19 December 2014
New Zealand-based Martin Aircraft Company Limited (MACL) is delighted to announce that it has signed an investment agreement with KuangChi Science Limited (KuangChi Science).
KuangChi Science is a Hong Kong exchange listed company engaged in the novel space services and other innovative technology business with certain disruptive innovations and technologies. The agreement is for a long term strategic partnership which over time will see KuangChi Science have a major shareholding following up to a A$50M (approx NZ$53M) investment in MACL over the next 30 months. The initial part of the investment will be a cornerstone investment in the MACL IPO.
In addition, KuangChi Science will in due course subscribe for a convertible note issued by MACL and MACL and KuangChi Science will form a joint venture based in China concentrating on serving the China market as well as undertaking joint research & development. The transaction with KuangChi Science remains subject to a number of approvals, including MACL shareholder approval and various regulatory approvals. Subject to receipt of these approvals it is anticipated the initial investment by KuangChi will be completed in February 2015.
Peter Coker, Managing Director and CEO said: “This degree of funding is significant, especially as it allows us to press ahead with our intention to list the Company on the ASX. Based on current projections, it will also allow Martin Aircraft to fund full commercialization of the Martin Jetpack.”
Chairman of the Board, Jon Mayson said: “This is an important development for Martin Aircraft and the association with a technology company of the quality of KuangChi Science Limited is fully supported by the Board”.
The Company will lodge a supplementary prospectus with regard to these developments as soon as possible. The Company will not accept any further applications under its initial public offer until that supplementary prospectus has been lodged with ASIC. The supplementary prospectus will contain full details of the proposed transaction with KuangChi Science and variations to the initial public offer that arise as a result of the KuangChi Science proposed investment.
Once lodged, a copy of the supplementary prospectus will be available for download from www.martinaircraft.com/offer
For further information, please contact:
TEL: +64 (0)3 377 8584
MOBILE: +64 (0)21 811 005
About Martin Aircraft Company
Martin Aircraft Company is the maker of the world’s first practical jetpack set to revolutionise the industries of aviation, recreation and transportation. MACL is currently focused on developing the Martin Jetpack for use as a first responder vehicle and a heavy lift unmanned air vehicle.
About KuangChi Science
KuangChi Science is a Hong Kong Exchange listed technology company focussed on groundbreaking novel space services. KuangChi has a nickname as “Alien Tech” and is dedicated to making innovations that change the world.