Vol. 4 May 2006
Velocity's Quarterly Newsletter
An Exciting Change Is About
To Happen At Velocity
Velocity Inc. has been rumored to be selling the business to an outside firm. This rumor has been circulating around the Velocity chat groups and others for some time and perhaps the following comments will clear up what is actually happening.
Velocity Inc. is in the final stages of merging with Velocity Aerospace. Velocity Aerospace is an international company with close ties in China and other Asian countries. We had previously announced a potential stock offering but for now this will not be necessary. Scott and I have been working with Velocity Aerospace for a couple years trying to work out the details and it looks like it is finally happening. Under the new plan, Velocity Inc. will continue to be an independent arm of Velocity Aerospace and the kit portion of Velocity will remain as before. Velocity Aerospace will begin an aggressive program for certification first in China and then the US. Many engineering changes will be made using an aircraft-engineering firm with experience in certification. Scott Swing will be heading up this monumental task. Scott Baker will continue to be the main contact point for our kit aircraft.
Velocity Aerospace has already obtained import/export licensing permits from China, have been granted airspace for flight testing and training – a first in China for a private company, obtained 80 acres in Xuzhou, China for the construction of a manufacturing plant for the certified aircraft and other important contracts for this venture.