Metalcraft Technologies, Inc. FF5000 Prototype Development Cost Reduction Joint-Venture Agreement
30 Juli 2009 - 2:00PM
Business Wire
Freight Feeder Aircraft Corporation (FFAC) and Metalcraft
Technologies, Inc. (MTI) have entered into a Joint-Venture
Agreement to reduce development costs and re-start construction of
the FF5000 prototype aircraft.
Under the FFAC/MTI Joint-Venture, MTI will contribute assistance
(in-kind) to help FFAC reduce the prototype development cost in the
form of reduced labor, support engineering, program management, and
other general assistance, with the ultimate goal of reducing FFAC’s
prototype airframe construction development costs by approximately
33%. In exchange for this contribution, MTI will receive a “Life of
Program” contract to manufacture and assemble the FF5000
fuselage.
“We are very pleased to enter into this cost-reduction
Joint-Venture Agreement with our long-time primary sub-contractor.
This is a major milestone in the FF5000 development process, and
with the assistance of MTI, FFAC expects to get back on track with
its development program and complete the first prototype by the
fall of 2010,” stated John J. Dupont, President and CEO of
FFAC.
Chuck Taylor, Vice President of MTI, stated, “MTI is pleased
with the prospect of supporting FFAC in the development of this
unique and versatile aircraft. MTI’s aerospace professionals stand
ready to assist Mr. Dupont to bring his vision of this exciting
product to market.”
MTI intends to commence work on the FF5000 Prototype Aircraft in
August of this year.
About Metalcraft Technologies,
Inc.
MTI is a vertically integrated manufacturer of aircraft details
and assemblies. MTI is capable of taking design models in CAD/CAM
format; planning the production of details, and developing such
drawings from the models as are required for production;
fabricating and processing the details to completion; and then
assembling the details into complete assemblies. MTI operates under
an AS-9100 registered quality system. www.metalcraft.net
About Freight Feeder Aircraft
Corporation - FFAC U.S. private corporation, formed in
December 2007, acquired the Freight Feeder aircraft technology and
development program from Utilicraft Aerospace Industries, Inc.
(PINK SHEETS: UITA). See FF5000 Specifications at:
www.freightfeeder.com.
Forward Looking
Statements
This Press Release is for informational purposes only and is not
intended as a solicitation of funds, and contains “forward-looking”
statements within the meaning of the Private Securities Litigation
Reform Act of 1995.
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