Martin Aircraft Company Limited (Martin Aircraft), (ASX:MJP) is pleased to announce that its Hong Kong based joint venture company, KuangChi Martin Jetpack Ltd (KCMJ), has signed 3 Intention Framework Agreements for a total of 100 manned Jetpacks and 20 simulators.
It is noted that at this stage the agreements are subject to agreeing procurement contracts by 30 June 2016 which will include final purchase price and support for each of the packages.
Each package is part of the China “Ironman Club” concept where each Company provides Martin Jetpack and KuangChi Science capabilities in China.
The agreements were signed on 6 December 2015 at the first public flight demonstration of the P12 Martin Jetpack held at the Shenzhen OTC Waterpark in front of a crowd of 2,400 VIPs and distinguished guests along with members of the public. This marks another significant step forward for Martin Aircraft as it moves towards full commercialisation. The signing of the agreements follows a number of discussions led by both KuangChi Science Limited (HKSE: 00439) and the KuangChi Martin Jetpack Joint Venture in China.
The signing ceremony at Shenzhen was attended by senior representatives of KuangChi Science, companies buying the Jetpacks and Martin Aircraft Company including the Chair of Martin Aircraft, Mr Jon Mayson, Chairman of KuangChi Science and Director of Martin Aircraft Company, Dr Ruopeng Liu, Director of Martin Jetpack and Director of KCMJ Dr Lin Luan and the Chief Executive Officer/Managing Director and Director of KCMJ, Mr Peter Coker.
China is one of the fastest growing markets for aviation and recent civil aviation developments has seen previously off-limit airspace being opened up for civilian operations, a move which in the Company’s opinion has created a strong demand for private aviation.