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LISA Airplanes goes into receivership to succeed in a new fund raising

Following the American market's great welcome for the AKOYA, and in order to achieve its financial plan, the Commercial Court of Chambery has accepted the request from LISA Airplanes' founders to place the company in receivership.

LISA Airplanes was founded in 2004 with the ambition to design and market a revolutionary aircraft that would envision new pleasure aviation.

To reach this ambitious goal, LISA Airplanes was financed from 2005 on up to 80% by private funds (Business Angels, startup funds, investment funds).

In July, LISA Airplanes was finalising a fundraising bound to the commercial development of the company. The terms of negotiation anticipated a progressive and long term financing. As the selected investors were not able to fulfill their commitment, and the historical shareholders could not secure LISA Airplanes' financial plan, the founders decided to place the company into receivership on July 30th in order to protect its future. This situation has no impact on our clients' deposits, all of them being under a bank warranty. A 6-month phase of observation has been granted by the Commercial Court of Chambery.

During this period of transition, the team supports the managers to ensure a fast resumption of every activity. Indeed, the great response of the American market during the first presentation of the AKOYA at the Oshkosh AirVenture 2012 show, and the AKOYA's extraordinary performance confirmed by more than one year of flight tests of the first preseries aircraft, create investment opportunities during the observation phase.

With the coming financing plan, LISA Airplanes and its partners will be able to launch the AKOYA worldwide, expected by this new market of pleasure aviation.

Press release issued by LISA Airplanes on August 17, 2012


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