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Tue, Mar 02, 2004

Ibis Aerospace Gets Boost From Aero Vodochody

Contractor's Financial Woes Won't Affect Ae270 Program

Ibis Aerospace Ltd. announced Monday that it expects continued strong support from its Ae270 primary contractor, Aero Vodochody. The company made a public statement that Czech authorities are fully behind Aero and its Ae270 program despite Aero publicized financial woes last week. Ibis Aerospace Ltd. is a joint venture company consisting of Aero Vodochody of the Czech Republic and AIDC of Taiwan R.O.C. Established in 1919, Aero is the largest aerospace concern in the Czech Republic and is also known as a producer of military aircraft.

In a statement, company officials claim Aero Vodochody and the Czech government are fully committed to Ibis Aerospace and its Ae270 Propjet—scheduled for certification later this year. A decision by the Czech government was made on February 11, 2004, to take a more proactive role in the operations at Aero. Under a prior 8-year agreement, signed in 1998, the Czech government stated it would provide ongoing support of operational requirements at Aero through 2005. The recent change endorses the Czech government’s decision to buy out Boeing’s 35.3 percent interest in Aero and pay the company's debts. The intent is to capitalize this investment with a future stake in the company. These negotiations are expected to be final by mid-2004. Ibis Aerospace will remain responsible for marketing the Ae270 single-engine turboprop, which will be produced in a commuter and an executive version - named Spirit.

In related news, Ibis expects a boost in Ae270 production strength with the announcement of a new Vice President at Aero Vodochody. Aero has appointed Zdenek Sykora as Vice President of Civil Programs. Mr. Sykora will take the lead at Aero with respect to the company’s civil aircraft programs. This presently includes development of the Ae270 Propjet. The appointment of Mr. Sykora as Aero Vodochody’s VP of Civil Programs is the result of a restructuring at Aero designed to help the company solidify its position as a global aerospace producer. Aero’s reputation will continue to grow with successful leadership.

FMI: www.Ae270.com

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Ibis Aerospace Ltd. announced Monday that it expects continued strong support from its Ae270 primary contractor, Aero Vodochody. The company made a public statement that Czech authorities are fully behind Aero and its Ae270 program despite Aero publicized financial woes last week. Ibis Aerospace Ltd. is a joint venture company consisting of Aero Vodochody of the Czech Republic and AIDC of Taiwan R.O.C. Established in 1919, Aero is the largest aerospace concern in the Czech Republic and is also known as a producer of military aircraft. In a statement, company officials claim Aero Vodochody and the Czech government are fully committed to Ibis Aerospace and its Ae270 Propjet&mdash;scheduled for certification later this year.

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