Announces $1.5 Million (NZD) In Oversubscriptions

Could we finally be on the verge of getting the long-promised "jetpack"? New Zealand based Martin Aircraft Company Limited (“MACL”), which is developing what it calls the world’s first practical and commercial flying jetpack, says it has closed its pre-IPO fundraising round one week ahead of schedule and with $1.5 million NZD (approx $1.23 million U.S.) of oversubscriptions.

Axstra Capital, a Sydney based Corporate Advisory Firm, managed the pre-IPO capital raising and Managing Director Reuben Buchanan is very pleased with the result.

“We are very happy to be able to close the pre-IPO ahead of schedule,” he said. “This result gives us a strong indication of the positive investor interest for the Martin Jetpack story here in Australia. We can now focus our attention on the next step which, as previously foreshadowed, includes a possible IPO and listing of the company.”

The pre-IPO funds raised are being used to drive the Jetpack towards commercialization as well as to pay for ongoing costs.

The company is seeing increasing interest and inquiries from around the world in its product due to its unique advanced technological capability when compared to its competitors.Due to the success of the raising, the Company will hold a general meeting of shareholders shortly to approve the issue of capital exceeding the original estimated raising.

Norton Rose Fulbright, Bell Gully and PwC have been engaged to advise Martin Aircraft on next steps as the company looks to raise further funds to commercialize and manufacture the Jetpack to meet with current global demand.

The company raised $6.5 million NZD from a mix of sophisticated and high net worth investors, as well as over $1 million NZD invested from Asia based venture fund. Investors were predominantly Australian, with several out of the USA, NZ and Asia. The company now has over 125 shareholders.

The "jetpack" actually uses ducted fan technology powered by a V4 two-stroke engine which the company website says produces 200 horsepower to provide lift, but otherwise, it looks alot like the devices predicted decades ago for personal transportation.

(Image provided by Martin Aircraft Company)

FMI: www.martinjetpack.com