Eclipse Aviation secures long-term financing with ETIRC aviation
Jan. 14, 2008, Albuquerque NM - Eclipse Aviation, manufacturer of the world's first very light jet (VLJ), today announced it will expand its partnership with European Technology and Investment Research Center (ETIRC) Aviation.
January 14, 2008 By Carey Fredericks
Jan. 14, 2008, Albuquerque NM – Eclipse Aviation, manufacturer of
the world's first very light jet (VLJ), today announced it will expand
its partnership with European Technology and Investment Research Center
The agreement between the two companies includes an
equity investment by ETIRC in Eclipse that is substantially in excess of
$100 million. The agreement also provides for significant additional
financial benefits to Eclipse as agreed commercial objectives are
realized. Upon completion of the equity investment ETIRC will be the
single largest shareholder of Eclipse Aviation. ETIRC CEO Roel Pieper
has been elected non-executive Chairman of Eclipse Aviation.
ETIRC is currently the exclusive provider of sales, customer service,
maintenance support and flight training for the Eclipse 500 in the
countries of Eastern Europe, the Russian Federation, the Commonwealth of
Independent States and the Republic of Turkey. Under the new
arrangement, ETIRC will add Western Europe and the United Kingdom to its
distribution and services area. As a result ETIRC will be the exclusive
partner for Eclipse in more than 60 countries.
As part of its expanded partnership with Eclipse, ETIRC has the right to
establish local assembly of the Eclipse 500 within its expanded region,
helping Eclipse Aviation reach its global volume production goals.
ETIRC is in advanced stages of discussions for the location of the
assembly facility. The City of Ulyanovsk in Russia is the leading
candidate at the moment. Further announcements will be made in the next
"Entrusting the expanded region of Europe to ETIRC in this manner
represents a significant acceleration of our business plan," said Vern
Raburn, Eclipse Aviation president and CEO. "Expanding our relationship
with ETIRC will rapidly increase the impact of the Eclipse 500 in this
region and position us to meet the needs of our growing number of
customers outside of North America."
"The Eclipse 500 is by far the best value proposition for jet ownership
anywhere in the world," said Roel Pieper, CEO of ETIRC. "We are pleased
to expand our partnership with Eclipse Aviation to further support the
volume growth of this intriguing and innovative aircraft. We believe
that a close cooperation between our companies will make the Eclipse 500
the global standard for very light jets."
About ETIRC Aviation
ETIRC Aviation S.a.r.l. is a principal driver of the VLJ industry,
creating virtual jet networks for airlines and aviation entrepreneurs.
This will provide business communities with affordable, on-demand,
point-to-point jet travel that drives productivity. ETIRC Aviation will
offer a full range of white-label VLJ services to virtual jet network
and jet taxi operators, including a real-time operations system, fleet
financing, VLJ leasing, business consultancy, pilots, training
programmes and VLJ maintenance centres. ETIRC Aviation is headquartered
in Luxembourg and has offices in Moscow, Istanbul and Cyprus. The
company was founded by Roel Pieper, a former top-level executive at
Tandem Computers, Compaq Computer, and Philips Electronics. ETIRC
Aviation S.a.r.l. has its principal place of business at 16 Rue
Jean-Pierre Brasseur, L-1258 Luxembourg. ETIRC Aviation is registered
under R.C. Luxembourg B 95 627. Contact ETIRC at www.etirc.com .
About Eclipse Aviation
Eclipse Aviation is the world's leading very light jet (VLJ)
manufacturer, producing innovative, affordable jets that are
revolutionizing air transportation. The company created the VLJ
category with the design, certification and delivery of the Eclipse 500
– the industry's first VLJ. Eclipse applies advanced technologies,
manufacturing processes and business practices to create
high-performance aircraft that cost a fraction of other jets, and
provide the lowest cost of jet ownership ever achieved. By changing the
value proposition for private jet travel, Eclipse is allowing more
pilots to enter the world of jet-powered aviation and enabling a new
generation of entrepreneurs to help business travelers move between
cities on a quick, affordable and convenient basis. Contact Eclipse at