Hybrid Enterprises Receives First Customer's Letter of Intent to Purchase Lockheed Martin Airships

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Mar 30, 2016, 04:00 ET

PALMDALE, Calif., March 30, 2016 /PRNewswire/ -- Straightline Aviation (SLA) signed a letter of intent to purchase up to 12 Lockheed Martin (NYSE: LMT) Hybrid Airships with a potential value of approximately $480 million. SLA is working with Hybrid Enterprises, Lockheed Martin's Hybrid Airship reseller, to finalize the purchase agreement.

Based in the U.K., the leadership team of SLA has deep-rooted experience in airship operations and established the company specifically to act as an owner-operator of Hybrid Airships.

Straightline Aviation (SLA) signed a letter of intent to purchase up to 12 Lockheed Martin Hybrid Airships, which provide affordable and safe delivery of cargo and personnel to virtually anywhere - on water or land. Hybrids were designed to enable a more sustainable future.

"We are delighted to be first in line with this magnificent aircraft that is going to dramatically change the way cargo is moved around the world," said Mike Kendrick, SLA co-founder and chief executive officer. "The clear-cut economic and environmental advantages of these Hybrids are attracting vast amounts of attention from a wide-range of potential end users."

"Lockheed Martin's Hybrid Airship represents a revolution in remote cargo delivery," said Rob Binns, chief executive officer of Hybrid Enterprises. "Having an experienced team such as SLA recognize the Hybrid Airship's potential by signing the LOI solidifies the demand for this new mode of transportation. We are honored and excited to share this milestone with them."

With its unique, tri-lobe shape and air cushion landing system, the Hybrid Airship can affordably transport cargo and passengers to and from the most remote locations. They require little or no fixed ground infrastructure and burn significantly less fuel compared to conventional aircraft making them an environmentally friendly solution to remote cargo delivery.

For additional information, visit our websites: www.hybridhe.com and www.lockheedmartin.com/us/products/HybridAirship.html.

About Straightline Aviation
Headquartered in the United Kingdom with offices in New York and Los Angeles, SLA was co-founded by a team of highly experienced airship and aviation executives with the sole purpose of bringing Hybrids into operation. Chief Executive Officer Mike Kendrick previously founded and ran the Virgin Group's extensive airship interests, including the Virgin Airship and Balloon Company (VABC). Mark Dory was the Chief Operating Officer of VABC and is now SLA's COO. David Tait OBE, the President of SLA's U.S. operations, was a founding member of the team that created Virgin Atlantic Airways and was the Executive Vice President of Virgin Atlantic Airways' U.S. operation for 18 years.

About Hybrid Enterprises
Headquartered in Atlanta, Georgia, Hybrid Enterprises is the exclusive reseller of Lockheed Martin's Hybrid Airships. Hybrid Enterprises is comprised of industry professionals who have sold, leased and operated cargo aircraft in over 120 countries on six continents. Hybrid Enterprises is solely focused on sales and marketing of Lockheed Martin's Hybrid Airships.

About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that - with the addition of Sikorsky - employs approximately 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

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SOURCE Lockheed Martin