Advanced Aerodynamics & Structures (AASI) has raised the first $5 million of a $10 million cash injection needed to complete the long-awaited US Federal Aviation Administration certification of the Jetcruzer 500 turboprop, as well as to ramp up its Long Beach, California, factory site for mass production.
A group of investors is raising the cash from the sale of cumulative convertible preferred stock from AASI and will help fund completion of work on a composite fuselage for pressurisation tests. Additional cash will be used to help complete maximum cruise-speed trials on the initial Jetcruzer, which has accumulated more than 1,000h of flight tests. AASI says all tests are due to be completed by the end of this month, with FAA certification expected around June. Initial deliveries will begin in "the latter part of 2000", it adds.
The company has a backlog of 182 firm orders, worth about $220 million, and plans to bolster its orderbook with a fractional-ownership scheme being developed (Flight International, 18-24 January). The pressurised, single-engined six-seater is priced at $1.4 million.
Source: Flight International
