David Groen and Robin Wilson, currently the Board members of GBA Inc., will continue in those roles at GBA Inc. with Mr. Groen as Chairman, President and CEO and Mr. Wilson as EVP & COO.
David Groen commented on the success of the recapitalization of Groen Brothers Aviation: "It has been a long hard push with many ups and downs -- great highs include: flight of the world's first turbine engine powered gyroplane and flying the Hawk 4 Gyroplane for critical security during the 2002 Salt Lake Winter Olympic Games, to name just a few; and painful lows: two major layoffs and the loss to cancer of my brother Jay. We look forward with great excitement to the proper commercialization of these amazing technologies we've worked so long and at such great cost to develop."
About Groen Brothers Aviation
Groen Brothers Aviation has been developing gyroplane technology since 1986 and is recognized as a leading authority on sustained autorotative flight. Powered by a Rolls-Royce gas turbine engine, GBA developed the world's first commercially viable modern gyroplane -- the first "autogiro" to utilize a jet engine -- the Hawk 4 Gyroplane. The Hawk 4 was used extensively for security aerial patrol missions during the 2002 Winter Olympics in Salt Lake City.
As announced on July 26, 2012, the Wuhai Aviation Industrial Park with anchor tenant GBA Global JV anticipates including full airport facilities capable of properly handling general aviation operations, including a runway sufficient in length and size for use by executive business jets up to the Gulfstream sized aircraft. In addition to the manufacturing facilities and airport terminal operations located within the Wuhai Aviation Industrial Park, it is anticipated that there will be training facilities for aircraft assembly personnel, aircraft "A&P" mechanics training, and both fixed wing and rotor wing pilot training with a pilot center and flying club; a research and development center; a not for profit aviation technology training center; and employee and student housing.
Further information about Groen Brothers Aviation, its products, and individual members of the GBA Team is available on its web site at: www.groenbros.com.
Safe Harbor Statement/Forward-Looking Information Disclaimer
Certain statements in the news release by Groen Brothers Aviation are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information is subject to risk and uncertainty. Certain statements in this Press Release may contain forward-looking information that involves risk and uncertainty, including but not limited to, the Company's ability to fund ongoing operations and to complete its obligations under the government contract and its other ongoing commitments. Future results and trends depend on a variety of factors, including the Company's successful execution of internal performance plans and agreements; product development and performance; risks associated with regulatory certifications of the Company's commercial aircraft by U.S. and foreign governments; government bid and funding availability uncertainty; other regulatory uncertainties; performance issues with key suppliers and subcontractors; governmental export and import policies; and the ability to adequately finance operations including meeting its debt obligations, fund manufacturing and delivery of products.
FOR FURTHER INFORMATION
Al Waddill/Investor Information
Groen Brothers Aviation, Inc.
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