Symphony Aircraft Industries Raises US$3.3M, Rate of Growth Accelerating

Symphony Aircraft Industries (SAI) announced that it has concluded a series of financing arrangements totaling $3.3 million. The financing consists of a mix of $2.1 million of private equity and $1.2 million long term debt. These funds will be used to fuel the continuing and rapid growth of the company.

“This company is growing at an incredible pace. In order to ensure that our infrastructure and working capital can support this growth, we are pleased to announce that SAI has concluded several financing agreements. The equity portion of the financing includes additional funds from the company’s founding shareholders as well as a number of new shareholders. It is very fitting that Symphony’s shareholder family now includes European, American and Canadian investors, who all believe in the global potential of the planned line of Symphony products”, said SAI President and CEO Paul Costanzo.

“What SAI has accomplished in the last twelve months is nothing short of extraordinary, and would not have happened without the unwavering support of our founding shareholders. In addition, we also thank our employees and the various government agencies that have played key roles in seeing us through our formative stage. When we chose to establish our business in Trois-Rivières we had no idea of how good a decision we made; the people of this region have all made special efforts to ensure we succeed. We are very grateful”, Costanzo concluded.

The company also announced that it has now received orders for eleven SA 160s featuring the Avidyne Entegra glass cockpit, and reports that it is being overwhelmed with market interest since presenting the world’s first glass cockpit configured 2 Place aircraft at Oshkosh in July. The company also reported that it has sold out its planned production for 2005.

“Our mission to bring advanced technology aircraft to the market is striking a resonating chord with the North American customer base. We have worked very hard to get the company this far, and are ready to work even harder to meet the demand for this exceptional 2 Place platform. Whether a customer is looking for certified VFR, IFR or glass IFR products, we have high quality and value packed aircraft to meet each of these requirements”, said SAI VP Sales & Marketing Tim Baldwin.

The SA 160 is a 2 Place aircraft that offers 700 lbs. of useful load, 128 knot cruise speed, a roomy and comfortable cabin, outstanding visibility, a large baggage compartment and an elegant and modern look. In addition, its control stick and exceptional handling characteristics offer pilots of all levels of expertise a sporty yet safe flying experience.

FMI: www.symphonyaircraft.com