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Message from Niall Olver, CEO Grob Aerospace

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Message from Niall Olver, CEO Grob Aerospace

Effective Aug. 18, 2008, Grob Aerospace GmbH in Germany has been forced to file for insolvency.


August 21, 2008
By Carey Fredericks

Effective Aug. 18, 2008, Grob Aerospace GmbH in Germany has been forced to file for insolvency.


This unfortunate situation has arisen as a consequence
of recent delays in the spn program, resulting in the increased
requirement for cash to see the program through to certification. Under
the circumstances, our current loan provider has elected to discontinue
their support.


In order to resolve the situation all possible
alternatives are being evaluated. Given the significant support we have
enjoyed to date, I remain confident that this disruption can be
overcome. I am sure that 37 years of pioneering composite aircraft
manufacturing will survive. The company spirit, the support we have
received from employees, suppliers, customers, fellow stakeholders and
the media demonstrates a significant interest in Grob remaining in
business as a civil & military training aircraft manufacturer.


It is a testimony to all involved that amidst this
situation, our 4th prototype flew successfully on 7th August 2008; and
thus further demonstrating that Grob Aerospace is advanced on the way
to certify an aircraft that well promises to meet its specification.

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Please accept that the severity and significance of
this situation is not at all lost on us, and we are working
relentlessly on a solution to ensure the minimum impact to employees,
customers, other stakeholders and supporters.


At this junction I would like to thank those of you
that have supported Grob Aerospace so overwhelmingly over the years, as
well as for the enthusiasm for the spn program.


I truly hope to be able to revert shortly with some
encouraging feedback, and will be providing regular updates via our
website.


Best wishes, Niall