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Adam Aircraft Operations 'Suspended'

February 12, 2008 — In what the company called "a difficult but necessary move," Adam Aircraft Industries suspended operations Monday and sent about 500 employees home at its facilities on Centennial Airport in Englewood, Colorado. A news release posted to the company's website (www.adamaircraft.com) said the move was made "due to the inability of the company to come to terms with their lender for funding necessary to maintain business operations."

In mid-January, the company laid off about 300 employees by ceasing operations at its Ogden, Utah, and transferring much of the work done in Pueblo, Colorado to Englewood, as it worked to secure $75 million to $150 million in additional funding to complete FAA certification of its model A700 jet. Adam President Duncan Koerbel stated, "To provide for our future growth, we must be strategic in our focus by managing current cash expenditures to ensure adequate time to secure financing for the long term."

The company, whose order backlog of A700s and A500 piston centerline twin aircraft approaches $1 billion, said it is "currently exploring all of its alternatives and will provide further guidance when decisions are made, which is expected to be later this week."

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