Hires Former Bombardier CFO James Stewart

After its initial round of meetings with potential suppliers and OEM partners for its Aerion Supersonic Business Jet, Aerion told Aero-News this week it is refining the business case it will present in subsequent meetings to gauge interest in the project.

"Our initial discussions with OEMs have elicited strong interest," commented Aerion Vice Chairman Brian Barents. "During this phase we will examine the aircraft's bill of material and every facet of its development cost; explore various partnership structures; and develop a financial plan to assure an attractive return on investment to the partnership."

Barents also told ANN that James Stewart, former CFO of Bombardier Aerospace, has been hired as CFO of Aerion -- and will lead this effort.

"Basically, there's no one in the world better qualified than James to lead us in this effort," Barents said.

Stewart (right) has served in a number of senior financial positions at Bombardier units or divisions. He has been CFO of Learjet and Short Brothers, vice president of specialized finance for Bombardier's commercial aircraft programs, and CFO of Bombardier Aerospace.

Stewart also played a key role in keeping production lines running in the post 9/11 airline environment. Working with financial institutions and key suppliers, he structured unique financing vehicles that facilitated the sale of 66 regional jets. Stewart negotiated other financing packages facilitating sales to airlines such as US Airways, Mesa and Flybe.

Most recently -- and most relevant to his new duties at Aerion -- Stewart served as Bombardier's Vice President Finance -- New Commercial Aircraft Program, helping shepherd the C-Series airliner to the brink of program launch... which has since delayed, due to what Bombardier says is the state of the airline industry.

In this role, he oversaw the development of a business plan that resulted in board of directors' approval to offer the aircraft to potential customers. He structured and negotiated $1 billion in government investments in the C-Series aircraft development program. He also structured financing mechanisms to fund a $400 million engineering and production program enabling Short Brothers to make a successful bid for the CSeries wing, nacelles and empennage.

"Our negotiations with potential partners and investors will certainly be as detailed and complex as those for a new airliner," remarked Barents. "That is why it is so critical for us to have someone with James's knowledge and experience."

In other news, Aerion continues on track with its development efforts. High-speed testing on the Aerion supersonic laminar flow wing is anticipated to take place in August of this year, employing a rocket sled to achieve the necessary Mach 1.5 test speed.

Small design refinements also continue on the company's supersonic business jet design. The company expects it will be able to announce one or more partners in 2007.

FMI: www.aerioncorp.com