CybeRelease: (OTC: UITA) Signs Purchase Agreement for $115,000,000
( CybeRelease, August 6, 2007 ) - Lake Harmony, Pa. - Utilicraft Aerospace Industries, Inc. (OTC BB: UITA) announced a $115,000,000 Aircraft Purchase Agreement for 10 (ten) FF-1080-200 aircraft, including a training and support package, was executed by officials of Utilicraft Aerospace Industries, Inc., and Mid America Aero, LLC.
The decision to go forward on the order has been part of a Mid America Aero program to purchase FF-1080 aircraft that began earlier this year with two Letters of Intent to eventually acquire 35 (thirty-five) aircraft (see press releases dated January 10, 2007 and August 2, 2007).
Randy Moseley, VP Chief Financial Officer for Utilicraft Aerospace stated, “The definitive Agreement that was executed today for ten FF-1080-200 Aircraft, calls for a series of progress payments by Mid America Aero to begin upon ’First Flight’ of the FF-1080 prototype aircraft, with subsequent progress payments to follow based upon the completion of production milestones that are called out in the Agreement”.
In addition to this order, Mid America Aero, LLC, also retains a Letter of Intent in-place with Utilicraft for 10 (ten) of the larger FF-1080-300ER aircraft, with an option for an additional 15 (fifteen) -300ER aircraft.
David Bridges, President of Mid America Aero stated, “We were very excited earlier this year when we signed the Letter of Intent with Utilicraft Aerospace Industries to purchase ten of the FF-1080-300ER aircraft and option fifteen, and today we are equally excited about reaching an agreement to purchase ten of the FF-1080-200 series aircraft. The purchase of $115 Million worth of FF-1080-200 aircraft is a significant and exciting event for us. The -200 series freight feeder, which is designed to transport 8 LD3 shipping containers carrying 16,000 lbs. of freight up to 500 miles, will help fill a significant void in the demand for freight transfer within our region. We feel the potential of the FF-1080-200’s use at a future freight hub at Mid America Airport in Mascoutah, Illinois, is significant.”
Mr. Bridges went on to say that, “We are also very pleased with the Management Team of Utilicraft as they continue to work diligently to ensure that the rest of the development program, engineering software, tooling design and integration-engineering on the aircraft are the latest available - with the intention to deliver the FF-1080 to ’First Flight’ later this year.”
See more details on the FF-1080-200 at: http://www.utilicraft.com/1080_200/index.html
To read the complete release, go to http://biz.yahoo.com/bw/070806/20070806005369.html?.v=1
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