Martin Aircraft shares jump 8.7% after signing agreement with Dubai Civil Defence

Tuesday 10th November 2015

Martin Aircraft Co shares jumped 8.7 percent after the developer of the world’s first commercial jetpack signed an agreement to supply its products to the United Arab Emirates for use by emergency services.

Martin Aircraft signed a memorandum of understanding at the Dubai Air Show with the directorate of civil defence in Dubai for the intended future delivery of manned and unmanned jetpacks, simulators, spare parts, support services and pilot and engineer training for civil defence and fire service personnel, the Christchurch based company said in a statement. It covers an initial tranche of up to 20 Jetpacks and two simulators with final details subject to agreeing a supply contract, it said.

The shares advanced 5.5 cents to 68.5 Australian cents on the ASX. The company debuted on the ASX in February, after raising A$27 million to fund the commercialisation of its Martin Jetpack in an initial public offering at 40 Australian cents a share.

Martin Aircraft, which posted an annual loss of $5.2 million in the year through June, has said it expects to make the first commercial deliveries of its jetpack next year. The jetpack can be flown by a pilot or via remote control and its potential use includes search and rescue, military, recreational, and commercial applications. The jetpack can to fly for 30 minutes at a speed of up to 74 kilometres an hour at an altitude of 1,000 metres, compared to its nearest competitor with only 30 seconds of flight.

BusinessDesk.co.nz

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