Employees On 'Mandatory Vacation' For Week

ANN REALTIME REPORTING 11.27.07 1330 EST: Employees at Aviation Technology Group, developers of the ATG Javelin personal jet aircraft, received some unexpected news as they returned to work Monday following the Thanksgiving holiday: they have another week off, at least, while the company works to secure additional capital.

"These aren't layoffs," company spokesperson Susan Hughes told ANN. "We're in a slowdown right now because we're awaiting funding." Specifically, ATG is awaiting word on additional funding from CitiGroup, which is already an investor in the Javelin program.

However, Hughes did admit if that funding doesn't come through by the end of the week, "there will be layoffs," though she added the company would continue on with a skeleton crew until additional funding is secured.

ATG has 157 orders for its two-seat Javelin 100, which departs from the "personal jet" model established by the likes of Cirrus and Diamond in that the tandem-seat aircraft resembles a 3/5-scale fighter jet.

First unveiled in 2002, the Javelin is powered by two Williams FJ-33 turbofans, powering the aircraft to a cruise speed of 500 knots.

FMI: www.avtechgroup.com