October 28, 2008
AAI Acquisition President and CEO Jack Braly Announces Strategic Realignment
Englewood, CO – AAI Acquisition (AAIA) President and CEO Jack Braly today announced a strategic realignment of the company’s goals and objectives in response to worldwide economic conditions. Braly said AAIA’s development schedule, which had originally projected certification and first delivery of the company’s A700 all-composite Very Light Jet (VLJ) program, is being reconfigured in light of recent economic developments around the world.
Braly said members of AAIA’s investment team and Board of Directors are currently evaluating economic and market conditions before announcing a new schedule for the A700 twin-engine business jet. Flight test and other development activity have been suspended. AAIA’s workforce is being pared to a size necessary to sustain the company while a new schedule and strategic plan are developed. Originally AAIA was projecting FAA certification and first deliveries of the A700 in 2010.
Members of AAIA’s workforce were notified of the realignment at the close of business yesterday. Braly declined to speculate when a new schedule might be announced; noting that worldwide economic conditions are unprecedented and will need to play out somewhat before a proper evaluation and plan can be formulated.
AAIA is a private aircraft design and manufacturing company based at Centennial Airport in Englewood, CO. AAIA was formed to develop and produce the A700, an all-composite Very Light Jet (VLJ). Designed for the business aircraft and emerging air taxi markets, the A700 is a twin-engine jet with a maximum cruising speed of more than 340 knots. It will seat seven, including the pilot, and cruise at altitudes up to FL410.
To learn more about AAIA, please visit the company’s Web site at www.a700jet.com.