30-Apr-2010 Source: Pegasus Helicopter Group
Pegasus is issuing a trading update for the three month period from 1 January 2010 to 31 March 2010 in advance of reporting year end results for the twelve months period ending 31 December 2009.
As noted in the interim report for the period 30 June 2009, the Company remains focused on raising the necessary capital to produce helicopter flight demonstrators utilizing its pressure jet technology and then to proceed with production and sale of Kit units followed by FAA certified helicopters.
Pegasus is cautiously optimistic that current investor discussions will be successful.
Operating expenses of the Company are being kept to a minimum and are expected to be lower in the year ended 2009 compared with 2008. Pegasus considers that it has sufficient resource for the present development stage of its operations.
ABOUT PEGASUS HELICOPTER GROUP PLC
Pegasus is the holding company for Pegasus Helicopter Holdings Limited, and its wholly owned subsidiary Pegasus Helicopter, Inc.. The Company intends to manufacture, market and sell a two seat helicopter to start it operations, utilizing its pressure jet technology. It is the intention to sell this helicopter to the worldwide civilian, commercial and military markets. The directors of Pegasus believe that demand for this helicopter will be driven by its safety, low lifetime costs and ease of flying.
Charles Vehlow has over 25 years experience including senior management roles at Boeing Helicopter and MD Helicopters. He is a West Point graduate and serves on the U.S. Army Science Board at the Pentagon.
Robert Zummo has over 40 years experience including senior management roles in aerospace, defense and automotive.
Captain Christopher Drewitt is a former British Master Mariner who has over 30 years of experience in international shipping, trading, logistics, the defence industry, and business development.
Michael Spanos, a helicopter pilot and software engineer, founded Rotary Engineering LLC, a machine shop serving several industries including aerospace.
PLUS CORPORATE ADVISOR : Merchant Capital Limited
AUDITOR : Everett & Son
Pegasus : Robert Zummo tel: +1 571-276-1067
Merchant Capital : Peter Redmond tel +44 20 7332 2200