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03-04-2009, 03:45 PM
jar59nh | Seawind start-up, thanks to Geoffrey Jones for the info....
AT LONG LAST IT HAS ALL COME TOGETHER
Before I tell you the good news, I have a number of people to thank and to pay tribute to.
First to the order holder/investors: without you we could never have considered resuming the project. It was your confidence in us when the future was most bleak that inspired us not to give up. Having such dedicated customers who were ready to step up and make a major investment in the project was the key to attracting professional investors from the financial community who have decided to make the final major investment in the Seawind project.
As you know, we have been very transparent about events and our need for investor funding. Our customer/investors have committed to providing almost half of the needed funds to resume the project and to complete the remainder of the certification effort. That spurred us on to seek other investors for the remaining certification funds.
I also must thank the order holders who stayed with the program, especially during these tumultuous times when fuel prices went out of sight only to plummet as an economic roller coaster frightened the world. Your optimism and confidence in the company and the future impressed the financial community in these uncertain times.
Finally, to our newsletter recipients, from whom we received many poignant letters in our darkest days after the test pilot seemingly decided to crash the test aircraft. I want to thank you for your letters of sympathy and encouragement. Some of the most heartfelt letters came from readers who admitted they will never be able to own a Seawind but who shared our devastation and disappointment.
You are all responsible for the good news we are pleased to announce.
COMPLETION OF CERTIFICATION
We have just entered into an agreement with a group of investors who will provide the remaining half of the funds needed to resume operations and complete certification. They have proposed to restructure the company and to take it public on the “over the counter†(OTC) market without affecting the agreements and rights of the customer/investors. There are many advantages to our investors and to the Company in being a publicly traded company. For example, we will require production ramp-up funding, which would be easier to obtain if needed.
CONSULTING AGREEMENT
In addition to the funding agreement, we have signed a consulting agreement with the manager of the group to provide financial services and to manage the OTC stock sales. This will free me up to concentrate my efforts on the certification and production. I don’t mind telling you that after a year and a half of trying to raise money, IT IS NOT MY STRONG SUIT. I welcome the relief.
PRODUCTION RAMP-UP FUNDING
Coincidentally, we have received a “letter of intent†from an Asian company. I met with their representative last week. They are currently in the aircraft modification and service business and wish to be a Sales and Service Center for Seawind in China. They would also serve as a major delivery location for the surrounding territories. They will receive the aircraft with the wings removed after factory flight check-out and will reassemble the Seawind for customer delivery.
We are in ongoing negotiations. They will provide the production ramp-up funding needed to:
~ duplicate assembly fixtures, giving us the capability to increase production capacity from 20 to 60 Seawinds per year. It will put us in a strong position to increase our production rate in the future when the demand will rise to one Seawind per day.
~ complete flight testing of IFR, autopilot, and glass cockpit options.
~ implement additional engine options, i.e., diesel, turbo-charged, FADEC or other promising power plants.
~ resume and accelerate marketing and advertising.
In the event of any glitches, we now have two other alternatives, i.e., the OTC market or bank loans.
This was a long time coming, and it is a great relief that we can now look forward to delivering Seawinds as promised.
To you as an order holder, these events not only mean you will be getting your Seawind but also mean we will be adequately funded to move along at a more rapid pace than in the past. We won’t have to keep deferring expenditures and weighing every purchase decision.
We have lost a number of order holders, which means your production position will move toward the beginning of the line. Obviously, the customer/investors will have first choice. In a month or two, we will notify you of your new position.
Regards,
Richard Silva
President
SEAWIND LLC
P. O. Box 1041
Kimberton, PA 19442 USA
Tel: 610-384-7000 Fax: 610-384-7066
seawind@seawind.net www.seawind.net
03-05-2009, 10:56 AM
Tony Jurcan | Good News
Good news. A outstanding accomplishment by Dick Silva.
