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Eclipse aviation receives first funds in new round of financing

July 30, 2008, Oshkosh, WI - Eclipse Aviation, has announced it has received first funds in a new round of financing that will take the company to cash flow positive.


July 30, 2008
By Administrator

July 30, 2008, Oshkosh,
WI – Eclipse Aviation, manufacturer of the world’s first very light jet
(VLJ), has announced it has received first funds in a new round of
financing that will take the company to cash flow positive. Under the
terms of the commitment and agreements, Founder and CEO Vern Raburn
will step down and veteran executive and Eclipse Aviation Chairman Roel
Pieper will become acting CEO effective immediately.

"As Founder and CEO, Vern can be credited with creating the
now prevalent very light jet category and achieving what the industry
did not think possible. Under his leadership, the company has delivered
more than 230 Eclipse 500 aircraft and introduced the coveted Eclipse
400," said Roel Pieper, Eclipse Aviation Chairman. "It is now time to
take the company to the next level of growth and operational excellence
and this is what the board has tasked me to do. I will work toward this
goal in the coming period."

Roel Pieper has extensive international management experience
having served as President and CEO of Tandem Computers (TDM), President
and CEO of UNIX System Laboratories (USL), President and CEO of
Ungermann-Bass (TDM) as well as Senior Vice President of Strategy at
Philips N.V. of The Netherlands and Chief Technology Officer at
Software AG of Germany. In addition, he was formerly a Director of
Computer Associates (CA) and Veritas Software (VRTS). He is currently
Chairman and Founder of European Technology and Investment Research
Center (ETIRC) Aviation, a company organized to provide business
communities with affordable, on-demand, point-to-point air-taxi jet
travel and also the largest shareholder in Eclipse.

"I am proud to have led the team that succeeded in creating
the very light jet category and shipping the safest Part 23 aircraft in
decades," said Vern Raburn, Founder of Eclipse Aviation. "I love this
company and the people who built it with me and my first objective is
to do whatever I can to enable its ongoing success. I am pleased that
our Chairman is deeply committed to the same goal."

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Raburn will continue to provide counsel to Pieper and will
assume the Vice Chairman role at ETIRC Aviation, assisting in the
global expansion of the Eclipse 500.