Wed, Aug 23, 2006
Money Will Be Used To Further A500, A700 Programs
Now, that's a lot of money. Adam Aircraft says it's on the
receiving end of a $93 million cash infusion from a venture capital
firm called DCM... along with several other high-end financial
companies in both the US and Europe.
"After looking at a number of emerging companies in the exciting
VLJ space, we were particularly impressed with Adam's demonstrated
ability to efficiently deploy capital," said Rob Theis, DCM general
partner.
The company says it plans to use that money to accelerate
development of its VLJ... the A700... as well as ramp up production
of its A500 centerline piston twin.
"With this funding we have more than doubled our previous
capitalization, putting us in a position to accelerate our product
development and production growth plans," said CEO Rick Adam. "Our
order backlog in excess of 400 aircraft valued at $850 million
gives us added confidence that we will be a sustainable and growing
employer in Colorado and Utah for some time to come."
Adam says the cash infusion is further evidence that its
business plan... and the concept of very light jets built out of
composite materials... is not only viable, but profitable.
"Our continued ability to raise capital and attract a
diversified portfolio of new investors is a clear indication of our
leadership in carbon fiber technology and the increasing awareness
of the burgeoning VLJ marketplace," said Chris Naro, Adam Aircraft
CFO. "Our strong backlog, together with this significant influx of
capital, leaves us well-positioned to bring our operations to
sustainable profitability."
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