Groen Aeronautics Corporation And Fleet Holding Corporation Sign Mou

WASHINGTON, Dec. 5, 2016 /PRNewswire/ -- Groen Aeronautics Corporation ("GAC"), www.GroenAeronautics.com and Fleet Holding Corporation ("Fleet") www.Fleet-Corp.com have executed a Memorandum of Understanding regarding three of GAC's Gyroplane aircraft, the tandem two seat ScoutHawk, the five seat Hawk5 and the ReconHawk Gyroplane Drone.

The intent of the parties is that Fleet, through its distribution network, will provide active marketing of all three aircraft in certain markets within their sphere of influence.  In addition to this, Fleet will provide engineering support and manufacturing facilities for the GAC ScoutHawk and GAC Hawk5 as well as manufacture parts and avionics for the ReconHawk Gyroplane Drone (the launch of which was recently announced: https://prlog.org/12604255).

Air Commodore (Ret.) Mansoor Khan of Fleet stated that, "It was an honor to meet such wonderful personalities as GAC's leadership team.  I was not only greatly impressed with GAC's technologies, but also with the way business talks get conducted; the professionalism and depth of knowledge was evident from each word."

"We were very impressed with GAC's cutting edge technology and believe that gyroplanes are the future of transportation.  We look forward to a long and rewarding working relationship," said Lt. Col. (Ret) Qaiser Nadeem Yaqub.  "We have been following Groen for quite some time now and it is very clear to us that they lead the world in the knowhow and science of sustained autorotative flight."

"Fleet, through its affiliated companies and subsidiaries, currently manufactures a number of aircraft including an advanced jet fighter plane, which, due to the extremes fighters must endure, require very advanced manufacturing technologies and materials including advanced composites, and extremely advanced production knowhow," said David Groen, the Chairman and CEO of GAC.  "We are delighted that Fleet has chosen to partner with GAC in the production of aircraft of our design."

GAC's sustained autorotative flight technologies can be applied to important use in aircraft sizes from a highly functional multi-use drone, to light aerial observation aircraft for law enforcement and border patrol, to air-taxi and tour guide 6 to 9 passenger sizes, to multi-engine business transport aircraft in 10 to 16 passengers, to commuter airliner sizes from 19 to 100 passengers – all vertical takeoff and landing aircraft.

GAC is leading vertical innovation, developing a new breed of aircraft destined to bring new levels of convenience to civilian air travel.  And, this technology is transformational in meeting air mobility needs.  These uniquely practical and universally affordable aircraft may become one of aviation's most profound achievements.  In this age of airport overcrowding and tight budgets, the future of aviation is practical, runway-free operations.

About Fleet Holding Corporation

Fleet Holding Corporation specializes in managing Aviation related projects for a diverse array of customers.  Fleet Holding provides cradle to grave project support from inception, marketing and sales, to after delivery support.  Fleet Holding Corporation brings to the table a unique blend of business and technical resources, combined with a cordial relationship with all tiers of their customers, ensuring a win-win proposition for all.

About Groen Aeronautics Corporation

Groen Aeronautics Corporation is recognized as the world's leading authority on sustained autorotative flight with approximately 40 patents issued and several more underway.  Powered by a Rolls-Royce gas turbine engine, Groen developed the world's first commercially viable modern gyroplane – the first "autogiro" to utilize a jet engine – the Hawk 4 Gyroplane.  The Hawk 4 was used extensively for security aerial patrol missions for Winter Olympics Games, flying 8 weeks without downtime for maintenance: the only VTOL aircraft used for security for those games that remained mission-ready 24/7 during the entire mission.

Further information about the Company, its products, and individual members of the GAC Team is available on the Company's web site at: www.GroenAeronautics.com.

Safe Harbor Statement/Forward-Looking Information Disclaimer

Certain statements in the news release by Groen Aeronautics Corporation are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking information is subject to risk and uncertainty.  Certain statements in this Press Release may contain forward-looking information that involves risk and uncertainty, including but not limited to, the Company's ability to fund ongoing operations and to complete its obligations under its ongoing commitments.  Future results and trends depend on a variety of factors, including the Company's successful execution of internal performance plans and agreements; product development and performance; risks associated with regulatory certifications of the Company's commercial aircraft by U.S. and foreign governments; government bid and funding availability uncertainty; other regulatory uncertainties; performance issues with key suppliers and subcontractors; governmental export and import policies; and the ability to adequately finance operations including meeting its debt obligations, fund manufacturing and delivery of products.

Media Contact:
Al Waddill
801-973-0177
[email protected]

PRLog ID: www.prlog.org/12605836

SOURCE Groen Aeronautics Corporation

Related Links

http://www.groenaeronautics.com