MK Airlines European Launch Customer for the FF5000 Freight Feeder Aircraft
07 Julho 2008 - 8:00AM
Business Wire
Freight Feeder Aircraft Corporation (a U.S. private corporation 25%
owned by Utilicraft Aerospace Industries, Inc. (OTCBB:UITA))
announced today that the company has entered into a Letter of
Intent with MK Airlines, the British-based all-cargo carrier, for
the purchase of 10 (ten) FF5000 Freight Feeder Aircraft, with an
option to purchase an additional 5 (Five). Mike Kruger, CEO of MK
Airlines stated, "The Freight Feeder Aircraft could play an
important role in the future development of an air cargo industry
that is already short of competitive and cost-effective airframe
capacity. Its use of state-of-art technology makes the FF5000
regional container aircraft an innovative option for us to select
and MK Airlines is delighted to sign this agreement as the first
European airline to commit to this project and to help launch the
aircraft into the global market." John J. Dupont, President and CEO
of Freight Feeder Aircraft Corporation stated, �We are very pleased
with MK Airlines� decision to enter into an LOI for FF5000 aircraft
for its UK cargo airline operations, and for its commitment in
helping the FF5000 come to market in the European, and global
marketplace. We are looking forward to a long-term mutually
beneficial relationship with MK Airlines as one of our valuable
launch customers, as we continue to develop the FF5000 and bring it
into production.� Officials of both Freight Feeder Aircraft
Corporation and MK Airlines plan to meet within the year to
complete the final negotiations. The purchase order will become
finalized upon �first flight� of the FF5000 Prototype currently
under construction. The planned completion of the FF5000 Prototype
Aircraft is in the spring of 2009. About MK Airlines: MK Airlines
was originally established in 1990 in Ghana and served a number of
African routes, is now a UK based airline operating a fleet of
Boeing 747 freighter aircraft. It is the largest dedicated cargo
airline in the UK and the 21st largest cargo airline in the world
as measured by freight carried. MK has developed niche routes into
Europe from the emerging markets of Africa, China, India and South
America establishing key long term relationships with its customer
base. In many cases MK is integral to the supply logistics chain
given that the cargoes it carries are perishable or high value. The
airline is headquartered in Sussex, near Gatwick, with 49,000 sq ft
of office and engine maintenance facilities and ample room for
expansion. In August 2006 the airline was granted its Aircraft
Operating Certificate and Operating and Route licenses by the CAA.
This was a major watershed in the history of MK and is of huge
significance in a highly regulated market place. The business has
generated significant revenues in recent years with annual growth
of approximately 15% driven by the efforts of the Company's strong
management team lead by founder and CEO, Mike Kruger. The
development of long-term relationships, understanding client needs
and planning niche routes and schedules to meet client requirements
are the hallmark of MK Airlines. About Freight Feeder Aircraft
Corporation Freight Feeder Aircraft Corporation is a U.S. private
corporation registered in the State of Wyoming. In December 2007,
Freight Feeder Aircraft Corporation acquired the Freight Feeder
aircraft technology and development program form Utilicraft
Aerospace Industries, Inc., (OTCBB: UITA) which included the
aircraft design, related intellectual property, patents, and
developed hardware and software including a mockup aircraft, and
fuselage tooling - with the intention of completing the development
of the aircraft project, and to bring the Freight Feeder aircraft
into commercial production for global sales into the freight
aircraft market. The Freight Feeder aircraft - now designated the
FF5000 by the Company - is specifically designed to address a niche
segment of the global air freight market, specifically the need for
a new and updated state-of-the-art effective containerized freight
feed air transportation system requiring the development and
implementation of a new regional-sized-container-capable
turboprop-aircraft, specifically designed to economically transport
containerized/palletized air shipments to and from regional
manufacturing and freight distribution facilities (located in
smaller communities) to and from the major international hub
airports - world-wide. On December 12, 2007, Utilicraft Aerospace
Industries, Inc., filed a Form 8K with the Securities and Exchange
Commission; (See details of the transaction in the UITA 8K filed on
December 12, 2007) For more information on Freight Feeder Aircraft
Corporation and the FF5000 Aircraft, please visit:
www.freightfeeder.com About Utilicraft Aerospace Industries, Inc
(OTCBB:UITA) On December 12, 2007, Utilicraft Aerospace Industries,
Inc., filed a Form 8K with the Securities and Exchange Commission
announcing that with the approval of fifteen (15) UITA shareholders
owning approximately 62.53% of UITA�s common stock and its Board of
Directors, entered into an Asset Purchase Agreement with Freight
Feeder Aircraft Corporation to sell all of UITA�s technology and
assets to Freight Feeder Aircraft Corporation for a 25% equity
position in Freight Feeder Aircraft and warrants for shares of
Freight Feeder Aircraft Corporation�s common stock, and a 1%
Royalty of aircraft sales that are eventually produced and
delivered by Freight Feeder Aircraft Corporation. The transaction
has a potential value to UITA of approximately $400 million in
future royalties and future Freight Feeder Aircraft Corporation
stock value received by UITA in this transaction - subject to the
Freight Feeder aircraft program reaching the production phase. (See
details of the transaction in the UITA 8K filed on December 12,
2007) Since the strategic sale of its Freight Feeder aircraft
technology in December of 2007 to Freight Feeder Aircraft
Corporation, the Company is now focusing its 2008 business-plan
development efforts to actively seeking new strategic aerospace
products for development, particularly related to the enhancement
of the Freight Feeder aircraft in the air-cargo markets worldwide -
to continue to build the asset base, to develop cash-flow, and to
continue to build shareholder value. For more on Utilicraft
Aerospace Industries, Inc, please visit: www.utilicraft.com Forward
Looking Statements This press release contains �forward-looking�
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements in this press
release involve risks and uncertainties and reflect the company�s
current views with respect to possible future events. Readers are
cautioned that no forward-looking statement can be guaranteed and
actual results or events may materially differ from those projected
or anticipated. In particular, the following factors, among others,
could cause actual results or events to differ materially from
those described in the forward-looking statements: the company�s
ability to obtain and fulfill contracts for the sale of products,
protect intellectual property rights and manage future growth;
market acceptance of future products; product supplier delays;
design and engineering certification delays or denials; and the
introduction of similar products by competitors. Any
forward-looking statement made in this press release is made as of
the date of this press release, and the company assumes no
obligation to update any such forward-looking statement, whether as
a result of new information, future events, or otherwise.
Forward-looking statements in this press release should be
evaluated together with the many uncertainties that affect the
company�s business.
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