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UAE Freezones Biz News Updates
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Martin Aircraft shares jump 8.7% after signing agreement with Dubai Civil
Defence
Martin Aircraft Co shares jumped 8.7% after the developer of the world's
first commercial jetpack signed an agreement to supply its products to the
United Arab Emirates for use by emergency services.
Martin Aircraft signed a memorandum of understanding at the Dubai Air Show
with the directorate of civil defence in Dubai for the intended future
delivery of manned and unmanned jetpacks, simulators, spare parts, support
services and pilot and engineer training for civil defence and fire service
personnel, the Christchurch-based company said in a statement. It covers an
initial tranche of up to 20 jetpacks and two simulators with final details
subject to agreeing a supply contract, it said.
The shares advanced 5.5c to 68.5Ac on the ASX. The company debuted on the
ASX in February, after raising A$27 million to fund the commercialisation of
its Martin Jetpack in an initial public offering at 40Ac cents a share.
Martin Aircraft, which posted an annual loss of $5.2 million in the year
through June, has said it expects to make the first commercial deliveries of
its jetpack next year. The jetpack can be flown by a pilot or via remote
control and its potential use includes search and rescue, military,
recreational, and commercial applications. The jetpack can to fly for 30
minutes at a speed of up to 74 kilometres an hour at an altitude of 1000
metres, compared to its nearest competitor, with only 30 seconds of flight.
Nov 10, 2015 |
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Courtesy National Business Review (NBR)
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