03-06-2009, 08:06 AM
Mike | Default
Finally, some good news. I hope all goes well..!!
jar59nh | Seawind start-up, thanks to Geoffrey Jones for the info....
AT LONG LAST IT HAS ALL COME TOGETHER
Before I tell you the good news, I have a number of people to thank and to pay tribute to.
First to the order holder/investors: without you we could never have considered resuming the project. It was your confidence in us when the future was most bleak that inspired us not to give up. Having such dedicated customers who were ready to step up and make a major investment in the project was the key to attracting professional investors from the financial community who have decided to make the final major investment in the Seawind project.
As you know, we have been very transparent about events and our need for investor funding. Our customer/investors have committed to providing almost half of the needed funds to resume the project and to complete the remainder of the certification effort. That spurred us on to seek other investors for the remaining certification funds.
I also must thank the order holders who stayed with the program, especially during these tumultuous times when fuel prices went out of sight only to plummet as an economic roller coaster frightened the world. Your optimism and confidence in the company and the future impressed the financial community in these uncertain times.
Finally, to our newsletter recipients, from whom we received many poignant letters in our darkest days after the test pilot seemingly decided to crash the test aircraft. I want to thank you for your letters of sympathy and encouragement. Some of the most heartfelt letters came from readers who admitted they will never be able to own a Seawind but who shared our devastation and disappointment.
You are all responsible for the good news we are pleased to announce.
COMPLETION OF CERTIFICATION
We have just entered into an agreement with a group of investors who will provide the remaining half of the funds needed to resume operations and complete certification. They have proposed to restructure the company and to take it public on the “over the counter†(OTC) market without affecting the agreements and rights of the customer/investors. There are many advantages to our investors and to the Company in being a publicly traded company. For example, we will require production ramp-up funding, which would be easier to obtain if needed.
CONSULTING AGREEMENT
In addition to the funding agreement, we have signed a consulting agreement with the manager of the group to provide financial services and to manage the OTC stock sales. This will free me up to concentrate my efforts on the certification and production. I don’t mind telling you that after a year and a half of trying to raise money, IT IS NOT MY STRONG SUIT. I welcome the relief.
PRODUCTION RAMP-UP FUNDING
Coincidentally, we have received a “letter of intent†from an Asian company. I met with their representative last week. They are currently in the aircraft modification and service business and wish to be a Sales and Service Center for Seawind in China. They would also serve as a major delivery location for the surrounding territories. They will receive the aircraft with the wings removed after factory flight check-out and will reassemble the Seawind for customer delivery.
We are in ongoing negotiations. They will provide the production ramp-up funding needed to:
~ duplicate assembly fixtures, giving us the capability to increase production capacity from 20 to 60 Seawinds per year. It will put us in a strong position to increase our production rate in the future when the demand will rise to one Seawind per day.
~ complete flight testing of IFR, autopilot, and glass cockpit options.
~ implement additional engine options, i.e., diesel, turbo-charged, FADEC or other promising power plants.
~ resume and accelerate marketing and advertising.
In the event of any glitches, we now have two other alternatives, i.e., the OTC market or bank loans.
This was a long time coming, and it is a great relief that we can now look forward to delivering Seawinds as promised.
To you as an order holder, these events not only mean you will be getting your Seawind but also mean we will be adequately funded to move along at a more rapid pace than in the past. We won’t have to keep deferring expenditures and weighing every purchase decision.
We have lost a number of order holders, which means your production position will move toward the beginning of the line. Obviously, the customer/investors will have first choice. In a month or two, we will notify you of your new position.
Regards,
Richard Silva
President
SEAWIND LLC
P. O. Box 1041
Kimberton, PA 19442 USA
Tel: 610-384-7000 Fax: 610-384-7066
seawind@seawind.net www.seawind.net
03-05-2009, 10:56 AM
Tony Jurcan | Good News
Good news. A outstanding accomplishment by Dick Silva.
03-06-2009, 08:06 AM
Mike | Default
Finally, some good news. I hope all goes well..!!