Icon Aircraft Receives New Round of Investment Capital
A5 Sport Plane Sales Remain Strong
"The high investor confidence we're seeing in ICON is due to ICON's all-star team, the outstanding design of the A5, overwhelming market enthusiasm, ICON's growing $40 million-plus in backlogged sales, as well as the fact that the first two years of production are already presold," said ICON's CEO, Kirk Hawkins.
ICON's rigorous flight testing regimen of the A5 will continue through this year. To date, the performance of the A5 has met or exceeded the exceptionally high design standards and expectations that are central to ICON's product philosophy. The first public flight demonstration of the A5 is planned at the upcoming EAA Oshkosh Air Show held between July 27 and Aug 2 in Oshkosh, WI. The A5 will make its first public flight debut by flying into the Oshkosh Air Show for a press conference at 10:30 am on Monday, July 27. Water flying demonstrations are also planned for the A5 later that week, Friday morning, July 31, at the nearby seaplane base.
ICON announced that it is pushing out its production start date by nine months. First customer deliveries are now scheduled to begin in Q3 2011. This change was necessary due to the unprecedented crisis within the global capital markets beginning last fall.
"While the changes in the capital markets did affect our production start date, the current economic climate has minimal impact on ICON overall. The real economic environment that would affect ICON is more than 4-5 years away given ICON's current backlog of sales - well beyond the expected horizon of the current climate," said Hawkins. ICON continues to see exceptionally strong demand for the A5 with the aircraft position list recently passing number 400.
For more information, visit www.iconaircraft.com.
ABOUT ICON AIRCRAFT:
ICON Aircraft is a consumer sport plane manufacturer founded by Kirk Hawkins and Steen Strand while at Stanford University shortly after the Federal Aviation Administration (FAA) enacted regulation changes in 2004 that created the new sport flying category. Kirk is an engineer, former U.S. Air Force F-16 fighter pilot, and graduate of Stanford Business School. Steen, a former investment banker and Harvard graduate, holds a Masters in Engineering from Stanford in Product Design and is a serial entrepreneur. A privately funded company, ICON Aircraft's base of operations is in Southern California, which is a hotbed for automotive design and aerospace engineering.
ABOUT FAA LIGHT SPORT AIRCRAFT & SPORT PILOT CLASSIFICATIONS:
In 2004, the Federal Aviation Administration (FAA) created a new classification of easy-to-fly and affordable two-person planes called Light Sport Aircraft that enable a new classification of Sport Pilots to fly in uncontrolled airspace during the daytime and in good weather. The Sport Pilot License focuses on the fundamentals of flying and requires a minimum of 20 hours of in-flight training, which is half the time and cost of a traditional Private Pilot's License. The Experimental Aircraft Association (EAA) described the new rules as "the biggest change in aviation in 50 years."
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