LANCAIR CLOSES DEAL WITH INVESTOR
Lancair Company officials say they have found an investor and will receive
in the coming weeks more than enough cash to continue the company's
operations and rehire staff. Lancair had been looking for $25 million, but
the pending investment apparently will exceed that amount. The investor has
requested not to be identified, but will become a controlling partner. The
deal could be concluded as early as November. Lancair chief Bing Lantis said
that the company will stay in its present location, on its current business
plan, and under the same management. Operations at the Lancair plant, shut
down since July, will reopen in November with 99 percent of the former
staff.
Certification of the Lancair 350, the so-called all-electric airplane, is
expected in January, with the Lancair 400 gaining certification as early as
next April. There is a backlog of 180 aircraft orders for which deposits
have been taken--half are 400s and half are 300s. There are 56 Lancair 300s
currently flying. The company sold three 400s on Tuesday.