Post by The Red Baron on Sept 5, 2017 18:11:15 GMT 12
They would have been better off investing in a trailer load of bricks.From day one it was obvious this would never go anywhere. Still looking at the latest incarnation if they keep developing it they will eventually invent a helicopter.
Having listened to the interview (at the start, after a few minutes of introductions etc), I get the feeling that any Cantabrians who contact the Avgeeks could arrange to do a 'roving correspondent' visit, try out the simulator, and do a spot for the show.
Post by Dave Homewood on Oct 6, 2017 17:55:13 GMT 12
I found the interview extremely strange, the guest gives the listener an impression that they have only been working on the prototype for the past two years and it's an all new concept. There was no mention of the designer Glenn Martin and the fact he worked on the design for 30 years or more to get it to this point, and he eventually left the company in 2015 with his dream concept unfulfilled.
The guest talks about how they are working on adding a parachute device to make it safe - the company has been telling the media that for years. All of it seemed like a rehash of old media spin in fact.
Also no mention of the fact the company seems to be on the brink of financial collapse. In August they had to lay off staff and sell their hangar. Then they were suspended from the stock exchange early in September for failing to finalise their annual accounts. And then when they finally did they posted a $24 million loss! That is really not good in a market like NZ.
All the optimism and plans talked about in the interview is exactly what we've been hearing since they first went public and honestly I don't see any progress. I seriously doubt the level of interest that was initially shown by potential users several years back is still there now. I feel sorry for them but it all seems a bit of a lost cause.
Had a coffee with someone in the company recently and they said that the infusion of cash from the Chinese investor was purely to give them the time to grab the IP before shutting the business down and taking what they had back to China. Management are apparently encouraging their key engineers to look for other employment. Assume that we shall see a delisting and closure about April next year.
Heard a rumour years back that the filmed test flight to 5000ft culminated in a very rapid and destructive descent back to ground zero which was kept very quiet lest it scare off investors. Anyone evidence of?