Wed, Oct 29, 2008
Development Of A700 Suspended As BoD Eyes Economic
Confirming earlier reports to ANN, on Tuesday
AAI Acquisition (AAIA) President and CEO Jack Braly announced what
the company termed a "strategic realignment" of the company's goals
and objectives in response to worldwide economic conditions.
Braly said AAIA's development schedule, which had originally
projected certification and first delivery of the company's A700
all-composite Very Light Jet (VLJ) program, is being reconfigured
in light of recent economic developments around the world.
Members of AAIA's investment team and Board of Directors are
currently evaluating economic and market conditions before
announcing a new schedule for the A700 twin-engine business jet.
Flight test and other development activity have been suspended.
AAIA's workforce is being pared to a size necessary to sustain the
company while a new schedule and strategic plan are developed.
Originally, AAIA had projected FAA certification and first
deliveries of the A700 in 2010. Members of AAIA's workforce were
notified of the realignment -- and resulting layoffs, which AAIA
declined to give firm numbers on -- at the close of business
Braly declined to speculate when a new schedule might be
announced, noting that worldwide economic conditions are
unprecedented and will need to play out somewhat before a proper
evaluation and plan can be formulated.
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