Mallya invests in Epic Aircraft

Rick Schrameck, president and CEO of Epic Aircraft, subsidiary of Bend, Ore.-based Aircraft Investor Resources, LLC, made good on his promise to debut both the Elite and Victory very light jets during the Experimental Aircraft Association's AirVenture in Oshkosh, Wis. In addition, Epic's Dynasty also made the trip, which is currently undergoing certification in Canada. The Dynasty is the company's kit aircraft version of the popular Epic LT turboprop.
It didn't go unnoticed that Dr. Vijay Mallya, chairman and CEO of India's Kingfisher Airlines, flew into Oshkosh on his personal Airbus A320 and made an appearance with Schrameck during a press conference. Mallya consummated a deal with Schrameck investing a significant amount of money into EA. The details of the deal were not made public.
"This is one more validation that Epic Aircraft's products are quality," Schrameck said. EA said it obtained $40 million in new aircraft orders during the event.
On July 23, EA awarded contracts to Pratt & Whitney Canada, which is part of publicly traded United Technologies Corp. P&WC's PW617 engine will power the certified version of the single-engine Victory; the PW615 will power the kit aircraft version. P&WC's PT6A-67 will power EA's certified Dynasty, and the twin-engine Elite VLJ will continue to use Williams International engines.
During the National Business Aviation Association's 60th Annual Meeting & Convention, in Atlanta, Ga., Sept. 25 -27, Schrameck is expected to make a major announcement providing more details regarding Mallya's investment, in addition to the status of certifying all of the company's aircraft in Canada.
07/08/07 Karen Di Piazza/CharterX, US

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Categories: Foreign Aug 2007, Kingfisher Aug 2007, New Aug 2007