Merritt Island, Fla.-based Comp Air this week announced that it received $150 million in funding from MercMed, a California-based investment company headed by former Mercury Air Group chairman Dr. Philip J. Fagan. Comp Air believes this injection of funding is sufficient to develop, certify and start production of an all-composite, pressurized turboprop single called the Comp Air 12.
AINalerts » October 9, 2008
Sino Swearingen Aircraft Corp. is now known as Emivest (Emirates Investment and Development Co.) Aerospace, it was announced this week at the NBAA Convention. Dubai-based Emivest became the majority (80 percent) shareholder of the San Antonio-based aircraft manufacturer in June, when it agreed to pump a minimum of $150 million into the aircraft manufacturer to restart and accelerate production of the SJ30 light jet.
AAI Acquisition, which bought the assets of bankrupt Adam Aircraft in April, now has about 200 employees and says that design, manufacture and test activities have resumed for the A700 very light jet. The company is backed by Russian investment firm Industrial Investors/Kaskol, which is injecting capital as the company reaches certain milestones.
As Cirrus Design’s Vision single-engine jet prototype continues to add flight hours, the manufacturer concluded a successful exhibit at this week’s NBAA show, with more deposits taken despite the state of the economy. The prototype has logged about 75 hours, most recently exploring the low-speed regime after installation of a spin chute. One change will be a single cabin door.
The NBAA Convention in Orlando, Fla., which concluded yesterday, attracted 30,811 attendees, just shy of the 30,963 people at the event last year in Atlanta. It was a “solid turnout” given all the circumstances, in the opinion of association president and CEO Ed Bolen. “This year's show comes amid spikes in the cost of fuel, tightening credit markets and a challenging economy.
The TSA today released a notice of proposed rulemaking for its Large Aircraft Security Program (LASP), which would require all U.S. operators of aircraft exceeding 12,500 pounds mtow to implement security programs that would be subject to compliance audits.