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:
“...a fixed aim furnishes us with a fixed measure, by which we can decide whether such or such an action proposed is worth trying for or not, and as aims must vary with the individual, the decisions of any two people as to the desirableness of an action may not be the same.”
—Anna C. Brackett (1836–1911)
“To motorists bound to or from the Jersey shore, Perth Amboy consists of five traffic lights that sometimes tie up week-end traffic for miles. While cars creep along or come to a prolonged halt, drivers lean out to discuss with each other this red menace to freedom of the road.”
—For the State of New Jersey, U.S. public relief program (1935-1943)
“How happy a thing were a wedding,
And a bedding,
If a man might purchase a wife
For a twelvemonth and a day;”
—Thomas Flatman (1637–1688)