Warehouse If For Lease And Phones Are Going Unanswered

A company that has been working towards bringing a personal aircraft that you can strap to your back to market has closed its doors and put its warehouse up for lease.

The Martin Aircraft Company has for years been touting the Martin Jetpack as the next wave of personal aviation. But the Christchurch, New Zealand-base company has burned through more than $50 million in its investor's money, and has finally thrown in the towel, according to Stuff.co.nz.

In 2010, Martin Aircraft Company was rated by Time Magazine as one of the world's top 50 "most anticipated" inventions. But the "jetpack" ... which actually used a pair of ducted fans to provide lift and thrust, has been eclipsed by the large number of personal eVTOL aircraft that are currently under development. Jetpack inventor Glenn Martin, who quit the company that bears his name five years ago, estimates that there are now some 300 companies worldwide developing personal aircraft.

Martin has acted as a consultant to some of those companies, and has encouraged Larry Page to test the Cora electric aircraft in New Zealand.

Currently, Chinese company KuangChi Science holds the controlling interest in Martin Aircraft Company. The firm underwent a restructuring last year, reducing the number of employees to three on a "casual" employment basis. "This restructure necessitated the voluntary surrender of the company's certification with the Civil Aviation Authority," the company said at the time.

Liquidation of the company's assets is expected to be completed by later this year. Repayment of a $10 million loan to KuangChi Science will take precedence over payment to all other creditors.

(Image from file)

FMI: Original report