MARTIN AIRCRAFT BEGINS TRADING ON THE ASX
24 February 2015
New Zealand based Martin Aircraft Company Limited (ASX:MJP) manufacturer of the Martin Jetpack, the world's first practical jetpack able to be flown by a pilot or via remote control began trading today at 11:00 AEDT on the Australian Securities Exchange (ASX) under the ticker symbol MJP.
The Company’s oversubscribed listing follows a cornerstone investment agreement with Hong Kong listed KuangChi Science Limited (KuangChi Science) and support from both the general public and existing shareholders under the Equity Offer to raise the maximum subscription amount of A$27 million , at an offer price per share of A$0.40 for a total market cap of approx. A$98 million.
The Martin Jetpack is initially set to become an important tactical asset to the first responder community, such as Police, Fire Service, Defence and Natural Disaster recovery & emergency response organisations. First deliveries will be in the second half of 2016.
Peter Coker, Managing Director and CEO said: “The IPO capital raised along with additional funds in the future from KuangChi Science will allow Martin Aircraft to focus 100% on the commercialisation of the Jetpack. Along with a manned capability our unmanned version will also allow us to target the US$98 billion Unmanned Aerial Vehicle (UAV) market with our heavy lift Vertical Take-off and Landing (VTOL) UAV, The Martin Skyhook. Our UAV has a significant operational advantage in that it is able to carry a commercial payload of up to 120kgs unlike Quadcopters who are generally limited to only a few kilograms. In addition, our ability to now be able to tap into the advanced technology that KuangChi Science offers will mean the potential of much greater capabilities in the future.” said Coker.
With a focus on safety, the Martin Jetpack has a composite structure pilot module that protects the pilot in the event of any incident and a ballistic parachute system that can deploy and safely recover the aircraft from only a few metres above the ground. This will make the Jetpack one of the safest aircraft in the world today.
This inspirational and versatile aircraft solves problems that others cannot with its ability to land on rooftops covered with aerials and wires, fly into tightly confined areas or providing an economic and practical alternative to traditional helicopters.
“Commercial Jetpacks are no longer the domain of science fiction. The dream of Glenn Martin to create a commercial Jetpack is about to be realised” said Coker.