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Groen Brothers Aviation enters cooperative joint venture agreement for production in China of light gyroplanes

Groen Brothers Aviation, Inc. ("GBA") (stock symbol "GNBA"), announced that its wholly owned subsidiary, Groen Brothers Aviation International, LLC ("Groen LLC"), formed to participate in the joint venture, has entered into an agreement with Guangzhou Suntrans Aviation Science and Technology Co., Ltd. ("Suntrans") to form a Cooperative Joint Venture ("CJV"). The CJV will be named Foshan Suntrans-Groen Aviation Co., Ltd. ("FSG Aviation").

The CJV will be a limited liability company formed under the laws of the Peoples Republic of China whose purpose is to produce in China for sales worldwide, light gyroplanes based upon GBA's SparrowHawk design. The agreement generally provides for FSGA to assemble, manufacture, sell, and provide related services for GBA's SparrowHawk Gyroplane Program, including the most advanced version of the SparrowHawk aircraft developed to date, the SparrowHawk III. It is expected that FSG Aviation will reintroduce the SparrowHawk III Kit into the US and world markets, followed over the next few years by a fully assembled light gyroplane using technology transferred by GBA to the CJV.

The agreement for the CJV will come into force upon the approval of the appropriate Chinese regulatory authorities for which the parties are in the process of preparing the necessary papers.

The total amount of registered capital of the Joint Venture will be Chinese Renminbi ("RMB") 100 Million (approximately US$14.7 million). Under the terms of the agreement, Suntrans will contribute RMB 75 million (approximately US$11 million) to the Joint Venture in cash and hold 75% of the shares in FSG Aviation; in return for its contribution of the SparrowHawk Program and transfer of certain advanced gyroplane technology, Groen LLC will hold 25% of the shares valued at RMB 25 million (approximately US$3.67 million).

GBA considers the formation of this Joint Venture particularly of value because the Chinese government has announced that it has begun a program to open to the public, Chinese airspace below 3,000 meters. "An aircraft that's easy and safe to fly, highly maneuverable and needing only a very short runway, which is essentially what the SparrowHawk Gyroplane is, ought to be very popular in China, as the country opens up to a new generation of private pilots," said GBA's Vice President of Business Development, Al Waddill, "especially since demand for personal aircraft should be far beyond the capability of China's current general aviation infrastructure."

Press release issued by Skyworks Global Inc. on January 15, 2011

 

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