Stand in Line... SRS Program Becomes Another Victim of
Economy
ANN has learned that Cirrus CEO
Brent Wouters is notifying SRS LSA deposit holders of an
announcement that will be made at a Press Conference on Tuesday in
which the SRS LSA program will be suspended temporarily. While
there is a fair amount of good news forthcoming at Tuesday's
conference, a personal letter from Wouters has been circulated to
deposit holders so that the SRS news does not come as a
surprise.
While ANN will have more to report tomorrow, the unedited letter
from Wouters appears below:
I hope that you are enjoying the arrival of Spring and a new
flying season. Over the last several months in Duluth, we have been
actively evaluating our light sport aircraft program - the SRS -
and the right way to take it forward given several marketplace
challenges that have only recently emerged. The result of our
analysis is that we have elected to temporarily suspend the SRS
program and additional SRS aircraft development for an undetermined
period of time. Know that our decision was not made lightly but
only after very careful consideration.
Please allow me to explain the three most significant factors
that taken together are the basis for the decision. One, few of us
can recall a time when external and aviation economic conditions
were as challenging as they are today. While over the past several
months Cirrus Aircraft has made the difficult and sometimes painful
decisions to ensure longevity and proper funding of so many core
production and development programs, our total enterprise
"bandwidth" to keep every new program on schedule is still limited.
Two, and similar to the first point, the SRS as a primary training
platform is but one piece of a broader Cirrus flight training
strategy that requires significant resources beyond just the
aircraft itself. Appropriate resources for those other training
program components must be also be allocated to meet the goal of a
comprehensive and market ready training solution in a light-sport
certified airplane. Third and finally, some further adjustments of
the light-sport aircraft certification rules and standards might
better accommodate an aircraft that allows for a broader mission
profile for the Cirrus light sport entry.
More important today, we want to personally recognize your
commitment to Cirrus Aircraft and your loyalty to the SRS program.
While today's announcement likely comes as a disappointment, please
allow me to offer you several exclusive opportunities to make the
most of your existing SRS deposit. We are happy to honor the terms
of your deposit agreement by fully refunding your deposit. However,
I would offer three additional options we hope you will find
compelling:
1. Maintain your position: Of course you can maintain your SRS
deposit and position pending future light sport aircraft program
updates from Cirrus. If you elect to do so, Cirrus will "2X" the
value of your deposit on hand.
2. Purchase a New or Certified Cirrus: We will apply your
existing SRS deposit toward a new or Cirrus Certified SR20, SR22 or
TURBO and when we do, we will multiply your existing SRS deposit
amount "5X" as a credit toward your purchase.
3. Convert your deposit into a referral bonus: As an SRS deposit
holder, if a friend or colleague you refer to Cirrus makes a
purchase of a new or Cirrus Certified SR20, SR22, or TURBO, we will
reward your referral and compensate you at "2X" your existing SRS
deposit amount*.
Again, we appreciate both your patience and your partnership
with Cirrus Aircraft and the specific pledge you made to the SRS
program. We look forward to maintaining a personal and mutually
beneficial relationship going forward.
All the best,
Brent Wouters