2-Jun-2010
Refers to event of 14th April, web filed 1st June by Carter
Carter Aviation Technologies, LLC (Carter) of Wichita Falls, TX is announcing that they have completed negotiations with the Wichita Falls Economic Development Corporation (WFEDC) on a $4 million job incentive program. The final agreement was signed on April 14, 2010 by Jay Carter, Jr., President of Carter, and Gary Shores, President of the WFEDC.
The agreement provides $4 million of operating capital in the form of a loan to Carter to facilitate increased development activity and corporate expansion. The no-interest loan provides for a delayed re-payment period to allow Carter to concentrate on creating a solid base for growth. There is also a forgiveness provision that is applied to the loan for new job creation by Carter’s move into production and manufacturing.
Carter is ramping-up to meet the requirements of a new license for their technology. Carter’s revolutionary Slowed Rotor/Compound (SR/C) Aircraft Technology – a combination of rotorcraft and fixed-wing aerodynamics – has been licensed by AAI Corporation, an operating unit of Textron Systems, a Textron Inc. company. The 40-year, exclusive licensing agreement is for Unmanned Aircraft Systems (UAS) and covers all military and government UAS programs worldwide. Leveraging SR/C technology and Carter’s civil, four-place, primary aircraft components, Carter and AAI have been evaluating a UAS design variant employing a turbine engine that will be configured for multi-role UAS missions.
According to Jay Carter, Jr., “The AAI license is a turning point for Carter. Although we will continue our R&D focus, we now need to expand into production and we need to expand quickly. The help that the WFEDC is providing is invaluable. I don’t believe that we could have met our goals without it.”
The WFEDC is tasked to enhance existing job opportunities and create new ones for the local Wichita Falls community by working to retain and expand existing businesses. In addition to the loan, the WFEDC is also helping Carter find and finance a new building that will meet Carter’s current needs and future expansion. Gary Shores, WFEDC President, commented. “We have watched Carter’s technology develop over the years into what is now considered cutting-edge, aviation technology. Wichita Falls is proud of this grass-roots initiative and eager to support its growth and expansion.”
The WFEDC Agreement provides funding to Carter based on milestones achieved as Carter continues to refine their technology for commercialization. Carter’s second-generation prototype, called a Personal Air Vehicle (PAV), is in the final stages of preflight testing. The PAV incorporates several significant advances developed during the testing of Carter’s original proof-of-concept aircraft. The successful flight-testing of the PAV should show remarkable improvement over the first aircraft’s capability and will complete one of eight (8) funding milestones under the new WFEDC Agreement.
For More Information:Â Â Â Â www.CarterAviationTechnologies.com
Photo caption – Finalized! Gary Shores, WFEDC President, left, hands a completed contract to Carter President, Jay Carter, Jr., right. The contract was signed after several months of negotiations and outlines a $4 million Incentive Agreement offered to Carter by the WFEDC.
