Says Initial Efforts To Market Composites Expertise Have Been Successful

AAI Acquisition, Inc. (AAIA) announced Sunday it is seeking a strategic partner to breathe new life into the fledgling company.

As ANN reported, AAIA purchased the assets of the former Adam Aircraft in April 2008, and announced its intent to continue with certification of the A700 light jet at Oshkosh... but things took a tumble for the Russian-backed investment concern soon after, as declining economic conditions hit the venture capital markets hard.

In late October, AAIA chief Jack Braly announced what the company termed a "strategic realignment," halting further development and certification work on the stillborn A700 and laying off most of its workforce. AAIA subsequently launched an effort to market its engineering expertise to other companies, in order to stay in business.

Steve Patrick, Vice President of Business Development, said this weekend that AAI has been successful in that effort... and is now ready to expand through new investment.

"As we continue to develop this aspect of AAIA," Patrick said, "it is now appropriate to seek new investment partners. Based on our initial efforts, we are building a viable business base for our engineering solutions and services while retaining the option to re-launch the A700 business jet."

AAIA's portfolio includes aerospace design capabilities spanning composite applications to avionics/electrical STC support to rapid reaction fabrication capability.

Principal targets for that initiative include the aerospace and custom automotive sectors, as well as organizations that could benefit from the application of cutting edge composite design and manufacturing skills using low cost, out-of-autoclave methods that AAIA says were perfected while developing the A700 business jet.

FMI: www.aaiacquisition.com, www.industrial-investors.com