Mon, Feb 02, 2009
Says Initial Efforts To Market Composites Expertise Have Been
Successful
AAI Acquisition, Inc. (AAIA) announced Sunday it is seeking a
strategic partner to breathe new life into the fledgling
company.
As ANN reported, AAIA purchased the assets of
the former Adam Aircraft in April 2008, and announced its intent to
continue with certification of the A700 light jet at Oshkosh... but
things took a tumble for the Russian-backed investment concern soon
after, as declining economic conditions hit the venture capital
markets hard.
In late October, AAIA chief Jack Braly announced what the
company termed a "strategic realignment," halting further
development and certification work on the stillborn A700 and laying
off most of its workforce. AAIA subsequently launched an effort to
market its engineering expertise to other companies, in order to
stay in business.
Steve Patrick, Vice President of Business Development, said this
weekend that AAI has been successful in that effort... and is now
ready to expand through new investment.
"As we continue to develop this aspect of AAIA," Patrick said,
"it is now appropriate to seek new investment partners. Based on
our initial efforts, we are building a viable business base for our
engineering solutions and services while retaining the option to
re-launch the A700 business jet."
AAIA's portfolio includes aerospace design capabilities spanning
composite applications to avionics/electrical STC support to rapid
reaction fabrication capability.
Principal targets for that initiative include the aerospace and
custom automotive sectors, as well as organizations that could
benefit from the application of cutting edge composite design and
manufacturing skills using low cost, out-of-autoclave methods that
AAIA says were perfected while developing the A700 business
jet.
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