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Grob Aerospace to file for insolvency

Message from Niall Olver, CEO Grob Aerospace

Effective 18 August 2008, Grob Aerospace GmbH in Germany has been forced to file for insolvency.

This unfortunate situation has arisen as a consequence of recent delays in the spn program, resulting in the increased requirement for cash to see the program through to certification. Under the circumstances, our current loan provider has elected to discontinue their support.

In order to resolve the situation all possible alternatives are being evaluated. Given the significant support we have enjoyed to date, I remain confident that this disruption can be overcome. I am sure that 37 years of pioneering composite aircraft manufacturing will survive. The company spirit, the support we have received from employees, suppliers, customers, fellow stakeholders and the media demonstrates a significant interest in Grob remaining in business as a civil & military training aircraft manufacturer.

It is a testimony to all involved that amidst this situation, our 4th prototype flew successfully on 7th August 2008; and thus further demonstrating that Grob Aerospace is advanced on the way to certify an aircraft that well promises to meet its specification.

Please accept that the severity and significance of this situation is not at all lost on us, and we are working relentlessly on a solution to ensure the minimum impact to employees, customers, other stakeholders and supporters.

At this junction I would like to thank those of you that have supported Grob Aerospace so overwhelmingly over the years, as well as for the enthusiasm for the spn program.

I truly hope to be able to revert shortly with some encouraging feedback, and will be providing regular updates via our website.

Best wishes, Niall

Press release issued by Grob Aircraft AG on August 19, 2008


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