Proposed Program Purchase
On 26 June 2009 it was reported by AvWeb that Cirrus Design co-founder and former CEO Alan Klapmeier intended to buy the SF50 project from Cirrus Design and its major shareholder Arcapita and produce the aircraft himself under a new company. The new venture received financial advice from Merrill Lynch. Klapmeier indicated that his reason for wanting to take over the project was to increase the speed of development. Current Cirrus CEO Brent Wouters responded by saying that the company intends to proceed with the SF50 program itself, but would listen to Klapmeier's proposal.
On Monday 27 July 2009 Cirrus CEO Brent Wouters and co-founder Dale Klapmeier stated at a press conference that they would find a way to produce the SF50, either at Cirrus or through selling it to Alan Klapmeier. They both indicated that the key factor was raising enough capital to proceed with the project, complete certification and commence production.
On Friday 31 July 2009 Alan Klapmeier announced that his offer to buy the SF50 program had not succeeded, with the key issue the program selling price, as well as other points and that the negotiations were at an end. Wouters responded saying further talks were possible, but that Cirrus would continue to develop the SF50 in house.
Read more about this topic: Cirrus Vision SF50
Famous quotes containing the words proposed, program and/or purchase:
“It has been proposed that the town should adopt for its coat of arms a field verdant, with the Concord circling nine times round.”
—Henry David Thoreau (1817–1862)
“O Jesse had a wife, a mourner all her life
And the children they were brave,
But the dirty little coward that shot Mr. Howard
He laid Jesse James in his grave.”
—Administration in the State of Miss, U.S. public relief program (1935-1943)
“O, let us have him, for his silver hairs
Will purchase us a good opinion,
And buy men’s voices to commend our deeds.”
—William Shakespeare (1564–1616)