Carter Aviation Technologies Seeks Investors For PAV Prototype | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Airborne Unlimited-
Monday

Airborne-Unmanned w/AUVSI-
Tuesday

Airborne Unlimited-
Wednesday

AMA Drone Report-
Thursday

Airborne Unlimited-
Friday

Airborne On ANN

Airborne Unlimited-11-12-18

Airborne Unmanned-11-13-18

Airborne Unlimited-11.14.18

AMA Drone Report-11.15.18

Airborne Unlimited-11.09.18

Airborne-YouTube

Airborne Unlimited-11-12-18

Airborne Unmanned-11-13-18

Airborne Unlimited-11.14.18

AMA Drone Report-11.15.18

Airborne Unlimited-11.09.18

Wed, Sep 03, 2014

Carter Aviation Technologies Seeks Investors For PAV Prototype

AAI Corp Pulls Licensing Agreement Due To Delays, Funding Issues

Carter Aviation Technologies, which has been working to build a prototype of its Personal Air Vehicle (PAV) is looking for investors after its initial supporter pulled out of the licensing agreement that was funding development of the aircraft.

The PAV was on display at Oshkosh this year. Carter Aviation Technologies owner Jay Carter told the Times Record News of Wichita Falls, TX that he has traveled outside the U.S. in an attempt to secure new financing for the project.

Maryland-based AAI Corp. had licensed the technology and provided money for the venture, and the Wichita Falls Economic Development Corporation (WFEDC) joined the effort in 2009. But Carter was also seeking local investors for the project. Carter said they met seven of the eight necessary milestones set forth by the WFEDC, but a lack of additional funding from local sources caused delays in developing a prototype, and AAI said that it would not put additional resources into the project.

Carter said that the company was aiming for military contracts that never materialized because the Pentagon wants to see an operational prototype. He said that now he's shopping the PAV to foreign investors and has asked for a two-year extension to pay back the approximately $3.3 million invested by the WFEDC.

Carter and the WFEDC agreed to a repayment schedule in April, but the company so far has not been able to come up with the first $117,187.50 payment.

If the extension is agreed to by the Wichita Falls City Council, the new repayment schedule would begin in April, 2016. Carter would pay 20 percent of all licensing sales to the WFEDC in exchange for the extension. The development group loaned Carter $468,750 for each of the milestones it met under the agreement, and that would be restructured into one large loan for the purposes of repayment.

Carter did not name the foreign investors to which he has been talking. He said that the extension would strengthen his bargaining position with potential investors because their money would go towards development costs, not loan repayment.

(Carter PAV Proof of Concept aircraft pictured in file photo)

FMI: www.cartercopters.com

Advertisement

More News

Airborne 11.12.18: Hawkins OUT of Icon, Hoversurf = Ultralight, $$$ USAF Mugs

Also: SimCom TBM910 FTD, JAL Pilot Arrested, New Contract For 15 E175s, Aero-TV: DeltaHawk Diesel The other shoe has dropped... Kirk Hawkins, the driving force behind the Icon Airc>[...]

Aero-Help Wanted: ANN REALLY Needs A Sales Pro

ANN/Airborne/Aero-TV Marketing Department Needs Part or Full Time Personnel E-I-C Note: For some reason, finding really motivated/honest/professional sales help has been a tough gi>[...]

AMA Drone Report 11.08.18: FAI Championships, Drone Controller, Vaccines By Air

Also: Mavic 2 Pro Eval Starts, DJI Expands, FlightSafety Test Prep, What’s A ‘Hover 2?’ Imagine being a 15-year-old drone racer from Australia... and now imagine >[...]

Airborne-Unmanned 11.13.18: Parrot AG Solution, Kratos Expands, Precisionhawk

Also: ERAU Certified, AeroVironment Award, International Brain-Drone Race, Relmatech's Direct Broadcast Platform European drone group Parrot has introduced Bluegrass Fields, an end>[...]

Airborne 11.14.18: Waco Classic Sold, Ryanair Jet Impound, Global SuperTanker

Also: EAA Honors Five, Flt School Converts C172s To Jet-A, FAA Medical Audit, Sporty's Video Dimor Group Inc. located in Fort Lauderdale, FL, has acquired Waco Aircraft Corporation>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2018 Web Development & Design by Pauli Systems, LC