InvestingProfs Highlighted Company: Utilicraft Aerospace Industries, Inc. (UITA.OB) Announces Purchase AgreementMonday, August 6th, 2007
Utilicraft Aerospace Industries announced that it has signed a $115 million aircraft purchase agreement with Mid America Aero, LLC. The purchase includes 10 FF-1080-200 aircrafts and a training and support package.
The purchase agreement demonstrates the company’s commitment to eventually acquiring 35 aircrafts as previously stated in two Letters of Intent. The VP Chief Financial Officer stated, “The definitive Agreement that was executed today for ten FF-1080-200 Aircraft, calls for a series of progress payments by Mid America Aero to begin upon ‘First Flight’ of the FF-1080 prototype aircraft, with subsequent progress payments to follow based upon the completion of production milestones that are called out in the Agreement”.
The company’s management was very excited earlier this year when the Letter of Intent to purchase ten of the FF-1080-300ER aircraft and option fifteen was signed, and today is equally excited about reaching an agreement to purchase ten of the FF-1080-200 series aircraft. The President of the company stated, “We feel the potential of the FF-1080-200’s use at a future freight hub at Mid America Airport in Mascoutah, Illinois, is significant.”
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