Major Incentive ... Carter Signs $4 Million Agreement With Wichita Falls | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Airborne 09.26.16

Airborne 09.27.16

Airborne 09.28.16

Airborne 09.22.16

Airborne 09.23.16

Airborne Hi-Def On YouTube

Airborne 09.26.16

Airborne 09.27.16

Airborne 09.28.16

Airborne 09.22.16

Airborne 09.23.16

Sat, May 01, 2010

Major Incentive ... Carter Signs $4 Million Agreement With Wichita Falls

Texas Company Inks 40 Year UAS Licensing Deal

Carter Aviation Technologies, LLC (Carter) of Wichita Falls, TX is announcing that they have completed negotiations with the Wichita Falls Economic Development Corporation (WFEDC) on a $4 million job incentive program. The final agreement was signed on April 14, 2010 by Jay Carter, Jr., President of Carter, and Gary Shores, President of the WFEDC.

The agreement provides $4 million of operating capital in the form of a loan to Carter to facilitate increased development activity and corporate expansion. The no-interest loan provides for a delayed re-payment period to allow Carter to concentrate on creating a solid base for growth. There is also a forgiveness provision that is applied to the loan for new job creation by Carter's move into production and manufacturing.

Carter is ramping-up to meet the requirements of a new license for their technology. Carter's revolutionary Slowed Rotor/Compound (SR/C) Aircraft Technology - a combination of rotorcraft and fixed-wing aerodynamics - has been licensed by AAI Corporation, an operating unit of Textron Systems, a Textron Inc. company. The 40-year, exclusive licensing agreement is for Unmanned Aircraft Systems (UAS) and covers all military and government UAS programs worldwide.  Leveraging SR/C technology and Carter's civil, four-place, primary aircraft components, Carter and AAI have been evaluating a UAS design variant employing a turbine engine that will be configured for multi-role UAS missions.

"The AAI license is a turning point for Carter," said Jay Carter, Jr. "Although we will continue our R&D focus, we now need to expand into production and we need to expand quickly. The help that the WFEDC is providing is invaluable. I don't believe that we could have met our goals without it." 


(R-L) Jay Carter Jr., Gary Shores

The WFEDC is tasked to enhance existing job opportunities and create new ones for the local Wichita Falls community by working to retain and expand existing businesses. In addition to the loan, the WFEDC is also helping Carter find and finance a new building that will meet Carter's current needs and future expansion. Gary Shores, WFEDC President, commented. "We have watched Carter's technology develop over the years into what is now considered cutting-edge, aviation technology. Wichita Falls is proud of this grass-roots initiative and eager to support its growth and expansion."

The WFEDC Agreement provides funding to Carter based on milestones achieved as Carter continues to refine their technology for commercialization. Carter's second-generation prototype, called a Personal Air Vehicle (PAV), is in the final stages of preflight testing. The PAV incorporates several significant advances developed during the testing of Carter's original proof-of-concept aircraft. The successful flight-testing of the PAV should show remarkable improvement over the first aircraft's capability and will complete one of eight funding milestones under the new WFEDC Agreement.

FMI: www.CarterAviationTechnologies.com

Advertisement

More News

Airborne 09.26.16: SpaceX Accident Details, Bell V-247 'Vigilant', Blues Cancel

Also: Tracey Curtis-Taylor, RC Saab Gripen, Kodiak, Airbus Subsidies, Worcester Reg'l Airport, MedEvac Foundation, Predator-Series As promised, SpaceX is starting to reveal details>[...]

NBAA Mourns Arnold Palmer's Passing

Dedicates 2016 Convention To Golf Legend, Aviation Champion National Business Aviation Association (NBAA) President and CEO Ed Bolen Monday reflected with sadness on the passing Su>[...]

FAA Dedicates New Tucson Control Tower

New Tower Replaces Previous Facility Which Had Stood For 58 Years FAA Administrator Michael Huerta on Friday joined federal and local officials in dedicating the new, environmental>[...]

Airborne 09.23.16: GA Pilot Sues SFO, Drone Legalities, EAA Hall Of Fame

Also: Zenith Open Hangar Days, KSMO Nonsense, Recalled Devices, Piper M600, 800th TBM, NASAO, Commercial Space The pilot of the last piston airplane based at San Francisco Internat>[...]

Airborne 09.26.16: SpaceX Accident Details, Bell V-247 'Vigilant', Blues Cancel

Also: Tracey Curtis-Taylor, RC Saab Gripen, Kodiak, Airbus Subsidies, Worcester Reg'l Airport, MedEvac Foundation, Predator-Series As promised, SpaceX is starting to reveal details>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2016 Web Development & Design by Pauli Systems, LC