Mon, Aug 29, 2005
Symphony Aircraft Industries Raises US$3.3M, Rate of Growth
Accelerating
Symphony Aircraft
Industries (SAI) announced that it has concluded a series of
financing arrangements totaling $3.3 million. The financing
consists of a mix of $2.1 million of private equity and $1.2
million long term debt. These funds will be used to fuel the
continuing and rapid growth of the company.
“This company is growing at an incredible pace. In order
to ensure that our infrastructure and working capital can support
this growth, we are pleased to announce that SAI has concluded
several financing agreements. The equity portion of the financing
includes additional funds from the company’s founding
shareholders as well as a number of new shareholders. It is very
fitting that Symphony’s shareholder family now includes
European, American and Canadian investors, who all believe in the
global potential of the planned line of Symphony products”,
said SAI President and CEO Paul Costanzo.
“What SAI has
accomplished in the last twelve months is nothing short of
extraordinary, and would not have happened without the unwavering
support of our founding shareholders. In addition, we also thank
our employees and the various government agencies that have played
key roles in seeing us through our formative stage. When we chose
to establish our business in Trois-Rivières we had no idea
of how good a decision we made; the people of this region have all
made special efforts to ensure we succeed. We are very
grateful”, Costanzo concluded.
The company also announced that it has now received orders for
eleven SA 160s featuring the Avidyne Entegra glass cockpit, and
reports that it is being overwhelmed with market interest since
presenting the world’s first glass cockpit configured 2 Place
aircraft at Oshkosh in July. The company also reported that it has
sold out its planned production for 2005.
“Our mission to bring advanced technology aircraft to the
market is striking a resonating chord with the North American
customer base. We have worked very hard to get the company this
far, and are ready to work even harder to meet the demand for this
exceptional 2 Place platform. Whether a customer is looking for
certified VFR, IFR or glass IFR products, we have high quality and
value packed aircraft to meet each of these requirements”,
said SAI VP Sales & Marketing Tim Baldwin.
The SA 160 is a 2 Place aircraft that offers 700 lbs. of useful
load, 128 knot cruise speed, a roomy and comfortable cabin,
outstanding visibility, a large baggage compartment and an elegant
and modern look. In addition, its control stick and exceptional
handling characteristics offer pilots of all levels of expertise a
sporty yet safe flying experience.
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