December 19, 2007
By Paul Richfield
A failure to secure needed financing has led Aviation Technology Group to halt development of the Javelin, a two-seat, twin-turbofan aircraft aimed at the owner-flown and military markets.
Virtually all of the company’s 50 employees were sent home on Monday, Dec. 17, leaving less than a dozen to continue operations at its Centennial Airport, Englewood, Colo., headquarters.
The fate of the $3 million Javelin now appears to hinge on Israel Aerospace Industries (IAI), which partnered with ATG with the goal of producing a trainer/light attack variant for the global export market.
“Further action will be decided upon after proper communication with our strategic business partner,” ATG said in a statement.
Earlier this year, ATG turned to Wall Street in a bid to raise $200 million, but this effort appears to have failed. In the interim, short-term funding from private sources has kept the company going.
George Bye, a former Air Force T-38 instructor pilot, founded ATG in 1998 amid growing interest in the very light jet market. The Javelin is unique among VLJs, however, due to its tandem seating and fighter-style configuration.
Bye has since stepped down, and the company is seeking a new CEO. Control has shifted to the company’s board of directors, which includes Horst Bergmann, retired CEO of chart provider Jeppesen, and Charlie Johnson, a former president of Cessna Aircraft.
Key Javelin components include the Williams International FJ33—one of a new breed of small jet engines designed for the VLJ market—and an Avidyne electronic flight information system. A Javelin prototype flew for the first time on Sept. 30, 2005.
December 19, 2007
FAA Financial and Regulatory,
Sometimes in politics, the good news is that bad news won’t happen. Thanks to AOPA, antique aircraft collectors and aviation employers in Louisiana dodged legislative bullets that would have raised the costs of aircraft ownership or of doing business.
Connecticut lawmakers have voted to recognize Gustave Whitehead as the first pilot to achieve powered flight. The bill awaits the governor’s signature, and marks the latest round in a newly revived debate.
Waco Classic Aircraft Corp. officially unveiled the first conforming new production Great Lakes 2T-1A-2, an aerobatic biplane.