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Mon, Feb 11, 2008

Aero-News Alert: Adam Aircraft Shut-Down Confirmed

Adam Shuts Down... For Now

ANN RealTime Update -- 1727 EST, 02.11.08: Official Statement -- Adam Aircraft Suspends Operations

"In a difficult but necessary move, Adam Aircraft Industries suspended operations today at its facilities in Colorado. This measure was required due to the inability of the company to come to terms with their lender for funding necessary to maintain business operations. The company is currently exploring all of its alternatives and will provide further guidance when decisions are made, which is expected to be later this week."

Initial Report -- 1602 EST, 02.11.08: ANN has confirmed that Adam Aircraft has shut down ALL operations for the moment... pending future decisions on the part of those holding the purse strings. Officials representing the decision-makers (i.e., the lenders) for Adam Aircraft ordered the doors shut, while personnel were told to go home and await further instructions, as of today (Monday, 02.11.08).

While information remains sketchy until further details emerge (and are promised momentarily), negotiations have been ongoing for some weeks now, in search of a funding solution for Adam's continued development and production plans. Those efforts have failed to achieve a feasible result.

As a result, a decision was made to shut the doors. This decision has been made 'pending any possible future funding solutions' in order to preserve what cash remains while they await what may be (hopefully) a more positive set of decisions. Please note that Adam spokespersons maintain that they do hold out hope for a possible restart in the not-too-distant future and confirmed that negotiations for possible funding solutions continue at this time.

There have been no reports of a bankruptcy filing, and informed sources indicate that such rumors are "premature" based on the continuing search for a funding deal. 

FMI: www.adamair.com

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