Capital Markets, DARPA Delay To Blame; Company Hopes To Sell
Chalk up yet another aviation company to feel the sting of
slumping investment markets. Gyroplane and rotor-wing developer
Groen Brothers Aviation announced Friday that following the delays
in its Heliplane program for DARPA and current conditions in
capital markets, it is undertaking cost-cutting measures --
including significant jobs cuts -- that it hopes will allow it to
continue to develop its technology on a reduced scale.