airline and transport category aircraft," said David
Groen, President & CEO. "With China’s burgeoning economy
requiring rapid development of its transportation infrastructure,
these types of safe, economical, high performance Ultra-Short and
Vertical Takeoff and Landing (USTOL & VTOL) aircraft can be
very important in helping to solve their transportation needs. We
are pleased at this progress."
Groen Brothers Aviation, Inc. has developed what is reportedly
the first commercially viable modern gyroplane, the "Hawk 4." The
gyroplane is a hybrid aircraft with the low operating cost of an
airplane and the off-runway operating capability of a helicopter.
Through its wholly-owned subsidiary, Groen Brothers Aviation USA,
Inc., the Company has also developed and is currently selling a
smaller kit gyroplane, the "SparrowHawk," to meet the growing
demands of the home-built gyroplane kit market, and to provide a
safe, economical airborne patrol vehicle for law enforcement and
other government applications. The Company continues to develop a
nationwide dealership network for the sale of these products.